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To ensure accurate tax determination, retailers must navigate a complex labyrinth of tax calculations across a vast array of products and jurisdictions, all while trying to keep up with ever-evolving regulations and high-speed transaction volumes. Tax is a critical part of this conversation.
Here are three simple tips to get you started. . Gen Z and Millennials are more likely to be focused on social justice issues, company culture, and technology. They all grew up with the internet and are used to the rapidly changing pace of technology. It is up to you to engage those candidates and employees.
Process-level automation — also known as hyperautomation — involves the orchestrated use of multiple technologies to automate as many business and IT processes as possible. According to predictions from Gartner , McKinsey , and Deloitte , hyperautomation is one of the top technology trends of 2022. .
When you seek to win new tax clients, it’s best to start at the beginning. A rise in tax regulations, globalization, an influx of innovative technologies, and a greater demand for “always on” access makes it an exciting time for tax and accounting professionals to be in business. Sometimes, it’s a multi-bylined whitepaper.
The workplace is becoming more technology-reliant. If every business needs extra help at the end of the year, the stress can be immense, and your firm can end up with its own compressed workload problems. Businesses needing expertise in improving technology and process best practices.
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.
The impetus behind this transformation is technology—and the firms who are moving fast to leverage it are boosting productivity, strengthening client relationships, and staying ahead of the competition. It starts with understanding the challenges and embracing the solutions to work smarter. Let’s take a look.
Jump to: Laying the foundation for remote audit work Tools that enable remote audit work Maximizing remote audit capabilities Like many facets of tax and accounting, auditing has undergone a significant transformation in recent years driven by rapid advancements in technology. But, if done well, the benefits certainly outweigh the costs.
How can tax technology help when defending an audit? Download our free whitepaper on managing sales and use tax audits. How can tax technology help when defending an audit? Proactive analysis is difficult without the right technology in place. Jump to: Why is it important to be proactive toward sales tax audits?
They want to do a better job at using technology to streamline data collection, automate data entry, enhance the review process, and improve service delivery. However, they don’t know where to start the needed transformation. The technologies exist to solve these challenges, and they’re quickly becoming the industry standard.
Before we start celebrating what some have seen as softer-than-expected plans for audit reform, we need to be clear about what’s really coming and start preparing now. My 20+ years in audit and risk are bookended by US corporate reform at the start of the century and similar UK measures pending more than two decades later.
Though in truth, Bobby says, tax teams should start preparing the company’s defense as soon as they are informed of the audit. The moment you get notified of an audit, you should start preparing—both for the audit itself and contesting it—because you have to assume that the assessment is going to be negative,” he says.
Part 2 in this series will help you identify how your current playbook stacks up and how you can improve it. Nearly all acquirers struggle with setting up appropriate and efficient governance models that are purpose-built for their specific level of deal volume, type, and pace, yet there’s no other way to do it.
The episode, “ How Tech Can Help You Navigate the New Tax Rules and Tax Trends ,” features Chris Harris, tax technology solution consultant, Thomson Reuters; Chris Reich, indirect tax product management director, Thomson Reuters; and Dan LeCompte, senior manager in KPMG’s Transactional Tax Systems practice. in a format they can use.”.
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