Review your tax technology now to avoid headaches tomorrow
TAX BLOG |
Who has time to put day to day operations on hold to assess their current tax solutions? The demand of tax departments to meet multiple deliverables throughout the year can leave this question unanswered far too long.
Perhaps you are a Vertex client looking to replace the soon-to-be retired income tax solution. You may have out grown your current software or may be looking to replace your current Excel process with something more robust. You may be dissatisfied with your current tax solution. Or perhaps it has been awhile since you have seen the latest technology and it is time to do your due diligence.
Implementing the right technology enabled solution will produce an integrated provision/compliance process and will maximize automation leading to greater accuracy and reduced effort on preparation. This will result in more time to focus on review and special projects, including tax saving opportunities.
To be successful, the first step is to understand and map out your current tax processes. This will identify process weaknesses that, left unaddressed, would undermine any software implementation.
Once there have a clear understanding of the future process, you would start to evaluate vendors in order to determine the best fit.
Choosing the right partner to help you navigate this process can be the difference between success and failure. The right partner can identify best practices with customized technology solutions, has an in depth knowledge of the software options and understands how each solution will integrate with your reengineered processes. The right partner is unbiased and will ensure you are not oversold on unnecessary modules.
With the right technology, configured to your company’s needs, it is not unreasonable to compute the quarterly full year effective tax rate 2-3 weeks prior to the books closing, receive data from foreign controllers that automatically feed into the provision, generate consolidated footnote disclosures with minimal effort and produce a true up by entity as part of the tax return review.
Instead of feeling anxiety about making a change, take time to consider the possibilities of a technology enabled process that will reenergize your tax department.