Tax reporting and strategy

Managing corporate tax through automation

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  • Outdated technology: With inadequate updates to technology being used by the tax functions, there’s an excessive use of templates and non-automated systems.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.

Digital Tax transformation

We live in a world where tax is being asked to achieve more with the same or fewer resources.  Tax professionals must innovate to thrive in today's environment. Technology can enable the tax function to drive greater efficiency, improve tax processes, manage risk and gain greater insight through analytics.

Leading tax departments are leveraging reliable tools that can automate workflow, promote accuracy, reduce risk, and increase collaboration in tax and across the business.

PwC has developed solutions, powered by various forms of technology including robotics, artificial intelligence and machine learning, that help companies of all sizes meet their unique needs with tools that are fit for purpose and can allow you to transform your tax department.

Compliance. Transformed.

We can help you to transform how your tax function delivers. To optimise your performance, we’ll help you enhance organizational design and make the most of technology.

You might be looking to create ‘the tax function of the future’ or seeking to become a strategic partner for your business. Whatever ambition you’re moving towards, we’ll work together to streamline your daily activities and processes, drive innovation and maximise the value you create.

Similarly, you might be looking to harness the power of technology – and the transformational impact it can have. Or you might be facing business, regulatory and environmental disruption, and you’d like a guide to help you navigate the change. We’ll work with you to design and execute a tax operations strategy and ‘digital upskilling’ programme to help your business make better decisions – through data clarity and real-time business intelligence.

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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.

Your benefits

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.

Making your tax function more effective

Making your tax function more efficient

The PwC Tax Reporting and Strategy team can review technology, add strategy, subtract risk and improve your company’s tax function.

A transformed tax function results in being more proactive and value-driven, rather than reactionary and repetitive.

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Compliance. Transformed.

Building trust and driving competitive advantage

The compliance landscape is evolving and becoming more complex, creating new challenges for organizations to manage in the years ahead. Compliance is no longer just a cost of doing business; it’s now a competitive advantage.

By transforming your compliance functions to evaluate and prioritize your most critical risks and taking a more proactive, streamlined and values-driven approach, your organization can increase resilience, build trust and enhance your competitive advantage.

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Dean Landry

Dean Landry

National Tax Leader, PwC Canada

Tel: +1 416 815 5090