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Tax technologies can improve tax compliance efficiencies
Tax departments are beginning to realise that they need a prioritised plan to help their tax function accomplish its goals and move forward. There is increased interest in ways to avoid the missteps of other companies or how to launch well-defined remediation programmes to improve the effectiveness of tax operations. To achieve this goal, companies are looking for new ways to improve their operations, processes, compliance and tax management.
Tax departments spend a significant amount of time gathering data to perform tax-specific functions. As a result, data integration and tax-sensitising data sources are viewed as the areas that can make the greatest positive impact on tax. Growing and improving tax departments is highly dependable on the capabilities of the people within the tax department. However, of equal importance is technology. There are various sophisticated technologies available that can make a difference to the ability of the tax function to produce results within an appropriate timescale and risk parameters. Successfully sensitising and integrating data from multiple systems, applications, or spreadsheets into a common solution will enable the tax function to refocus its efforts on high-priority activities.
While most companies continue to use spreadsheets as their provision tool, dedicated tax technology tools allowing for better data and solution integration would allow them to improve their provision and compliance efficiency.
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