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Doing so offers firms a way to replace vanishing revenue from declining tax compliance work and an opportunity to strengthen the relationship with clients. Businesses looking to optimize workforce growth : Some companies have no finance or accounting professionals in-house and no desire to change.
Taking on a consultant role to help businesses through this evolution presents your firm with an opportunity to replace vanishing revenue from declining tax compliance work. Some companies have no finance or accounting professionals in-house and no desire to change. It also offers an avenue to strengthen your relationship with clients.
To ensure accurate interim tax reporting and compliance with ASC 740, companies should have a robust system of internal controls in place, including procedures for identifying and correcting errors and staying up-to-date with the latest tax regulations. Companies may find it difficult to allocate income and expenses to interim periods.
On one hand, tax automation saves time, minimizes the risk of human error, and can help elevate indirect tax from a back-office compliance function to a more valuable strategic advisory role. Download our free whitepaper to learn how to “ Use automated tax software to safeguard your indirect tax team.”.
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