Our 5-part Direct Tax blog series will offer insights from our experts on how to improve each key area of your direct tax process— from data preparation to reflection and analysis.
In conversations with tax departments, here’s the challenge that rises to the top: Tax must connect several departments, often in various countries or regions, with countless spreadsheets and documents—and is then asked to produce consistent and compliant data. This is no easy feat. But those that have adopted tax technology have transcended the challenge, with robust document, process and calendar management capabilities that manage the thousands of obligations that occur throughout the year.
DATA AND PROCESS MANAGEMENT
Because technology offers a customizable and collaborative web-based platform that can be accessed from anywhere, it allows greater ownership of data and management of workflow processes globally. Centralized document management and storage and customizable security permissions can help departments achieve a paperless office. And by utilizing standardized indexing and search features, it’s quicker and easier to comb through an archive of documentation and respond to audit requests.
TASK DETERMINATION AND AUTOMATION
Utilizing tax technology for task determination and automation gives you the ability to look into projects and check their status at every stage. With the ability to prioritize tasks, automate manual efforts, and track and report on deliverables, tax technology ensures timely project completion.
Calendar management technology automates manual tasks through capturing and tracking the status of due dates, and Calendar views and notifications also keep impending deadlines top of mind. In addition to updating tax law content for numerous countries in real time, it tracks project status and flags outstanding obligations that need immediate review. And with customized views and search features, tax departments can:
• View tax data and processes globally
• Use personalized, flexible report templates
• Assign tasks and monitor project progress in the dashboard feature
• Manage calendars and track thousands of due dates
Preparing your tax data is just the tip of the iceberg in the full Direct Tax transformation. Check out Part 2 of our series to see how we’ve seen tax departments flip the proportions of time spent on data collection vs. review with the help of tax technology.