Compliance in the Digital Age Requires a New Breed of Indirect Tax Professional

Sovos
April 4, 2019

Today’s tax and compliance managers need to follow the Scouts’ motto:  Be Prepared.

Properly managing taxation and reporting burdens takes a team of professionals – from finance, tax and accounting to IT – colleagues willing to work together to establish the policies and controls that make it possible to meet the demands of tax compliance.  But all too often many organisations have disparate teams that don’t work toward the same goal.  The current approach to tax compliance typically involves:

  • Limited resources
  • Manual data entry and regulatory filing
  • Multiple disconnected spreadsheets and formulas
  • A patchwork of technology solutions often resulting from legacy M&A systems
  • Over reliance on IT

But as pressures mount from competitors, tax authorities, profit margins and shareholders, compliance in the digital age requires a new breed of tax professional.  Companies must redefine tax roles to better adapt to today’s business needs, recruiting and retaining top talent.

The old way, which lacked efficiency and scale, left companies open to audit risk and penalties.  This frustrating role also resulted in attrition and job frustration since tax teams didn’t have insight into the bigger picture of their roles.  The new role presents the opportunity to address these challenges, empowering and expanding tax leaders’ value to their organisations.

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Download Trends: Insurance Premium Tax to read the full article and find out how insurers need to adapt to survive and prosper in today’s digital age./p>

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Author

Sovos

Sovos is a leading global provider of software that safeguards businesses from the burden and risk of modern transactional taxes. As VAT and sales and use tax go digital, businesses face increased risks, costs and complexity. The Sovos Intelligent Compliance Cloud is the first complete solution for modern tax, giving businesses a global solution for tax determination, e-invoicing compliance and tax reporting. Sovos supports more than 7,000 customers, including half of the Fortune 500, and integrates with a wide variety of business applications. The company has offices throughout North America, Latin America and Europe. Sovos is owned by London-based Hg. For more information visit www.sovos.com and follow us on LinkedIn and Twitter.
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