All the institutions should check that how automated is their tax department's processes and should take necessary steps to execute automation in the processes like downloading reports, managing data, and calculating, and posting results .
FREMONT, CA: Corporate tax departments are looking to technology to manage the challenges of regulatory complexity and global taxes. Many corporate tax departments have started using modern tools to streamline their work, and some are about to implement these technologies.
The modern tools can solve several issues like globalization and ever-changing regulation, which present a variety of challenges for tax departments. Here are some of the ways to integrate new technology into the corporate tax group's process and workflow:
1. Map the starting position on the road to tax technology adoption:
Every organization should check how automated is its tax department's processes for downloading reports, managing data, and calculating, reviewing, and posting results. Following things can be done to shift the manual process to automate completely:
• Adding up of ETL tools to automate data management
• Integration of workflow and collaboration software
• Robotic process automation for data extraction
• Use of visualization tools
Another important thing is to inform and educate the stakeholders and to ensure whether they understand the pain points of tax technology plan addresses, get answers to their questions, and are transparent on potential obstacles and challenges upfront. Open, honest communications from the start will regulate expectations, and build support for necessary expenditures when obstacles arise and plans need to be modified.
3. Make a record of technologies the company already uses
With the help of IT, finance, treasury, human resource, and other departments, each company can make a list of what technology they are already using. Compiling a list of techniques will make it easier to build a tax technology plan on an existing foundation.
4. Align the plan with the organization's technology and automation vision
To get a stronger support, it is necessary to align the tax technology plan with the company's approach to technology adoption. First, find out the hunger of the company for new technology and then measure their willingness to take on this investment.