A number of macro trends are challenging current tax operating strategies. In response, enterprises must strengthen their tax function.
Optimizing tax operations in financial services organizations
Now is the time for organizations to ask themselves: does our tax operating model still fit?
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Data and technology
- Do our accounting, finance and tax departments share data in the most efficient, effective way possible?
- Are we leveraging leading-edge technology and data management innovations to facilitate collaboration, mitigate risk, and develop actionable analytics?
Do we have a tax function that is cohesive and effectively executes domestically and worldwide?
Are we positioned to attract and retain the right talent and skills?
People and organization
Do we have our resources adding optimal value in the right locations at the lowest cost?
Process and policy
Are we reducing redundancies and continuously driving to innovate and improve?
Global service delivery
Have we built a global infrastructure that delivers best-in-class and best-in-cost tax services to the organization?
In an increasingly digital working world, it’s critical that tax departments consider the opportunities that new technologies — particularly automation — provide to unlock value, manage risk, improve efficiency and provide value-added insights. Innovative tactics and tools to consider include:
- Digitization of operations
- Intelligent automation, including robotics
- Artificial intelligence
- Service centers
- Centers of excellence
If your organization has invested in any or all of these, ask yourself if you are truly maximizing your investments. If not, it is time to map out your optimal path to digital transformation. In either case, it is critical to determine what to keep in-house and what to outsource to a provider with a robust technology platform.
How financial services firms can evaluate their tax operating model
Setting the strategic direction for your tax operations involves a four-step process.