Presented by: Kelley Lear SWOT for Tax – Six Steps to Help Plan Your Attack! (1 hour) To access audio, use the GoToMeetingMic & Speakers feature when prompted OR Dial 484-589-1011 and enter Access Code #: 561-465-326# Audio PIN: 45
Paul Mattiola Verizon Communications ACT Vice President Introduction
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Embark on a mission with us…
Six Steps to Plan
After your SWOT
What is SWOT?? NOT SWAT…SWOT!
What is a SWOT SWOT is an extremely useful tool for understanding and decision-making for all sorts of situations in business. SWOT is an acronym for Strength, Weaknesses, Opportunities, Threats.
NOT just for Marketing!!
SWOT is a “process” and/or analysis methodology that can help you to easily get your team to analyze a piece of your tax lifecycle or the entire process
It opens up team member thoughts and allows them to brainstorm freely and without fear!
Brings good ideas to the table and lifts up areas for change and opportunities to excel.
How is a SWOT Helpful? A SWOT analysis can offer helpful perspectives at anystage of an effort. You might use it to: Explore possibilities for new ways to communicate with Finance and Accounting to get the data you need Make decisions about the process and solutions with respect to FIN 48 and provision Lift up manual processes associated with apportionment Identify manual processes and risks associated with fixed asset management data and processes
How is a SWOT Helpful? You might use it to: Identify best practice procedures and create checklists Lift up the need for using a tax portal for collaboration and workflow in tax Identify the need to improve your audit through appeals processes Simply to determine where change is possible…
How is a SWOT Helpful?
A SWOT analysis generates information that is helpful in matching an organization’s goals, programs and capacities to the social and business environment in which it operates.
“Instead of worrying about the future, let us labor to create it.” Hubert Humphrey
Four Key Elements… INTERNAL FACTORS What you as a tax professional can control
Strengths – What do we do well? List the strengths of your lifecycle (or slice of the process) and staff. What distinct advantages does your methodology or process offer?
Weaknesses – Where can we improve? List the weaknesses of your process and staff? What are the challenges/risks that you may have? Are there manual tasks and room for error?
Four Key Elements… EXTERNAL FACTORS Currently outside your realm or what you control
Opportunities –What can we do better? What opportunities exist in the environment or other departments in the organization which will propel the organization? Identify them by their “time frames”.
Threats – What obstacles do we face? Regulations, audit, structure changes, system limitations? Classify by seriousness, risk and probability of occurrence.
Step 1: Define your Attack! Define scope Define process Workshop process Ground rules Expected outcomes Setup room for workshop Flip charts White boards Scribe/recorder
Step 2: Brainstorm STRENGTHS
Identify what creates value. A strength is something that makes your process valuable, what sets it apart from other processes.
Divide the strengths into categories. They can be listed as assets, resources and specialized skills that your process or staff have available.
Assess the specialized skills within your staff.
Step 2: Strengths Skill and/or knowledge of tax department resources Communication with finance Tax sensitized data Tax technology resource Excel or database skills Part of process – FAS 109/FIN 48 Relationships within the company
Step 3: Brainstorm WEAKNESSES
Analyze weak points of your process from an internal perspective. Where can you improve data quality or acquire the expertise that creates value?
Identify weak points from a manual process, data integrity or knowledge point of view. Reasons why you might end up with an answer that has not had much review or analysis.
Be sure to include things related to
staff, missing or incorrect data, lacking skills, tax and technology resources.
Step 3: Weaknesses
Turnover or retiring employees
No knowledgeabletax accounting resource
Communication with finance and IT
No tax sensitized data
Lack of time
Step 4: Brainstorm OPPORTUNITIES
Identify external factors that may positively effect the programs. These could be IT initiatives, Finance Initiatives, Tax Incentive Programs, Regulatory Reform, Staff Training…
Identify realistic concepts that may stimulate growth or efficiencies in your process
Identify new technologies to
Step 4: Opportunities IFRS or UTP may provide a valid “argument” or ROI for budget Business restructuring ERP upgrade Industry organizations Enterprise systems used in other departments
Step 5: Brainstorm THREATS
Identify external obstacles that
may negatively impact the programs such as regulatory reform.
Identify weaknesses that
threaten your program?
Divide the threats into categories.
They can be listed as current or future.
Step 5: Threats IFRS, UTP or other regulatory changes Business restructuring Heightened cross border audit activity Retiring employees States hungry for $$$
Step 6: AFTER THE SWOT…Priorities and Planning Knowledge is indeed power, and knowing what the positives and negatives of your processputs you in a more powerful position for action. While a SWOT analysis is not in itself action, it can be a "support team" to help you:
Identify the issues or problems you intend to change
Set or reaffirm goals
Conduct a more in-depth
Create an action plan based
Thanks! Kelley Lear Kelley.Lear@RedMoonSolutions.com 941-379-7108 A Q
Upcoming ACT Events Paul MattiolaACT Vice PresidentVerizon Communications
Upcoming ACT Events
Bi – Monthly Webinar Series – Next Webinar
February 15, 2011 2:00p.m. EST
Utilizing Technology to Drive Business Processes
Hosted by Deloitte.
2011 Annual Conference
June 20-22, 2011
Loews Coronado Bay Resort, San Diego, CA
Registration will open later this month
Thank you for attending! The Association for Computers & Taxation and Red Moon Solutions appreciate the opportunity to spend time with you today and hope you found the presentation interesting and informative. If you desire more information about Red Moon Solutions, please call Kelley Lear @941-379-7108 or visit www.redmoonsolutions.com. OR If you are interested in joining ACT or finding out more information about the organization, please visitwww.taxACT.org or contact Brenda Jameson at: email@example.com Thanks again for joining us!