Using technology to drive tax business processes | Deloitte US | Tax

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Putting it all together

Using technology to drive tax business processes

For tax departments, the record-to-report cycle involves several distinct “mega processes”—compliance, cash management, estimates and extensions, provisions, controversy management, and tax planning—not to mention the day-to-day administration of department operations.

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Review tax process tools and trends.

In many organizations, the groups responsible for each of these tax mega processes operate in “silos.” These groups often utilize internally designed tools for many tasks, and these tools are typically not connected across tax mega processes. As a result, many tax departments move data across these “mega processes” manually. This may limit them from capitalizing on synergies and efficiencies across functional areas and can also potentially expose them to compliance risks.

In this report, Deloitte reviews some of the current tools and trends that can help tie together separate tax processes and facilitate the use of common data. The report also discusses a streamlined approach for the record-to-report process and provided thoughts around developing a tax department of the future.

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