The Role of Tax Software Has Changed
There’s Increased Pressure to Close the Books Faster
The inability to directly integrate with financial systems can leave business tax departments waiting to get started until the finance data are consolidated and ready. Then, having to rekey data into tax-specific spreadsheets can take even more valuable time.
Manual Tax Data Entry is Seen as Risky and Error Prone
Static spreadsheets requiring manual tax data manipulation can introduce errors that require time to catch and fix. Organizations are increasingly viewing these workflows as an avoidable risk and are looking for a better way forward with modern business tax software.
The Tax Department is Evolving into a Strategic Partner
The savviest tax professionals now spend the majority of their time on strategic analysis, such as reviewing and understanding results, considering their implications, and feeding these insights into future tax planning and forecasting.
Build a Foundation of Standardized Tax Data
When the data you need are spread across silos throughout your organization’s subsidiaries, it’s hard to quickly pull together a coherent view of your tax position. Building your department on a foundation of central, standardized data opens up productivity gains though automation, enables you to dive deeper into the numbers, and unlocks the ability to run comparative reports to understand your largest rate drivers.
Alleviate Your Tax Reporting Burdens
It’s unfair both to you and your organization if all your time is spent chasing after data, manually entering them into your spreadsheets, running calculations, and then checking over the results for errors. There is a better alternative. Automating these core processes with specialized tax software alleviates many of your reporting burdens, thereby allowing you to put your skills to better use.
Transform Your Tax Department into a Value Driver
Elevate your role to that of a strategic partner within your organization. You can achieve this through more proactive responses to statutory changes in tax regimes, pinpointing your group’s tax position earlier on, and identifying your largest rate drivers. This allows your organization to take decisive action much faster to strengthen its overall tax position. As a result, your department will be seen less as a cost center and more as a value driver.
Adapt to These Changing Global Times
The past few years have witnessed multiple global disruptions that accelerated many business trends. The largest among them? Rapid change is the new constant. Now, tax professionals need to keep up with constantly shifting tax regimes and organizations operating in even more jurisdictions.
Download this whitepaper to learn about:
- The largest disruptions affecting tax teams today
- Shifting US and global perspectives on tax
- How to adapt to the rapid changes in tax regimes both now and in the future
Over 28,000 businesses worldwide count on insightsoftware for their finance and tax software needs. See for yourself why we have a 94% retention rate!
Automating the transfer pricing journal entries was extremely helpful. We particularly loved utilizing FX within our system, making calculations centrally, and then layering all adjustments onto the provisions. The automated processes and tight integration with our provision proved much more impactful than what we were able to do before.
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