Building a strong foundation for your finance team is critical for numerous business strategies, including ensuring a compliant and accurate approach to sales tax. We’ve previously discussed the importance of getting your finance/tax and IT teams on the same page, but it’s also critical to take a step back and make sure the teams have the right tools to start. A strong finance team is powered with the necessary tools, processes and people. Let’s take a closer look.
Technology
• Manual processes are no longer enough to guarantee sales tax compliance – especially as rules and regulations quickly evolve.
• Cloud-based solutions ensure businesses stay current with ERP evolutions and don’t age out of support.
• Up-to-date technology also allows open APIs for seamless integrations.
Processes
• Ensure your processes can scale as the business grows and changes over time. Adaptability is central to successful growth.
• Automation helps in this area, but the right people must be brought on to the right positions.
People
• Having an “operator” ensures the lights stay on. This individual focuses on the process of accounts receivable, cash flows and accounts payable.
• Ensure there is a “steward” who reduces risk by looking out for auditors and questions that could come from local, state or federal governments.
• Have a “catalyst” to leverage intel from your improvements in finance. While initially reactive, this individual will become more proactive over time.
• Implement a strong “strategist” who sees opportunity and knows how to quickly approach it.
Take Action
To learn more about developing your team, review these top tax analyst skills for key training opportunities.
