Advanced technologies are increasingly helping modernize the tax function.
FREMONT, CA: The present tax environment is characterized by tax authorities needing increased transparency, sharing data and applying approaches to the tax management and collection process. To help overcome these challenges, businesses are using technology to aggregate, validate and report for compliance purposes, and leveraging data analytics on the data they have collected to identify anomalies and mitigate risk. To manage this changing landscape, the vast majority of tax leaders are ramping up their technology investment and awareness.
[vendor_logo_first]While investments into advanced tax technologies are certainly booming, leaders suggest that firms should be placing enough emphasis on the other half of the equation, that is people. The value of tax technology comes not from the bots and machines but rather from human skills and capabilities that can be unearthed by those technologies. It's not always about replacing humans with machines, but it is about combining people with technology. This can help amplify existing capabilities with new tools and empower professionals to do more.
The technology is often the easy part of the equation, and it can be much harder to transform people skills, talent strategy, and abilities. The dynamic shape of the labour force, the rise of virtual working, the shift towards gig economy jobs are also creating new complexities for tax decision-makers and leaders. With automation and technology taking center stage, tax professionals are expected to be more analytical, strategic, and customer-centric. Core capabilities, like communication and collaboration, are becoming as valuable as tax technical skills. Tax functions are beginning to hire and develop a more diversified range of skills and capabilities.
Tax technical skills will always be in demand in the tax landscape, and leading tax groups will start to integrate skills and capabilities into their tax teams. Some are looking at their existing teams to identify tax professionals who show aptitude in other abilities like communications and technology and assisting them in developing and expanding on those skills. Continuously looking for opportunities to harness automation and technology can mitigate the heavy works in the tax function and find opportunities to evolve and elevate the activities of tax professionals.
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