Tax Transformation: Is Your Business Ready?
Throughout our tax transformation blog series, we’ve covered a whole host of topics relating to...
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Download ChromeWhat was most alarming was the sheer number of challenges facing the tax department. Yes ensuring they are compliant with tax regulations is crucial, but ensuring that the figures are correct is even more important. Not just because the fines can be significant, but also because corporate reputation is at stake.
Our clients identified the following as some of the issues they are facing:
The list goes on and I am sure it is the same in your business.
What they want is an overarching view of the business. Some way to tie all the entities, systems and processes together. Only then can a business improve financial confidence and ensure there are no surprises or reputational issues as a result of inaccurate submissions.
As one attendee pointed out, “The ERP players aren’t going to solve tax for us as their business model is all about global standardisation. One thing for everything, but taxes by their nature don’t fit in this.”
Compliance is a given, it is the viable minimum. But is it really the only thing to consider? With digital linking for MTD becoming mandatory in April 2020 is there a better way to manage your tax?
Or do businesses want to continue to be stuck in the endless cycle of:
As the Head of Tax for one of our clients said at the roundtable, “We need something like MTD to push tax up the agenda in the business. But we should use it as an opportunity to unify everything, not just comply.”
There is a real opportunity for businesses to go beyond compliance and transform their tax function to not only meet any further regulations but also to ensure that they are 100% confident they are paying the right amount. Surprises are something the CFO dislikes so the tax department needs to make sure it isn’t delivering any.
If you are interested in seeing how your business can go beyond compliance, call us on 0207 037 2758 for a demo.
Throughout our tax transformation blog series, we’ve covered a whole host of topics relating to...
Learn moreTo say that 2020 has been an eventful year would be an understatement, the use of the word...
Learn moreThe deadline for Phase 2 of the Making Tax Digital mandate is approaching, however, there still...
Learn moreOur for:sight platform offers a robust solution for tax teams, and its machine learning capability Fix & Verify takes its functionality to the next level.
Fix & Verify can not only save your tax teams time but also help to avoid errors by scanning 100% of your transactional data for anomalies such as incorrect VAT codes and manual keying errors.
This is crucially important in an era where tax administrations are pushing towards insight, accuracy and transparency.
We believe your tax department could benefit from Fix & Verify within for:sight. Want us to look at your data and prove it? Request a demo today and our team will be in touch.