What keeps corporate tax department executives up at night? How about the risk of signing off on an incorrect tax return? Or worse yet, what about a career-threatening, tax-related restatement? As corporate tax complexity increases, so does the risk of mistakes, penalties, and missed opportunities.
Corporate income tax is one of the largest expense lines on the consolidated income statement. The tax expense often represents as much as 40% of total profit. Even larger tax numbers lurk on the balance sheet. Yet, the systems in use to calculate the tax provision in most companies continue to be a disconnected array of point solutions and spreadsheets that lack the transparency warranted by such material numbers. Not surprisingly, the accounting for income tax has been an area of increasing scrutiny both internally and externally to corporate finance and tax.
Why does the corporate tax provision process continue to be a challenge that few companies are able to solve?
Winning CFO Approval for Expense Management AutomationCertifyInc
In this webinar, we examine the top priorities of today’s CFOs and how automation helps to achieve these goals. We walk through five strategic themes that your business case must address if you want buy-in from the c-suite.
The State of the CFO - Brainyard ResearchRick Buijserd
166 Chief Financial Officers across 23 different industries participated in Brainyard’s inaugural CFO survey. The goal
of these surveys is to understand CFO perceptions regarding future technology, challenges, concerns, performance
tracking and priorities.
Corporate income tax is one of the largest expense lines on the consolidated income statement. The tax expense often represents as much as 40% of total profit. Even larger tax numbers lurk on the balance sheet. Yet, the systems in use to calculate the tax provision in most companies continue to be a disconnected array of point solutions and spreadsheets that lack the transparency warranted by such material numbers. Not surprisingly, the accounting for income tax has been an area of increasing scrutiny both internally and externally to corporate finance and tax.
Why does the corporate tax provision process continue to be a challenge that few companies are able to solve?
Winning CFO Approval for Expense Management AutomationCertifyInc
In this webinar, we examine the top priorities of today’s CFOs and how automation helps to achieve these goals. We walk through five strategic themes that your business case must address if you want buy-in from the c-suite.
The State of the CFO - Brainyard ResearchRick Buijserd
166 Chief Financial Officers across 23 different industries participated in Brainyard’s inaugural CFO survey. The goal
of these surveys is to understand CFO perceptions regarding future technology, challenges, concerns, performance
tracking and priorities.
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Some Mixed Quadrature Rules for Approximate Evaluation of Real Cauchy Princip...IJERD Editor
In this paper some mixed quadrature rules have been constructed for numerical integration of real
Cauchy principal value integrals and their asymptotic error estimates have been derived. The numerical
verification of the rules has been done by considering some standard Cauchy principal value integrals.
Forrester Report: The Power Of Real-Time InsightSAP Concur
In a survey of 348 financial decision-makers around the world, Forrester found that T&E is the second most difficult item for companies to control. Most firms wait for their employees to manually enter their T&E data after the expenditure is already made so that the resulting T&E reporting process focuses on retrospective compliance and budgeting. Analysis of T&E trends and potential cost optimization, if done at all, is done primarily via spreadsheets.
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Some Mixed Quadrature Rules for Approximate Evaluation of Real Cauchy Princip...IJERD Editor
In this paper some mixed quadrature rules have been constructed for numerical integration of real
Cauchy principal value integrals and their asymptotic error estimates have been derived. The numerical
verification of the rules has been done by considering some standard Cauchy principal value integrals.
Forrester Report: The Power Of Real-Time InsightSAP Concur
In a survey of 348 financial decision-makers around the world, Forrester found that T&E is the second most difficult item for companies to control. Most firms wait for their employees to manually enter their T&E data after the expenditure is already made so that the resulting T&E reporting process focuses on retrospective compliance and budgeting. Analysis of T&E trends and potential cost optimization, if done at all, is done primarily via spreadsheets.
Longview Tax simplifies and automates tax data collection, tax reporting and tax planning for Insurance companies, automating the process from data collection to reporting and analysis. Information is automatically collected from all source systems and integrated to create a single repository of financial information, along with your defined business and tax rules, to automatically calculate in real-time:
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In addition Longview Tax is the only solution that offers:
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How the Great Resignation Affects the Tax FunctionCBIZ, Inc.
