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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
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…
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
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
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: firstname.lastname@example.org Thanks again for joining us!