Partnership tax data assessment

Leverage our complimentary assessment to get the most value out of your enterprise tax data.

Team members responsible for the tax function are super users of an enterprise’s reporting systems but are frequently not at the table when the systems are designed. This can lead to extensive, and often repetitive, manual interventions to position enterprise data to be ready for use by the tax function. The result of these interventions leads to data that is a one-hit wonder that cannot easily be repurposed for other tax needs throughout the year without another round of manual manipulations. With a partnership tax data assessment, RSM US LLP can highlight ways to elevate many of these issues via tax automation, robotics and process design.

When it comes to the tax function, the transformation and optimization of data and processes are often key discussion points, but often lag behind other data priorities. But with more demands on tax resources—not to mention the strategic potential of enterprise tax data—more attention to your structure and processes can yield significant benefits. With the right support and advice, the tax function has the potential to discover significant untapped potential for efficiencies and position processes for increasing future requirements.

The partnership tax data assessment is an efficient way to start transforming your tax function. We quickly target advantageous opportunities for tax automation, providing quick time to value and giving you the initial building blocks to modernize your tax data and reporting approach.

The need for good tax data

With the rapid evolution of artificial intelligence (AI), more frequently changing and growing regulatory reporting requirements, and the need to quickly deliver Schedule K-1 and Schedule K-3 reporting, the same tax processes and operations may no longer be effective. To unlock the true power of data analytics in tax, you have to understand how you can bring your data together more efficiently through automation. But you must have good, structured data to take advantage of AI and optimize your tax function so it is ready for the needs of big data.

RSM’s partnership tax data assessment is the first step in leveraging your existing information to make your tax data work for you, instead of you working for your tax data. Whether you have an internal tax department that struggles with increased demand or an outsourced tax function with an expansive data footprint, we can advise you on how to get the most value out of your tax data and create an initial road map toward tax data optimization.

What are the goals of the RSM partnership tax data assessment?

What are the benefits of reliable tax data?

Many companies have become accustomed to ineffective partnership tax data and processes, but leveraging your existing information can be the first step to a more robust tax reporting package. High-quality tax data determines how proactive your tax function can be and how strategic it can be moving forward. When you have reliable tax data, you can:

• Perform better scenario planning
• Be proactive instead of reactive
• Add scale and bandwidth to existing resources
• Answer stakeholder and tax authority questions faster
• Quickly access reliable tax data
• Provide Schedule K-1, Schedule K-3 and investor reporting more efficiently