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IT and indirect tax (IDT) collaboration is key to making digital transformation a strategic asset.
As businesses undergo digital transformation, the collaboration between IT and indirect tax (IDT) teams becomes essential. Leveraging IDT technology can transform indirect taxes from a regulatory burden into a strategic asset. By working together from the outset, IT and IDT teams can ensure that digital transformation efforts are efficient, cost-effective, and aligned with the organization's broader goals.
| Benefits of effective collaboration | Dangers of non-collaboration |
| Seamless integration with ERP and systems eliminating the IDT tax burden on IT | Disparate systems that require IT support through customizations or workarounds |
| Cost and time savings: lowered overall IT costs | Increased maintenance and operational costs: ongoing IT resources and support for tax compliance and the business |
| Maintained regulatory compliance | Operational disruptions and penalties for non-compliance with government regulations |
| Improved data accessibility and empowered tax teams | Requires IT intervention for tax teams to access necessary data, hindering decision-making and reducing operational efficiency |
| Optimized tax processes | Fragmented, inefficient manual tax processes, leading to extra expenditures and potential errors |
| Ensured global oversight and standardization | Decentralized and inefficient tax management, leading to lack of automation and higher costs/resourcing requirements |
| Enhanced customer experience | Slow and inefficient tax processes, leading to a poor customer experience |
| Improved tax calculation accuracy | Inaccurate tax calculations i.e. risk of overpayment or underpayment and non-compliance due to outdated systems |
| Achieved strategic alignment | Disconnected IT and tax strategies, leading to slower digital transformation and higher costs |
| Minimized business disruption | Business disruptions and downtime due to poorly managed tax updates and regulatory changes |
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Simplify indirect tax compliance and accelerate your digital transformation journey. https://tax.thomsonreuters.com/en/corporation-solutions/c/onesource-indirect-tax-accelerate-transformation
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Seamless tax technology: your key to successful digital transformation
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