Three days, 1500 tax professionals and 250 breakout sessions presented by 66 industry leaders – together they’re a recipe for success at this year’s ONESOURCE User Conference in Miami, Florida.
The conference kicked off this morning with an engaging general session led by Brian Peccarelli, president of Thomson Reuters Tax & Accounting. The presentation focused on the changing global business landscape and the impact that it has had on the tax profession.
The past five years have brought fundamental and seismic changes to the way we communicate and conduct business. The point is emphasized when you look at the changes in the smart phone industry. Five years ago, Apple wasn’t even a mobile phone option and now it dominates in both usage and profits moving from a $6 billion dollar share to more than $350 billion. Couple this with the fact that the Dow Jones average has basically remained flat compared to the past five years, it shows that the way we value companies can completely change.
The economic crash of 2008 has also had a significant global impact and we’ve seen governments around the world tighten their enforcement efforts, increase regulation and intensify penalties for non-compliance.
In addition, the role of rapidly developing economies (RDEs) has increased significantly. Currently, 26 percent of the global GDP is from RDEs and it is anticipated that this number will grow to 41 percent by 2016.
All of these changes make the role of the corporate tax professional more important and more challenging than ever before. “Your ability to keep your company in compliance with rapidly changing regulations is critical,” said Brian.
And ONESOURCE has ou covered. In the past year, we’ve added enhancements, acquired new products, and will continue to work with our customers to make sure we’re serving their needs.
If you have feedback for us during the user conference, comment here or tweet it using #ONESOURCEuc.