Today’s tax environment is often strangely disconnected: On the one hand, tax specialists use smart phones, social media and ERP systems both privately and professionally. On the other hand, most tax functions still rely heavily on Excel spreadsheets. Highly skilled tax specialists spend half their time or more with manual data cleansing, aggregation and manipulation. This entails not only inefficiencies, but also risks due to inconsistent data.
Our prediction for the tax function of the future
PwC predicts that in the near future, the majority of tax functions will rely on professional data analysis tools to assist in the decision-making process in areas such as risk detection, planning and overall business support.
Moreover, we predict that the majority of tax functions will receive all information in a ‘tax-ready format’ either from their enterprise-wide financial systems or via a dedicated tax data hub.
Finally, tax functions will focus more on data security due to concerns over confidential information being inadvertently released or shared publicly.
While most companies are aware of this development, many hesitate with before going ahead with the transformation of their tax function. This is often because they lack the right partner. This is where PwC comes in: We are extremely familiar with both tax and technology. Thanks to the following services, we are your one-stop-shop for everything related to tax technology.
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