International tax departments are being hit from all angles with new regulations and complex issues. From Brexit to BEPS, from FATCA to TPP, the most critical issue is navigating the changing nature of global business and the complex implications for operations.
Implementing the right technology, challenging the status quo, and building the right team that is willing and able to leverage it is the way to defuse the threats posed by this burning platform.
For example, proper planning and management of tax matters permits growth by reducing risk, improving operations, and achieving transparency. Best-in-class companies use tax as centers of information and wisdom that other departments, including and especially the C Suite, depend on for counsel.
We recently addressed the issues facing corporations doing business globally, which became the foundation for our new eBook, “The Burning Question: What does the changing nature of global business mean for tax departments?” Essentially, we see three main issues surrounding the technology underlying the business of doing business on a global scale:
1. The primary driver of economic rebalancing is the globalization of business. The truth is that, while this rebalancing is not being driven by any technology or automation platform, it is setting the stage for more of it. Compliance and real-time reporting are more important than ever for the corporate leaders who are trained to look for opportunities everywhere.
2. While the vast majority of multinationals aren’t looking to skirt taxes they owe, reporting timely and accurate information to the increasingly voracious tax authorities is a priority they must accommodate. Automating tax and corporate finance processes therefore reduces both costs and risk because all the relevant information becomes available on demand and in real time.
3. Bold innovation is purposeful and hinges upon, first and foremost, the right people. Once that box is checked, the platform environment can become management’s top concern.