How we help companies depends on their situation, and where they want to start.
Some companies are looking for a broad tax function assessment -- a better understanding of the current state, how they stack up in key areas against peers, and what is needed to move the tax function up the maturity model.
Other companies have a targeted need in a specific area (e.g., tax accounting performance improvement, document management, data management, etc.).
Top areas of focus for tax leaders:
How to reduce risk and be more efficient in managing day-to-day global tax operations?
What steps are required to get tax better aligned with the broader business strategy
How to get more out of people, process, data and technology in tax?
How can time spent on manual efforts to collect necessary tax data be reduced?
- Assess current state and assist with designing standardized future state processes
- Assist with implementation of third-party tax provision software and other solutions
- Recommend controls, training, change management and continuous improvement
- Recommend contemporaneous process for collecting necessary documentation for audit
Tax accounting performance improvement
How to reduce risk of significant deficiencies or tax weaknesses in the tax accounts?
How to use technology to gain better control over tax data and to free up time for strategic planning?
How to improve the quality of tax sensitive data and evaluate if processes and controls have an appropriate focus on risk management?
- Assist with process redesign to shorten the close process
- Tax accounting services
- Uncertain Tax Position (UTP) consulting
- Tax basis balance sheet support
- Deferred tax analysis
Read more: Tax Accounting Services
Tax technology strategy
Is an efficient tax technology infrastructure in place for the department’s needs? If not, what areas should be enhanced?
How can tax realize more value from the significant enterprise investment in financial reporting systems?
How can tax technology tools be integrated to reduce redundant data manipulation?
- Assist with development of a multi-year tax technology strategy and architecture
- Assist with ERP tax sensitization and integration
- Transfer pricing and accelerator configuration
- Assist with assessing tax point solution software requirements
- Assist with custom configuring document management and automated workflow platforms
- Assist with integrating multiple disparate sources of data and assess value of a tax data mart
How can time spent on data collection, manipulation and validation be significantly reduced?
What data management approaches should be considered to help shave time off the financial close process?
How to address “key-person” dependency issues and a lack of documentation around tax processes?
- Assist with migration off shared drives to more structured document management systems
- Custom configure collaboration platforms to enable version control, lock-down features, search ability and automated storage of documents into the proper folders
People and organizational structure
How to improve the people and organization structure of the tax function?
In what ways can the specialists both within tax and the broader finance function be integrated to reduce the negative impact of corporate “silos”?
Where are the bottlenecks, process co-dependencies, key-person risks, redundancies, low value steps in the tax processes?
Where should the tax function fall organizationally with respect to the rest of the business—both domestically and abroad?
- Collaborate with companies regarding an efficient organization size
- Share insight as companies define individual roles/responsibilities, technical competencies, reporting lines and geographic location for tax personnel
Data and decision management
How can data life cycle challenges be addressed to make access to data more efficient, and improve upfront collection of information, analysis and forecasting?
Identify opportunities to:
- Improve efficiency surrounding the data life cycle
- Standardize data collection processes and tax packages
- Use automation when extracting and collecting data
- Generate tax reports required for better planning and forecasting efficiently