The New Tax Transformation Imperative

Why digitization requires a reboot of your transformation approach.

Get the latest insights on your biggest tax challenges

A new approach to transformation

Tax transformations are typically driven by a monolithic enterprise resource planning (ERP) or other major technological enhancement and are usually long and expensive. The problem? Emerging trends like digitization, the emerging real-time economy and regulatory changes are creating a paradigm shift. This shift requires a completely new approach to tax and finance transformation.

 

To move forward, organizations should take a step back and re-orient their transformation with the future in mind, building agility into the operating model. Co-sourcing and managed services are increasingly important strategic levers —providing the foundation to better focus talent strategies on new skills and more strategic activities.

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Why tax teams must embrace digital innovation

The disruptive impact of digital transformation shows no signs of slowing down or stopping. Yet, recent EY research reveals that less than 40% of tax functions extensively use advanced technologies such as cloud-based platforms, data lakes and artificial intelligence (AI). Learn why the need to lean into emerging technologies has reached the tipping point.

Will generative AI (GenAI) replace tax professionals? Learn why Shawn Smith, EY Americas Financial Services Tax Managing Partner, thinks that rather than replacing tax professionals, GenAI allows them to enhance the work they’re doing.

More EY insights

How generative AI might help tax functions tackle challenges

GenAI can automate tasks, summarize information and provide insights, but it needs a person’s input to optimize the technology. Learn more.

10 Nov 2023 EY Global

How technology can help tax and finance drive business transformation

How the tax and finance functions can succeed in becoming a transformative force within their organization, helping to drive it forward. Learn more.

28 Oct 2022 EY Americas

Why five years of transforming tax and finance functions is paying off

New tax operating models in the last five years delivered value to businesses, EY survey shows. The next five years will add even more. Read more.

20 Jun 2023 EY Americas

    Digitization is forcing tax and finance to decomplexify data

    As the real-time economy grows, so do stakeholder demands for on-demand reporting and actionable insights. What’s more, tax authorities are rapidly adopting advanced digital platforms to enable real-time or near real-time collection and analysis of detailed taxpayer data.

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    What ViDA means for the rise of global e-invoicing

    Commission’s VAT in the Digital Age (ViDA) proposal is a game changer for global businesses and their tax functions. Learn more.

    14 Apr 2023 EY Global

    EY Tax.Tech™ Ecosystem series: unlocking the power of data with tax function analytics

    Our EY Tax.Tech webcasts help you keep pace with the ever-evolving tax landscape and what it takes to build an intelligent finance and tax function.

    16 Mar 2023 | 16:00 your local time

    Why tax engagement in an ERP overhaul delivers business-wide benefit

    SAP S/4HANA can help drive increased cashflow and profitability, mitigate tax risk, and enterprise-wide operational efficiency. Learn more.

    17 Feb 2023 EY Global

      The call for a new operating model

      With the emergence of the real-time economy, complex, country-by-country reporting requirements, and statutory tax penalties and incentives around sustainability forcing a radical rethink of global supply chains, tax and finance must design an entirely new operating model that is purpose-built to tackle challenges and change.

      More EY insights

      How tax and finance can play a critical role in changing oil and gas

      In a sector undergoing tumultuous change, the tax and finance function has a significant role to play in delivering enterprise-wide change.

      02 May 2024 Greg Matlock

      EY Tax.Tech™ series: finance and Tax convergence: the next transformation frontier

      Panelists from EY and Thomson Reuters discuss how Finance and Tax alignment is the next transformation frontier.

      19 Oct 2023 | 06:30 your local time

        Focus talent strategies on new skills and value-added activities

        In an environment of continued uncertainty and disruption, building a resilient team capable of navigating change is no easy task. The best-prepared businesses need to be able to attract, develop and retain people who know not only tax but also how to use technology to analyze data.

        More EY insights

        How Mobility functions can evolve and thrive with a workforce in flux

        Mobility agility drives business resilience, reveals the EY 2024 Mobility Reimagined Survey. Learn how mobility functions can evolve to activate key drivers.

        19 Apr 2024 Gerard Osei-Bonsu + 1

        Why the human CFO is vital in the age of AI

        In this episode, Perry Wiggins, CFO at APQC, discusses technology’s impact on finance and what it means to be a human CFO. Learn more.

        11 Jan 2024 34m 5s

        How artificial intelligence can augment a people-centered workforce

        AI is disrupting approaches to talent strategy, risk and resilience. Learn why it’s crucial to blend operational gains with a people-first mindset.

        09 Oct 2023 Jonathan Sears

          New tax risks require strong governance  

          The surge of tax risks — complex rules, regulations, interagency cooperation and communication — is placing a heavy burden on companies around the world.


          Bringing our clients better technology solutions.

          The pace of change has never been faster, the need for resiliency has never been more critical and embracing transformation has never been more vital. These are some of the reasons why EY teams work with an ecosystem of partners to provide the right technology, capabilities and insights to help clients create long-term value and transform at speed and scale. 

          EY-Microsoft Alliance: the great ESG data dilemma

          There’s more to tax data than meets the eye. Find the right perspective with the EY-Microsoft Alliance.


          Explore our partners

          The EY Partner Ecosystem: our strategic relationships and alliances

          EY teams collaborate, co-create and innovate with our category-leading organizations to drive transformation, performance and growth.

          EY–Thomson Reuters Alliance

          Bringing together Thomson Reuters ONESOURCE tax technology with EY Tax, Technology and Transformation services

          The EY-SAP alliance: enhancing your platform to grow your business

          Next-level, scalable e-commerce technology can help you keep costs in check.

          The EY-Microsoft Alliance

          Start where you are. Achieve more than you’ve imagined. No matter your transformation goal, the EY-Microsoft Alliance can help. Learn more.


          Global tax disruption

          How to find certainty amid tax policy transformation

          EY 2024 Tax Policy and Controversy Outlook explores what you should act on now and what you should keep an eye on next. Learn more.

          04 Mar 2024 EY Global

          Top 10 unexpected Pillar Two challenges for US multinationals

          Top 10 most common Pillar Two surprises for US MNEs | Learn More

          17 Jan 2024 Jason Yen

          How do you drive transfer pricing certainty in uncertain times?

          Businesses are prioritizing transfer pricing certainty in an era of global minimum taxes. That starts with getting the data right. Learn more.

          09 Jan 2024 EY Americas

          How BEPS 2.0 could impact the wealth and asset management industry

          The potential impact of the Pillar Two rules could influence fund structuring and investment choices. Learn more.

          03 Jan 2024 Jun Li + 1

          Key ways BEPS 2.0 Pillar Two may impact US multinational entities’ M&A transactions

          US MNEs considering M&A transactions will want to keep their tax department connected. Prepare for BEPS Pillar Two.

          13 Dec 2023 EY Americas

          Webcast series: Spotlight on BEPS 2.0 for US Multinational Enterprises

          This webcast series will focus on the practical steps US multinational enterprises can take to prepare for, and comply with, new BEPS 2.0 Pillar Two rules.

          27 Oct 2023

          Multinationals Face Complex Data Challenges From Global Tax Deal

          Kevin Flynn discusses how businesses can be ready to comply with the second phase of the global BEPS project, particularly its 15% global minimum tax.

          14 Jun 2023 Kevin Flynn

            BEPS 2.0

            New tax rules are dramatically changing the international tax landscape, potentially bringing reporting and compliance challenges to every industry. 

            Get the latest insights on your biggest tax challenges
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