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A new whitepaper from the Thomson Reuters Institute (TRI) explores the causes of a growing skills gap in global trade management, and proposes several solutions. The second major driver of this skills gap is the influence and adoption of technology at almost every level of global trade. More technology in job profiles.
For indirect tax teams, the question of whether and when to invest in more tax technology often looms large, depending on the size of the organization and the immediate challenges facing the department. These are just a few of the advantages of a contemporary indirect tax technology solution. Reduced support costs. Emphasize them.
The second major driver of this skills gap is the influence and adoption of technology at almost every level of global trade. Of particular interest is an extensive analysis of technology’s impact on global trade , and how emerging technologies are shaping future job profiles in the industry.
As technology has evolved, so too has the accounting profession. Generative AI is a type of artificial intelligence technology that can produce various types of content, including text, imagery, and audio. From paper-based processes to cloud-based software, accountants are no strangers to change. What is generative AI?
The workplace is becoming more technology-driven. Firms can get ahead of this challenge by deploying technology and market research to gain insights to be predictive and proactive. Modern businesses face unique challenges when trying to grow and stay competitive in a rapidly changing business environment.
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. .
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. 6) Tackle tax challenges with technology. 2) Stand out from the competition.
By using technology to automate traditional tax compliance work, forward-thinking accounting firms are engaging clients based on the value and experience they bring to the table. All this, alongside the more traditional tax preparation, payroll, and accounting/bookkeeping services that your clients have come to know and trust.
Under-resourced Tax departments struggling with outdated technology, encumbered with manual processes and spreadsheets are even more susceptible to these pitfalls. Incorporating new tax technologies into a company’s software ecosystem is also an intelligent strategic decision.
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. Offering projects in their areas of interest like technology or company culture initiatives. .
The workplace is becoming more technology-reliant. Get ahead of this challenge by deploying technology and market research to gain insights that will let you be predictive and proactive. Businesses needing expertise in improving technology and process best practices. Business marketplaces are tighter and competition fiercer.
Embrace technology : Automation can minimize the risk of errors and omissions in the interim tax reporting process, and it can free up valuable time for finance professionals to focus on strategic tasks. This process enhances the clarity of the reporting and facilitates easy auditing.
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. . Accounts payable aging report.
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. Tax season is hard enough: you don’t need to make it harder on your team and clients with outdated technology and a stagnant process.
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.
Download our free whitepaper on managing sales and use tax audits. Tax technology can also reduce the risk of an audit, saving your business time and the need to pay costly penalties. Indirect tax departments are under increasing pressure to stay on top of new sales tax laws and regulations , while reducing audit risks.
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. APIs can bridge the gap between your legacy systems and new technology to unleash the true power of your firm’s data.
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?
The best way to create enthusiasm and justify a spend for sales tax automation in the C-suite is to illustrate, with concrete examples, precisely how the technology will improve operations, generate savings, and boost the bottom line. Specifically, you need to show the technology’s return on investment (ROI).
Companies will also need to invest in the personnel and global trade management technology necessary to remain in compliance across these new regimes. You can also download our free whitepaper, Brexit’s Impact on Global Trade and How Technology Can Help Multinationals Succeed. Visit our Brexit resource hub to learn more.
Perhaps we’ve felt insulated from the systemic weaknesses that floored Enron, but recent home-grown collapses have thrown the spotlight on deficiencies in corporate reporting, governance, and audit, prompting a series of reviews and government consultation via its whitepaper, Restoring Trust in Audit and Governance.
Both the data-gathering and data-sharing stages of the sales tax audit process are where automated tax technology and robust tools for tax analysis can really help. The right technology and IT infrastructure allows you to provide data to auditors in a quick and timely manner,” Bobby explains.
Throughout my career, I’ve had the opportunity to audit companies in the financial services, technology, biopharmaceutical, and government contracting industries, as well as state and local government agencies. . There’s a wealth of knowledge at our fingertips in the modern technological era. .
For a more detailed explanation of how to select peer companies, access our free whitepaper on peer selection here. For example, two companies in the software industry may have similar business models even if they serve different markets or use different technologies.
Best Practice Articles and Whitepapers – for each work-stream, process team or value-capture team. Even with many different deal-types, a robust and effective lifecycle framework will help your team quickly determine differing major requirements and “common core" requirements standardized across most deal types.
As a result of the new UK-EU trade deal , companies may need to invest in personnel and technology to complete complex rules of origin calculations. The post Global Trade Technology Can Help Solve Brexit Supply Chains appeared first on Tax & Accounting Blog Posts by Thomson Reuters.
Businesses trying to navigate this new territory in the months and years ahead will need resilient, flexible supply chains informed by technology that allows trade compliance managers to map, forecast, plan, and pivot as necessary, all while maintaining the speed and efficiency needed to meet everyday business demands.
The lone standard in this category is: ESRS G1: Business conduct Each of these twelve ESRSs have associated whitepapers made available through EFRAG, containing extensive guidance on reporting for each standard. Enhance Your ESG Strategy Today ESG reporting is a relatively new field of public disclosures that is only growing in importance.
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.”.
5] A Ropes & Gray whitepaper that discusses the regulatory obstacles and opportunities relating to retail investments in private funds, including a discussion of this informal IM Division staff position, is available here. [6] Please see Ropes & Gray’s comment letters here and here for more information. [3] 4763 (2023). [8]
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