Making your tax function more effective
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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.
Better informed decisions
Increased access to useful information
Reduced financial reporting
Tax Technology Roadmap - Planning your company's fiscal future
Data Management - Structuring data for a tax deliverable
Risk-based Approach to the Financial Reporting Close
Tax function challenges
Some of the key challenges that we often see tax functions facing are:
- Inadequate access to quality information: Tax departments often find it difficult to obtain and analyze the right data, with multiple sources and people working on the information.
- Outdated technology: With inadequate updates to technology being used by the tax functions, there’s an excessive use of templates and non-automated systems.
- Lack of documentation: If processes aren’t well-documented, it’s difficult to know the status of a project, when people leave or you’re dealing with an audit situation.
- Use of disconnected systems: There’s often an excessive use of email to collaborate, which complicates the collaboration and documentation process.
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.
How we can help
We can help your tax function recognize its potential and transform into a proactive and strategic business partner by:
- Conducting a tax strategy assessment: We help you build a vision for the future and a roadmap for improvement.
- Establishing a collaborative workflow platform: Our unique Tax Operations Manager (TOM) platform helps you automate and collaborate, so that you can spend less time on manual activities.
- Improving data management: Our tax data management services enable you to collect, automate and consume tax ready data.
- Helping update your technology: Through our tax technology services, we help you select and implement third party tax software that works for your specific situation.
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:
- More time for strategy: Less manual effort means tasks like accumulating, manipulating and validating data can be completed much faster.
- More informed decision making: As you spend more time on strategic activities, you can use analytics to focus on business opportunities and forecasting.
- Greater access to useful information: The tax group will find it easier to locate and examine archived data to defend tax positions, make strategic decisions, and have richer dialogues.
- Reduced financial reporting risk: Enhanced processes and automation can reduce surprises and the risk of tax financial reporting errors.
- Improved compliance: The extra time spent on review and analysis improved the quality of tax compliance.