Assemble a team of tax technology experts and solicit opinions from important stakeholders. It should be scalable and flexible because technology, tax rules, and company situations are constantly changing.
FREMONT, CA: Implementing technology in corporate tax departments is a high-stakes, high-profile endeavor that cannot be allowed to fail. Tax executives' compensation and job security have been significantly affected by poorly performed projects in the past. Hence, here are a few pointers on how to do it properly.
Align with Corporate Objectives: Assemble a team of tax technology experts and solicit opinions from important stakeholders. It should be scalable and flexible because technology, tax rules, and company situations are constantly changing.
Acknowledge COVID-19, But Do Not Be Derailed: Companies' top priority today is managing through the worldwide pandemic. As a result, one may have to put off tasks that are not mission-critical, such as integrating tax technology. Business continuity is supported by the leadership of the tax teams who are working remotely.
Build A Solid Foundation: Examine whether the current technological and operational environment is producing outcomes before deploying new software. Is the business making the most of the platforms? Is your team well-versed in how to use them? Do team members consistently follow the right procedures, or have they reverted to outdated, inefficient practices that are more comfortable? Is there a good balance of tax and tech abilities on the team?
Map the Connections: Work with the IT colleagues to map out the system and data links that will be required to put the technology vision into action. For example, tax provision software necessitates automated access to trial balance data from the general ledger. It is possible that IT may need to set aside time to create the new file format that the software system will need to receive the data.
Engage With, Educate, And Listen to Stakeholders: Engage all stakeholders early on, including IT, finance, the executive team, your tax team, and anybody else in the business who will be affected by the project or who will have a say in its authorization and funding. This could comprise the consulting business, external auditors, IT employees in charge of access controls, and the internal audit team in charge of Sarbanes-Oxley compliance and paperwork.
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