Checklist
How to ensure your tax workflow is best in class
Tax teams must be able to perfect the art of balancing complex regulations and working through a seemingly never-ending to-do list of deliverables.
Would you like to strengthen your team’s agility while elevating its position as a strategic partner in the organization? Review this checklist to see where your tax team stands regarding each step of the direct workflow.
Process management
Think about how you currently manage your team’s workflow and ask yourself:
Do you use a manual process or another solution that isn’t giving you the insight into the work you need?
___ Yes ___ No
Managing team workflow efficiently should be a top priority. Time-consuming, manual processes or inefficient tools can cause stress and inaccuracies when trying to work quickly and efficiently on many time-sensitive obligations.
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Data management
Think about how you currently collect and manage your data and ask yourself:
Are you receiving communications from multiple sources with data-filled documents that are then manually input and managed in other documents or tools?
___ Yes ___ No
Data is what drives the tax workflow. Without a simple way to collect and manage your client’s data, you’ll spend countless hours gathering and inputting rather than analyzing data to help make important decisions.
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Compliance and reporting
Think about how you manage your provision process, and ask yourself:
Do you use a manual process or solution that is time consuming, inefficient, or risky?
___ Yes ___ No
Next, think about how you manage your return process and ask yourself:
Do you deal with several jurisdictions and complex forms for local, state, federal, and international returns and find the process overwhelming and time consuming?
___ Yes ___ No
Complex clients operating in numerous jurisdictions require a robust tax compliance solution to simplify the worldwide filing process. With the right software solution, best-in-class tax teams can focus on being strategic partners for their clients, not number crunchers.
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Analyze
Think about how you reflect and plan and ask yourself:
Do you find it challenging to find the time to analyze tax data that helps your clients make better strategic decisions?
___ Yes ___ No
Tax teams need to analyze results efficiently and benchmark against companies in their client’s peer group to determine best practices and plan strategically.
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How’d you score?
Tally your answers below and find out if you have a best-in-class tax workflow.
To how many questions did you answer “no?” _____
To how many questions did you answer “yes?” _____
If you answered “no” to most of these questions, congratulations! You have a high-performing, best-in-class tax workflow.
If you answered “yes” to most of these questions, it might be time to look at your current processes and evaluate how to improve them. Rest assured — you won’t have to do this alone.
Thomson Reuters is ready to help you take on each step as your partner, enhancing your processes and allowing you to achieve and exceed your goals this year.
Contact us today to schedule a demo and begin the journey toward success this year for you and your tax team!
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For additional resources, check out the ONESOURCE Direct Tax suite of applications.
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