Some of the key challenges that we often see tax functions facing are:
- Inadequate access to quality information: Tax departments often find it difficult to obtain and analyse the right data, with multiple sources and people working on the information.
- Outdated technology: With inadequate updates to technology being used by the tax functions, there's an excessive use of templates and non-automated systems.
- Lack of documentation: If processes aren't well-documented, it's difficult to know the status of a project, when people leave or you're dealing with an audit situation.
- Use of disconnected systems: There's often an excessive use of email to collaborate, which complicates the collaboration and documentation process.
With these challenges, tax groups often are in firefighting mode to address the issues of the day, with little time and opportunity to be the strategic and proactive function that they’d like to be.
