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 global provider of tax, compliance and trust solutions and services that enable businesses to navigate an increasingly regulated world with true confidence. Purpose-built for always-on compliance capabilities, our scalable IT-driven solutions meet the demands of an evolving and complex global regulatory landscape. Sovos’ cloud-based software platform provides an unparalleled level of integration with business applications and government compliance processes. More than 100,000 customers in 100+ countries – including half the Fortune 500 – trust Sovos for their compliance needs. Sovos annually processes more than three billion transactions across 19,000 global tax jurisdictions. Bolstered by a robust partner program more than 400 strong, Sovos brings to bear an unrivaled global network for companies across industries and geographies. Founded in 1979, Sovos has operations across the Americas and Europe, and is owned by Hg and TA Associates.
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