The tax function is often overlooked as an opportunity where improvement and updates in technology, process, people, and/or data can lead to benefits for the broader business. Faced with increasing regulatory complexity, growing globalization and significantly increased scrutiny, the ability of the tax function to deliver reliable information and value is dependent on the processes that are in place and the technology that is used. The PwC Tax Reporting and Strategy team can review technology, add strategy, subtract risk and improve your company’s tax function.
Justin Femmer, a Senior Manager in PwC's Tax Reporting and Strategy group discusses how a company can go about creating a tax technology roadmap. When developing a tax technology roadmap, it's important to identify milestones along the way and implement wins.
PJ Stratton, Partner, Tax Reporting and Strategy, discusses the challenges tax departments face in dealing with data that is typically prepared for finance. PJ suggests that the data transformation generates low value activity for the tax function and can be better spent on analytical and strategic exercises.
Justin Femmer, a Senior Manager in PwC's Tax Reporting and Strategy group discusses the challenges that tax departments face during the financial reporting close. Justin also provides insights on how companies can allocate time and resources to effectively leaving enough time for review and validation.
Some of the key challenges that we often see tax functions facing are:
With these challenges, tax groups often are in firefighting mode to address the issues of the day, with little time and opportunity to be the strategic and proactive function that they’d like to be.
We can help your tax function recognize its potential and transform into a proactive and strategic business partner by:
We first understand your unique situation and requirements, and then use our team’s significant knowledge and experience to help you realize your tax transformation goals, so you get: