In a recent article, MarketWatch reported an alarmingly high rate of undetected errors in spreadsheets.
For tax professionals relying on spreadsheets, the larger the organization, the higher the risk that a small issue could have a major impact. In a large team with data coming from a number of sources, this method can lead to huge errors that could have detrimental impact on financial reporting and tax compliance. On top of that, the time-consuming process of manually double checking inputs is an added burden to teams that are already under pressure to close the books as quickly as possible.
By adopting tax technology solutions, tax departments can avoid these risks. By integrating with existing information systems and automating processes, manual errors are avoided. Technology also creates data transparency, which gives managers the visibility to detect issues before they have a detrimental impact.
The risks outlined by MarketWatch become especially relevant for organizations with over-dependence on spreadsheets – no matter the size. Intelligent tax software is the best way to ensure accurate, compliant results. For more insight how you can eliminate risk in spreadsheets, visit the ONESOURCE page.