In today's fast-paced business environment, companies must keep their tax function on the cutting edge to take advantage of the benefits advanced technologies can provide and help mitigate the challenges facing modern tax departments and the tax industry as a whole. Traditional tax processes are often time-consuming, prone to errors and, in recent years, limited by a historic shortage of skilled accounting professionals. Manually inputting and analyzing tax data in an Excel sheet can quickly become an uphill task susceptible to dismissed reviews, leading to inaccuracies and potential monetary repercussions, such as IRS fines and penalties.
Continuously changing tax laws only exacerbate the situation, making it increasingly challenging for companies to keep up with the ever-evolving regulatory landscape. However, with the evolution of technology and advanced automation capabilities, CFOs can modernize their tax function. By implementing tax technology and transformation solutions, companies can streamline their tax processes, reduce the risk of errors and ensure compliance with changing tax laws.
Why Should I Consider Tax Technology and Transformation Services?
As a CFO, it's impossible to ignore the challenges facing the tax industry. Staffing shortages and changing tax regulations and reform are just the tip of the iceberg. Additionally, the rapid advancement of technology only adds to the list of complexities. Many tax departments understand the need for adopting new technologies, but lack the internal resource capacity to implement them and take advantage of the benefits.
But what if there was a way to unburden your understaffed tax team from their manual, repetitive data entry tasks? Imagine giving them the opportunity to tackle higher-level, intricate and analytical processes that can help your company grow and move forward. Not only can you streamline your tax processes, but you can also provide your team with the tools they need to thrive in this unprecedented time.
With tax technology and transformation solutions, your organization can improve efficiency by increasing the speed of your business processes, enabling your company to make data-driven decisions faster than ever before. This can lead to increased productivity, revenue growth and a competitive edge in the marketplace. It can also save costs by reducing the number of tax professionals your company needs to hire, freeing up resources for other critical business functions. Furthermore, it provides unparalleled quality control by leveraging exponential processing power to ensure that tax data is processed and analyzed accurately without the risk of human error or inconsistencies.
And as we mentioned earlier, these solutions can free up your hardworking tax team from the tedious task of processing data, enabling them to focus on more in-depth areas and add greater value to your company.
Work With a Tax Technology and Transformation Professional
Tax technology can be complex, and it may be challenging for businesses to navigate without a knowledgeable professional to help. Consulting with a tax technology and transformation expert can ensure you use the technology correctly and optimize its benefits. With their expertise, they can help you implement various automation solutions tailored to your unique business needs.
When selecting a tax technology and transformation professional, it's essential to find one that understands the unique complexities of your business as well as audit assurance knowledge.
Customizing Tax Technology to Meet Your Needs
Tax technology solutions can be tailored to meet specific business needs, and an overall assessment is an effective way to start. During the assessment process, tax technology and transformation professionals evaluate your company's entire business process, from input to output, to identify any inefficiencies or gaps. They analyze your current software tools, technologies and operational processes to understand how your business operates. With their insights, they consult with you to provide feedback and offer recommendations to improve your overall tax function.
For businesses that have not updated their business model, processes or technologies in years, an overall assessment can help refresh and modernize their approach.
Another advantage of tax technology and transformation is its flexibility and adaptability. You can collaborate with tax technology and transformation professionals to utilize tax analytic process automation on a project-by-project basis, from simple tasks to complex projects requiring intricate calculations. Working with professionals, you can determine the best way to implement the technology for your business. Do you want them to build it and run it for you, or build it and hand it off to your team to maintain?
This approach can be especially beneficial for taking time-consuming and manual data entry off your tax professionals' hands or assisting with a particular project when your team's workload is already at maximum capacity.
Your company also has the option to fully outsource your entire tax technology function, allowing professionals to take care of everything from implementation, design and building of the entire full lifecycle.
Next Steps
At CBIZ, we offer a wide range of Tax Technology and Transformation Services to meet your unique business needs. From consulting to project-based support and full outsourcing, our team of experts stand ready to help you optimize your tax function and drive long-term success for your business. Contact us today.
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CBIZ MHM is the brand name for CBIZ MHM, LLC, a national professional services company providing tax, financial advisory and consulting services to individuals, tax-exempt organizations and a wide range of publicly-traded and privately-held companies. CBIZ MHM, LLC is a fully owned subsidiary of CBIZ, Inc. (NYSE: CBZ).