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.
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>