How are you going to reduce risk, eliminate waste or otherwise add value to your organization? As a corporate tax professional today, you are grappling with many forces — a complex regulatory environment, pressure from your leaders to develop a strategic vision for tax reporting, and more internal and external stakeholders. Many of you may ask yourselves, “How can I survive in a complex environment?” One approach is to think beyond spreadsheets.
The mandate to deliver more reliable information creates both opportunity and challenge for those of you tasked with reporting it. In a recent PwC survey, 56 percent of tax leaders said they spend more than 30 percent of their time preparing data. I’ve seen firsthand the tax directors at my clients wrestling with outdated, inefficient and manual processes that consume valuable resources and increase organizational risk — while under intensive time pressure.
Despite the infinite challenges, how can you, as a tax director, keep pace with your organization’s growing needs? In our most recent Driving Value through Tax Reporting paper, we explore several ways tax departments can overcome these challenges. Although there is no one-size-fits-all approach, I‘ve found that you can start to reimagine your tax department by first, taking a deep breath, and, second, exploring these five approaches:
Although integrating new technology and processes can be challenging, these suggestions can help you create a more streamlined and effective tax function. And maybe, for once, it will be the end of spreadsheets.
To learn more about the advantages of a technology-enabled tax department, follow PwC’s Tax Function of the Future series.