Over 500 tax professionals joined us for our recent Summer Corporate Tax Series. These informative webcasts explored strategic process management initiatives around Transfer Pricing, Provision, and Data Management. Our tax experts shared best practices and attendees learned how to drive processes most efficiently. The final session focused on improving the overall operational effectiveness of the tax department.
Here are a few tips shared during the final session “Tackling Tax Process Improvement”:
1. Identify the problem areas; quantify and measure
- Number of users/handlers of data
- Number of end user environments
- Number of stakeholders
- Impact on company’s risk (your risk profile)
- Impact on other areas of the organization
2. Determine if the improvement can be implemented
- Can you control/affect the environment of change?
- How long has the process been in place?
- What systems will be impacted?
- Who are the stakeholders–inside and outside of the tax department?
3. Sell the improvement internally to all stakeholders
- Identify all key stakeholders, understand their concerns and needs and position the solution as a way to make their situation better
- Build awareness and support for the risk profile and its potential impact on the organization
- Quantify the impact to the ETR
- Build a case to the CFO
- Spell out the incremental improvements, milestones to achieve and measurements of success (setting appropriate expectations and communicating progress)
If you can convey the impact to your organization, identify a solution and sell it internally, then you can improve your tax process. This can not only benefit your department, but your organization as a whole.
Interested in learning more? Click here to view the recording of the final session or contact us via the “Contact” button at the top of the screen.