Embracing the Tech Wave: Three Ways to Do More With Less With Your Tax Reporting
Tax has always been a critical pillar of the global economy, ensuring compliance and financial stability. As businesses navigate the ever-changing landscape of tax regulations, they face the ongoing challenge of increasing productivity while minimizing costs. In this digital era, the rising need for technical data skills has become indispensable for tax professionals looking to do more with less.
To add to rising staff shortages and tightening purse strings, regulation changes like base erosion and profit shifting (BEPS) Pillar Two are adding new reporting hurdles for tax teams to jump over. Now is the time to embrace technological advancements reshaping the tax industry.
Although staying with your current process can seem like the safer option, it can leave you more open to risk. Using an older system can lead to rushed work as things take more time. Rushed work increases your risk for error and noncompliance. This vicious cycle overtime also diminishes the quality of life of the tax team.
But with the right modern tax tool, you can experience the three pillars of tax digitization required to succeed in this shifting tax environment.
1. Automation: The Savior for Efficiency
Automation is revolutionizing the tax industry by streamlining routine tasks and repetitive processes. Gone are the days of manual data entry, tax calculations, and document management, leading to significant time savings and a reduced margin for error. You’ll be able to focus on getting the job done.
With automated data collection and processing from all departments within your organization, your tax team won’t have to wait for consolidation from the finance team for the book income to be transferred manually. Thanks to this reduction in time and manual demands, you gain greater agility to accelerate your tax completion timeline while simultaneously boosting your department’s autonomy.
Opportunity in Scrutiny: Digitalizing Your Tax Function
Download Now2. Data Analytics: Unravelling Insights
Standardizing your data with a modern tax tool allows for much deeper analysis. When you’re finally able to compare apples to apples across jurisdictions and business units, it becomes much easier to identify and understand your main rate drivers. This timely and comparative reporting is exactly what you need in order to see your group’s ETR much earlier on and take action if needed.
It’s not enough just to have a well-formatted report that anyone in the tax and finance areas can read and understand, you also need to deliver visual analytics that are digestible for stakeholders outside of finance. And new regulations will mean new reports that your executives have never seen as Pillar Two has brought Tax into focus at the CFO level. You need to make these as simple as possible to bring stakeholders along the journey with you.
Use a tax solution that offers accelerated planning, consolidation, tax, and transfer pricing as well as analytics. You’ll be able to transform your insights, for the group and each entity, into a compelling and comprehensive narrative.
3. Cloud Computing: Collaborate Anywhere, Anytime
Cloud technology has disrupted traditional office settings, enabling you to collaborate seamlessly with team members from anywhere in the world. That’s because cloud-based tax software facilitates real-time data access, secure file sharing, and effortless collaboration, streamlining tax preparation processes and increasing productivity.
Out-of-the-box tax solutions can also help you stay seamlessly up to date when it comes to the constantly changing tax code with the flexibility to address specific jurisdictional needs. And cloud-based software makes it easy to share your tax data with different stakeholders across the company, getting everyone in your organization on the same page. And using a single source of truth will allow you to streamline your tax activities and have more confidence in your data, all while reducing operational costs and risk.
The biggest concern is often cost, but significant benefits can be realized with a relatively minor investment. Cloud-based software—which is quickly becoming the new standard—can be implemented affordably.
Resilience and Agility With Longview Tax
Embrace the automation, data analytics, and the cloud computing power of Longview Tax to help you to remain resilient and agile in todays’ shifting tax landscape. Longview Tax is an advanced, cloud-based corporate tax tool that improves the tax function across your enterprise, while establishing a single source of truth for strategic analysis. This will help you streamline your processes, conform to the unique needs of your company, and rapidly deliver up-to-date tax analysis to stakeholders across your organization.
By embracing a modern tax solution, like Longview Tax, you’ll be better equipped to deliver superior services to stakeholders and contribute to a more transparent and efficient tax ecosystem. To learn more about Longview Tax can help your teams maintain productivity while doing more with less, contact us today for a free demo.