In the face of economic challenges, businesses are finding strategies to navigate high interest rates, labor shortages, inflation, and slower growth. The Agility & Excellence Resource Center provides solutions to assist businesses in overcoming these obstacles and thriving in uncertain times.
The shortage of talent in the accounting industry has placed pressure on companies to find innovative solutions to their resource needs. According to a study conducted in late 2023, 78% of respondents anticipate an increase in the technological capabilities of their tax departments in the next three to five years.
Embracing technology is considered a viable approach to bridging this resource gap, however, many tax leaders struggle to find the time to research and manage these products, particularly when daily operations cannot be interrupted.
One approach to these difficulties is the implementation of tax technology and transformation solutions with the guidance of a professional team possessing the necessary technology, tax, and industry expertise for a successful integration. Through a collaborative approach with the company, a smooth transition can be achieved without hindering ongoing operations.
There are numerous ways in which tax departments can benefit from tax technology and transformation solutions.
Tax Technology Assessment and Consulting
Many tax departments still depend on manual calculations and work papers in an Excel-based environment. Tax technology experts can develop implementation plans customized to optimize a business’s tax function by identifying operational bottlenecks and providing innovative solutions to address these challenges.
Automating Tax Compliance Processes
Manual reviews of financial statements and trial balances can often be time-consuming and susceptible to errors. Tax technology experts can create automated validation solutions that streamline these processes, reducing the potential for errors and boosting productivity.
Tax Transformation Co-Sourcing and Outsourcing
Tax technology professionals provide various services, including comprehensive tax technology buildouts, standby support, project management expertise, co-sourcing, and outsourcing.
At CBIZ, our tax technology team has the expertise to address even the most complex tax challenges. We offer a unique combination of tax technology solutions and extensive tax and audit assurance knowledge for comprehensive support.
In conclusion, technology can play a vital role in addressing the resource gap faced by tax departments. By leveraging tax technology solutions, businesses can enhance efficiency, reduce costs, and elevate overall quality. It is imperative to collaborate with professionals who can provide tailored solutions to meet the unique needs of each business.
Copyright © 2024, CBIZ, Inc. All rights reserved. Contents of this publication may not be reproduced without the express written consent of CBIZ. This publication is distributed with the understanding that CBIZ is not rendering legal, accounting or other professional advice. The reader is advised to contact a tax professional prior to taking any action based upon this information. CBIZ assumes no liability whatsoever in connection with the use of this information and assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein. CBIZ MHM is the brand name for CBIZ MHM, LLC, a national professional services company providing tax, financial advisory and consulting services to individuals, tax-exempt organizations and a wide range of publicly traded and privately held companies. CBIZ MHM, LLC is a fully owned subsidiary of CBIZ, Inc. (NYSE: CBZ).