Some of the topics discussed at last week’s tax data management roundtable discussion included growing global operations and the need for accuracy and speed in tax processes. The event featured 40 New York tax professionals from companies in the area and many in attendance expressed that multiple systems were a challenge, especially with systems that aren’t integrated.
Data can be difficult to find when it’s located in different places and employee turnover occurs. This often results in extra time, frustration, and duplication of processes. Most concluded that one system that can bring that information together and provide visibility is critical.
The need for planning was also stressed. If a tax department is going to adopt a new process or technology, there needs to be sufficient time to plan. Without proper time, it’s unlikely that the team will be successful, no matter how comprehensive and powerful the technology is. More time to plan ultimately helps to cut down on risk.
Collective insight from peers and the panelists proved invaluable on topics ranging from best practices when taking the first steps towards tax automation to managing their team’s through change.
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