Finance Transformation has been saved
Tax in transforming the finance function
There are greater expectations on today's tax function to provide a strategic direction to the business and to collaborate across the wider organisation. Stakeholders are demanding 'no surprises' from transparent strategies, given the increased scrutiny of tax matters from both the tax authorities and media.
Delivering a more responsible approach to tax
There is increasing attention on tax both within and outside of organisations. Today's CFOs have diverse and challenging roles - from persevering the assets of an organisation through minimising risk and complying with all the regulations.
As media scrutiny continues to grow, CFOs need to justify their contribution to societies whilst delivery value to customers, investors and other stakeholders.
The role of tax in transforming the finance function
The tax function should embrace the increasing complexity of applying legislation across multiple jurisdictions and the ever expanding operational footprint of today's modern business. This globalisation promotes the role of tax higher on the boardroom agenda and unlocks new opportunities for adding value.
Finance and Tax convergence
There is more to creating value within compliance than reporting and process improvement. The savings generated can be compelling and can even provide the business case to fund major finance transformation programmes.
Changes in the global economy are forcing CFOs to review the finance structure, operations and strategy. In addition, the focus of tax departments has shifted from pure compliance to include softer skills such as communicating and explaining the approach to shareholders and the media. By converging finance and tax at the outset, tax becomes a part of the decision making process and can add value.