Every finance transformation decision has tax implications. Remarkably, 50% of the time, tax considerations aren’t included in transformations. When tax isn’t addressed, the CFO is effectively:
- Losing control of the tax spend
- Heightening chances of misstatement
- Generating reputational risk
CFOs have to remedy this misstep. Otherwise, they’re making the company vulnerable to risk but also to potentially millions of dollars in avoidable costs. Beyond the savings, tax can contribute measurable value of as much as 10% of the overall payback of the finance transformation – without cutting tax headcount.
Tax and finance transformation – unleashing hidden value
In any finance transformation, every decision will have tax implications. Even so, almost half the companies that undertake a transformation leave tax out – which can be a costly mistake. [See a transcript of this video]
Change for the better
There are many benefits of a successful finance transformation– from increasing financial efficiency to heightening the company’s investor appeal to gaining more visibility into the data needed for decision making. Finance transformation is crucial to leading businesses today, and CFOs are the core of the process.