CEOs have fully embraced digital technology, reshaping all
areas of their businesses to adapt.
What does this technology trend mean for the tax function?
Below are the key CEO insights all tax professionals need
With the advancement of technology, data and analytical
capabilities, tomorrow’s tax function will look surprisingly
different from today’s. Explore our predictions in our
Tax Function of the Future series.
Many CEOs view the speed of technological change as an increasing threat. Many tax leaders also take this view.
Technology is increasing the sophistication of tax authorities – with new data mining capabilities, tax authorities are able to identify reconciliation issues on a broader scale.
In our view, technology for tax isn’t just a threat, but sparks many opportunities with the power of data-driven decision making.
Most CEOs view technology investments as creating a strategic advantage for their organization – when there is a clear plan with measures of success.
For tax functions, this means that a technology and data roadmap for tax needs to be an integral part of the overall finance plan.
CEOs want technology investments to be embedded within the organization.
Getting the right skills to support the technology investment, through hiring and training, is essential. Technology skills will become a more integral part of the tax function of the future.
CEOs acknowledge that vision is crucial for technology investments. What is fit for the tax function of today, likely won’t work for tomorrow. By aligning with the finance function, tax can harness the power of the finance systems and future updates.
CEOs see value in unlocking data possibilities through digital technologies – but what does this mean for tax?
Tax functions are moving to central storage of all their data. Organizations that employ technology data hubs for tax and financial information are better able to harness data for decision making.
Data mining and analysis is helping organizations face their increasing tax burden, filing requirements and risk of controversy.