Corporate tax compliance and automation has been saved
Corporate tax compliance and automation
Tax in a digital world
In an era where amazing technical advances seemingly emerge on a weekly, if not daily basis, companies are reimagining the way they do business, and digital transformation is happening at many levels. In the midst of these transformative changes, some back-office functions–such as finance, accounting, and human resources–are playing catch-up. Yet perhaps nowhere is the need to change greater than in tax departments.
Adapting to the digital era
Given the dynamics of digital transformation (e.g., greater availability and affordability of technology, the increasing interconnectedness/integration of tax into enterprise resource planning (ERP) solutions), as well as the converging forces of increasing globalization, expanding regulatory scrutiny and enforcement, and generational changes taking place in the workforce, many companies are considering ways to reconfigure their tax compliance delivery model.
In this article, Deloitte professionals examine how tax departments are moving ahead with digital transformation. They also discuss how tax departments can prepare for a more automated digital environment where costs and compliance turnaround time will be reduced by new sourcing models and advanced technologies.
Key transformation opportunities include:
- Centralization: Enables the harmonization of tax compliance processes and protocols to potentially help address tax risks, increase quality, enhance value, and lower costs
- Data: High-quality data forms the foundation for analytics, automation and cognitive technologies
- Automation and A.I.: Automation may reduce time and costs, while AI reveals insights that can lead to improvements in tax operations, planning, and reporting
- Job taskification and talent cloud: Allows access to specialized talent pool, sourced in a variety of ways, whether internally or externally and at varying cost
A way forward for tax departments
Imagine a future where a tax department can source non-strategic work through a shared services center, power certain repetitive functions through automation, and harness data to respond to tax authority audits and provide predictive analysis to internal stakeholders. Imagine using A.I. to search and recommend correct tax codes and identify exceptions, and to leverage crowd-sourcing platforms to source services such as report writing, administrative support, and other functions.
Explore the infographic below to learn more.