Automating tax provision: The power of technology
Tax provisioning may seem like a straightforward calculation of a company’s tax exposure on current income and its estimated tax exposure on future income. However, like other corporate finance matters, tax provisioning needs to be accurate, and when one single figure has so many reaching consequences, it must be correct and available on demand.
Corporate tax professionals devote an extensive amount of work to that one figure — especially when said work is compounded by constantly evolving tax regulations and the additional complexity of integrating and structuring data from the finance and tax departments. Tax professionals need to find, gather, validate, calculate, share, and demonstrate data, which doesn’t leave much room for strategic contribution. Luckily, technology can reverse that trend, automating the heavy lifting and leaving tax experts with more time for value-added activities.
From taking advantage of opportunities to avoiding potential missteps, embracing tax technology is the foundation for adapting swiftly to tax changes. Those who prepare now will realize immense benefits, while those who react slowly must deal with the consequences.
Download the white paper today and find out how to:
- Gain the capabilities of a robust corporate tax provision software solution
- Determine how to calculate provision for income tax best
- Balance compliance needs with accurate tax provisioning