Automating tax provision: The power of technology
Tax provisioning may seem like a straightforward calculation of a company’s tax exposure on current income and its estimated tax exposure on future income. However, like other corporate finance matters, tax provisioning needs to be accurate. When one single figure has so many reaching consequences, it must be right — and it must be available on-demand.
However, corporate tax professionals devote a significant amount of time to determining that single tax figure. This task is made even more complex by constantly evolving tax regulations and the need to integrate and structure data from both the finance and tax departments. They need to find, gather, validate, calculate, share, and demonstrate the data. This process doesn’t leave much room for strategic contribution. Luckily, tax technology can reverse that trend, automating the heavy lifting and leaving tax experts to more value-added activities.
From taking advantage of opportunities to avoiding potential missteps, embracing tax technology is the foundation for adapting swiftly to tax changes. Those who prepare now will realise immense benefits, while those who react slowly will have to deal with the consequences.
Download the white paper today and find out how to:
- Gain the capabilities of a robust corporate tax provision software solution
- Determine how to best calculate provision for income tax
- Balance compliance needs with accurate tax provisioning