Tax Automation: 4 Reasons to Switch

With the ever-changing regulatory landscape impacting corporate tax compliance processes, more and more organizations are starting to understand that being tech-savvy, data-driven, and predictive is the need of the hour.

Specifically, heightened regulatory changes pose greater exposure to noncompliance risks, leaving increased pressure on tax teams to keep pace. Automating your tax processes could help mitigate risks and alleviate the burdens of your team. Besides creating a smoother and faster process, automation also improves quality.

Here’s more of what tax automation can offer:

• Better Control – tax automation eliminates manual recording and compilation, thus helping drive down the organization’s processing costs. It also reduces the burden of administrative tasks for tax teams, allowing them to focus on more valuable activities such as developing new products and being involved in other business decision-making.
  Moreover, it allows immediate access and increased visibility across departments, thus giving better control over the tax compliance lifecycle.
• Centralized Risk Management – tax automation supports a system that brings together all compliance reporting, analytics, workflow, and product information. With real-time access, tax teams can gain insight into more efficient operation, track the organization’s submission process, and identify potential risks.
• Real-time Legal Updates – most automated system includes built-in legislation which helps tax teams to keep up with any changes in the tax compliance and submission processes.

• Clearer Audit Trails – end-to-end tax solutions take raw data and process it for annual tax reporting while making sure that it is in line with the current tax regulations, thus providing clearer audit trails.

Given these advantages and benefits, organizations can surely gain better oversight of tax regulatory changes and manage their compliance program. Thus, it’s critical to have the right expertise to ensure that you wouldn’t fall into any tax complexities and liabilities.