Why IT managers should care about indirect taxes
Although IT managers aren’t responsible for determining and submitting their company’s indirect taxes, their departments will soon be impacted by rapidly-changing global regulations requiring digital tax reporting and real-time data sharing.
To meet these demands, many corporate tax and finance departments will require a technological upgrade to accurately calculate and report indirect taxes in a timely manner; otherwise they will endure substantial data extractions, lengthy tax audits, possible sanctions, and more. In addition, the risk from indirect tax non-compliance could negatively affect a company’s bottom line due to costly errors from accidental overpayments and underpayments.
As pressures mount from indirect tax regulatory requirements, IT managers will need to understand the potential tax burden on their departments and how to aid corporate tax teams with their business goals and indirect tax responsibilities. Plans to automate indirect tax processes will rely on dependable IT systems and clean data – which fall under the purview of the IT department.
Whether it’s introducing new software, deploying a tax engine with an ERP upgrade, or re-evaluating IT systems to ensure that the organization is positioned for growth, IT managers will play a key role in their tax department’s technology transformation to become more efficient, effective, and compliant.
Download our free white paper to learn:
- What indirect taxes are and their impact on the IT department
- How indirect taxes have overall business implications on organizations
- Why indirect tax obligations can easily exhaust IT resources and personnel
- How an indirect tax software solution can take the guesswork out of global tax determination and compliance
- The benefits of integrating a scalable, cloud-based indirect tax engine to an organization’s ERP system
- The advantages of a tech transformation to prevent the organization’s IT infrastructure from technological obsolescence