This is the final post in a five-part direct tax blog series offering insights from our experts on how to improve each key area of your direct tax process— from data preparation to reflection and analysis. If you haven’t already, check out the earlier posts in our series.
Tax technology frees tax departments of the time-consuming manual responsibilities of the past. As a result, today’s tax professionals are expected to show results and plan strategically. To accomplish this, corporate tax departments must incorporate analytics into their daily work.
Tax technology gives you the ability to store and organize large sets of data over time so that results can be analyzed effectively, key performance indicators can be benchmarked against companies in your peer group and resources can be allocated appropriately. These transformative activities provide an opportunity for you to elevate the value of your tax department by demonstrating your ability to turn data into knowledge and ultimately provide your company with a competitive market advantage.
ANALYTICS AND BENCHMARKING
Analytical tools are designed to help you gather insight from your data and develop a tax strategy for your company. By building visualizations using your provision data and easily facilitating multi-period comparisons and trend analyses, insights buried within the results are brought forward. Not only are these results easily consumable across stakeholders, but they are supported with immediate access to all of the underlying details to provide complete transparency. With benchmarking, you can quickly compare your company results to those within your peer group—a game-changing advantage.
The key point here is that analysis and insight not only gives you an opportunity to plan strategically, but it can also provide your company with a tangible competitive edge. Only tax technology provides this powerful opportunity to validate your results, determine best practices and benchmark against your peers. Make your department stronger with transparent historical data, consumable visualizations, and insight into resource allocation and future tax strategies.
Now that you know how tax technology enables you to glean business insight from your data, learn more about how ONESOURCE accounts for every step of the direct tax life cycle at: http://tax.thomsonreuters.com/onesource/direct-tax.