It’s really interesting to see that so many clients have the same concerns when it comes to their data and how it’s managed inside of their workpapers.
Based on a recent study conducted by Thomson Reuters, control and time are the most important areas to a tax department looking to streamline their workpapers. Lack of control can lead to errors and weakness when it comes to reliability of your data. The time involved in any process should be directed to value added activities and reviewing data, instead of simply managing workpapers. An automated process not only reduces risk, but also increases the quality of the tax department and the work produced.
In a recent ONESOURCE webcast titled, “How to Achieve Workpaper Management Automation,” we took a deeper look into a recent tax technology implementation. This implementation was for a Fortune 500 multinational company that sources data from providers worldwide. They had an antiquated, rigid Excel based system and a short window to complete their provision. By introducing a workpaper system, the client is now using cutting edge technology to combat their workpapers upfront and mitigate their challenges. They are now more efficient and automated (about 50% just around their provision calculations), have reduced risk, and are confident with process change. To have a listen to this recent webcast