Three people standing on mountain

Perspectives

Preparing for the future of tax

Organizations and tax departments foster the changing role of the tax professional

To capitalize on the power of "With," which brings together tax professionals and automation technologies to amplify their collective capabilities, it is imperative for companies, their tax departments, and the tax professionals who power them to leverage new technologies and cultivate the capabilities they need for the digital future.

Working (and thriving) in a digital tax world

Predictions of a robotic takeover of the future of tax are giving way to a more practical reality: That automation technologies like robotic process automation (RPA) and artificial intelligence (AI) will likely augment and enhance the work of tax professionals, not replace it.

Some tax department activities—mainly those that are rules-based, involve repetitive data management, or impact the tax compliance process—may be automated. But professional judgment, intuition, communication, and advisory skills will not.

It’s important for tax professionals of the future to start preparing for this digital transformation today by understanding the disruptive technologies involved, determining their role in the digital tax department, and taking ownership of the reskilling required.

Back to top

Understanding disruptive technology in the future of tax

In a recent Deloitte survey of Australian tax executives,1 85 percent of respondents said they believe unprecedented change is coming to tax in the next five years. Yet when asked about their own knowledge of specific disruptive technologies, only 30 percent say they understand RPA, 28 percent understand big data, 17 percent understand AI, and 8 percent understand blockchain.

Less than half (48 percent) of respondents described themselves as tech-savvy, and only 40 percent said they know what training they need to be ready for the future of tax.

This represents a major learning opportunity about the types of technologies likely to power the tax function of the future and how to extract value from these solutions to become more effective in their jobs.

1Source: Deloitte Touche Tohmatsu, Australia's Future Tax Professional: The Survey, August 2018, www2.deloitte.com/au/en/pages/tax/articles/future-tax-professional.html

Back to top

Embracing the power of "With"

Humans with machines. Data with purpose. Automation with intelligence. Scale with speed. Digital transformation in the tax department will be all about applying technology to supplement and improve current processes.

Analyzing the changing role of the tax professional

Digitally disruptive technologies and technology tax transformation may create other opportunities for tax professionals in the future of tax too. For example, as more compliance tasks are automated with RPA and AI, in-house tax professionals may be freed up to take on other value-adding roles within the organization.

A different set of skills will likely be required in the digital tax department—from project, data, and people management skills to an understanding of how to apply technology to daily tasks.

Back to top

graph and chart

The tax professional and automation: six steps to prepare

So, what can tax professionals do right now to take ownership of their future and reskill for it?

Become more tech savvy.
Expand analytical skills to leverage data better.
Tear down the silos to foster communications.
Build problem-solving skills and improve business communications skills.
Adopt an advisory mindset.
Learn constantly.

Back to top

Lead with authority and by example

By developing a firm understanding of what their own digital tax department could look like and defining their role in it, tax professionals of the future can take definitive, effective actions in the coming months. The key is to get started now.

Back to top

Related content:
Building the tax function of tomorrow—today. As the pressure mounts, the tax office sits at the confluence of change.

Download the report

Fullwidth SCC. Do not delete! This box/component contains JavaScript that is needed on this page. This message will not be visible when page is activated.

Did you find this useful?