Gone are the days when tax professionals could rely heavily on the law and trust implicitly the data provided by the finance team to provide advice or manage risk. Today, the tax professional must also demonstrate an aptitude for managing and analysing detailed tax data, interpreting the data and providing clear direction to the business based on strong objective analysis. This is where the power of data analysis and visualisation comes in.
It is true to say that tax professionals have always analysed data. Up until quite recently, though, we have been very reliant on standardised reporting generated by accounting and ERP systems that are not always configured optimally for tax and the ubiquitous ‘workaround’ using subsidiary reporting or spreadsheet applications. Generally, as tax professionals we seem to have performed well, given the tools available.
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