What if you could automate the tax classification work that currently takes your team thousands of hours to complete? Or process millions of global transaction records faster than blinking an eye? It may seem like a far-off fantasy, but for many tax departments, the future is here. These are just a few potential benefits of tax analytics, a new capability that promises to greatly expand the tax function's ability to deliver forward-looking insights to the entire business. Now is the time for tax functions to create a tax analytics roadmap and leverage the increasingly larger menu of technology options to drive significantly more enterprise value.
Tax analytics is a broad area that spans from business intelligence self-service to tax dashboards, benchmarking, tax planning and provisioning, prescriptive analytics and advanced decision support in the form of artificial intelligence and machine learning systems.
For organizations starting this journey, it's important to have a clear roadmap of what should be deployed to maximize tangible benefits while controlling costs. We offer a variety of hands on, demo rich analytics workshops to get you started on your journey to the Tax Function of the Future.
In this demo heavy workshop, PwC provides an overview of the five different types of Tax Data Analytics from BI self-service, dash boarding, data visualizations, forecasting and tax planning, tax modeling and what-if scenarios. We also review the latest trends in more advanced tax analytics such as machine learning, artificial intelligence (AI), decision automation and exploratory data analysis (EDA) with different tax scenarios. The session is interactive; we explore four different tax analytics demos and discuss the effort required to build the tax analytical applications. The session is targeted towards tax managers, directors, VPs and any employees in the role as tax professionals.
Our Data & Analytics (D&A) roadmaps are tailored to each client based on current systems, D&A skillsets in the organization, organizational priorities, budget constraints, system architectures and existing analytics tools being used. The D&A roadmap is normally developed together with key stakeholders and is clearly communicated as an overall data and analytics strategy within the tax department. It forms a vision with clear definitions of projects and initiatives that allows our clients to realize the benefits as soon as possible with minimal organizational disruption.
Our Tax Analytics Academy provides an introduction to the practice of data analytics and data visualization. This two-day program consists of a mix of demonstrations and hand-on exercises, which illustrate the capabilities of tools currently available for automation, data processing and data visualizations. Based on your industry and tax profile, the academy may be tailored to fit your organization's specific needs. Choose from tax technical areas such as state and local taxes, transfer pricing, research & development tax credits, tax provision, compliance preparation, and others. With the power of data analytics, you can ensure you're maximizing tax savings while achieving your business objectives and minimizing risk.
Data is a vast and growing asset that most businesses are challenged to transform into a powerful strategic tool.
Revolutionize your Tax Function by unlocking ideas with impact that explore new opportunities for delivering enhanced insights and long-term business value. Our technologies help you access data you trust and realize insights faster and easier.
Large companies lose millions of dollars every year though waste, theft and failure to maximize deductions relating to qualified employee expenses. Because expense reports are not geared to analysis, examination is both time consuming and prone to error. Review is difficult due to high volumes of information coming from disparate sources, often with poor quality reporting. PwC's Halo for Employee Expenses employs an advanced analytics engine and real time detection algorithms to monitor transactional employee expenses from existing employee expense systems and provide alerts to employees and stakeholders to catch theft, analyze costs and change employee behaviors.
Today, many tax departments rely on inefficient spreadsheet processes to collect and manipulate core financial data into useable tax ready information. PwC's Enterprise Insights for Tax platform leverages your enterprise investment in SAP. The solution enables tax sensitization and analysis of SAP financial data with powerful analytics and reporting to help your team drive operational and strategic insights into your tax function. We can help you redesign and redeploy your tax function while empowering your C-level with strategic tax information.
While most states tax lease streams, several states require or give lessors the option to pay sales tax up front on the vehicle purchase price, resulting in significant sales tax costs to the lessor. Many of these states also permit the purchase price of new vehicles, for sales tax purposes, to be reduced by the value of trade-in vehicles. Historically, lessors have lacked the processes and technology to obtain these available tax savings. Our proprietary Lease Trade-In Program (TIP) provides the technical framework to simultaneously match high volumes of off-lease vehicles with new vehicle purchases, thus maximizing permanent sales tax savings. TIP also automates the titling and sales tax reporting documentation needed to substantiate the sales tax reductions.
The vast majority of partners in large partnerships struggle to file their individual tax returns due to the complexities associated with K-1 income and distributive shares. PwC-PReP combines a tax portal and tax return filing service to streamline the data collection and filing of individual partner tax returns. We configure PReP for each client with integration points to aggregate HR and payroll data into one system, which also contains supporting documentation uploaded by the taxpayer via PReP's companion mobile application and intuitive Q&A format. PReP also provides an efficient and configurable compliance workflow engine, which enables PwC's engagement team to focus on review of data and tax filing rather than manipulation of the compliance software.
Pass-through entities are facing mounting challenges around the complex tax compliance and reporting requirements that inextricably link the firm and its partners/owners. Without governing procedures and guidance, partners may use different advisors for individual tax compliance and planning, resulting in inconsistencies, security risks, inability, and more. Intelligent Tax Filing is a holistic methodology to tax compliance and financial planning that streamlines data and automates processes, resulting in significant benefits for both partners and the partnership.