Thomson Reuters ONESOURCE Indirect Tax Implementation e-bookAutomating the implementation and ongoing maintenance of indirect tax technology
Indirect tax teams have a difficult job managing the ever-changing tax laws and regulations. This job includes understanding the impact of the changes, helping IT implement them into financial platforms or spreadsheets, and responding to them. Unfortunately, many tax departments lack resources, visibility to identify and correct errors, and labour-intensive review processes.
Technology can help, but many departments are still at a chaotic stage and need to do a lot of work to get to the optimised stage. Transitioning your current system to a comprehensive tax solution can be quite a journey, but adopting the right approach as you work to implement your next tax solution can virtually assure you of success.
When it comes to implementing and maintaining tax technology, there are five best practices that all indirect tax pros should follow: vendor selection, budgeting, having a taxologist on the team, investing in training, and documenting everything. Following these practices enables indirect tax departments to enjoy benefits that centralised cloud-enabled tax technology offers, such as reducing staff stress, improving the accuracy of calculations, minimising the chance for audits and penalties, and reducing costs for indirect tax compliance management.
Download this e-book and learn:
- How to implement an indirect tax technology solution and the key factors to consider
- The benefits of using a tax engine and compliance solution
- Common causes of failure in adopting new tax technologies.