PwC overview of how technology can aid in the effort to maintain or improve a company's tax effectiveness that includes improved internal controls, reduction in financial restatements and increased confidence in the tax function.
Today's corporate tax function faces enormous challenges, among them lower risk tolerance, shortages of tax talent, shorter financial close cycles, higher expectations for transparency, and increased regulatory burdens.
For many companies, the inability to meet these challenges has resulted in internal control deficiencies, financial restatements, and in some extreme instances, a general loss of confidence in the tax function. To remediate or avoid these outcomes, many tax organizations are taking a fresh look at their operating strategies and seeking innovative solutions to transform their tax operations to meet or surpass the expectations of their stakeholders.
This search for solutions has led many tax professionals to realize that technology can significantly aid in the effort to maintain or improve their effectiveness.