Talent shortages remain a challenge universally, but it may be hitting financial roles within businesses particularly hard. The
pressures to meet tax reform obligations coupled with the
job changeover opportunities that emerged during the Great Resignation have left many tax departments feeling under-resourced. If your company is experiencing a similar situation, here are steps you can take to support your tax function.
How to improve the Governance Model for the Public Sector - July 2023.pptxpaul young cpa, cga
Blog – How to strengthen the Public Governance Model for the Public Sector (Government)
All levels of government are struggling with many issues including affordable housing, economic growth, protecting the environment, public safety, taxation, and delivering program spending with value for money.
Additional links and sources
Provinces - https://www.fraserinstitute.org/blogs/provinces-would-be-running-surpluses-if-they-showed-spending-restraint
China Debt - https://www.caixinglobal.com/2023-07-28/wang-tao-chinas-fiscal-challenge-and-local-government-debt-risk-102087271.html
Fiscal Monitor Canada - https://www.ctvnews.ca/politics/federal-government-posts-1-5b-surplus-for-first-two-months-of-fiscal-year-1.6498253
Crisis Management - https://ts2.space/en/ai-in-crisis-management-from-prediction-to-prevention-and-response/
Housing - https://www.bnnbloomberg.ca/historic-correction-grips-canada-s-housing-market-rbc-says-1.1795747
Inflation - https://www.reuters.com/article/global-markets-idAFL1N39E1KY
Global GDP - https://www.weforum.org/agenda/2023/07/imf-global-growth-interest-rate-july-28/
ESG – https://polestarsolutions.medium.com/building-a-better-future-the-indispensable-role-of-esg-strategy-in-corporate-30d690aa5c7a
Supply Chain - https://supplychains.com/emerging-trends-shaping-global-supply-chains-in-2023-a-short-guide/
Optimizing Accounts Payable - Whitepaper by BancTec - BPO Services ProviderJone Smith
BancTec is a leading bpo services provider which provides fully hosted invoice processing and AP Automation services including mailroom processing, scan and capture and receipt of electronic invoices.
Optimizing Accounts Payable Automation Solution - Whitepaper by BancTec - BPO...Jone Smith
BancTec is a leading bpo services provider which provides fully hosted invoice processing and AP Automation solutions including mailroom processing, scan and capture and receipt of electronic invoices.
Rapport de PwC sur la mise en conformité des entreprises pour répondre à leurs obligations fiscales ainsi que les taux concernant les entreprises dans différents pays.
How to improve the Governance Model for the Public Sector - August 2023.pptxpaul young cpa, cga
Blog – Transforming the Public Sector Governance model for local, state, provincial, and Federal Governments
I have written many blogs on the public sector, especially their challenges. https://www.globalgovernmentforum.com/top-trends-in-2023-what-will-governments-prioritise-in-the-year-ahead/
One of the major challenges with the public sector is the data silos as part of driving better decisions based on data. https://cfotech.com.au/story/data-leaders-should-balance-governance-and-innovation-qlik
Much has been written on ESG adoption by the private sector. Little has been said how all levels of government also need to adopt ESG policies including key metrics as part of the integrated planning and reporting cycle. https://www.thefashionlaw.com/companies-governments-need-a-new-approach-to-esg-policies/
This has been horrible past few months for weather related events. These related events have highlighted the need for better crisis, emergency, and risk management plans including audited reports as part of the fiscal management cycle. https://www.reuters.com/business/environment/hawaiian-electric-ceos-bonus-lacked-incentive-cut-wildfire-risk-documents-show-2023-08-25/ or https://www.slideshare.net/paulyoungcga/why-both-the-private-and-public-sectors-need-mandatory-audits-of-crisis-and-risk-management-reports
All levels of government need to work with the private sector on balancing economic policies with protecting the environment. https://www.bnnbloomberg.ca/imf-chief-sees-monetary-policy-divergence-after-inflation-fight-1.1963556
Business Valuation Principles for EntrepreneursBen Wann
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Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
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It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
How Confident are You in Your Corporate Tax Strategy?
1. HOW CONFIDENT
ARE YOU IN YOUR
CORPORATE TAX
STRATEGY?
It May Be Time to
Transform the Tax Department
Contributors
DAVID LANDERS
Partner, Tax Management Consulting, Deloitte Tax
ANDREW O’BRIEN
Tax Managing Director, KPMG
DEAN SONDEREGGER
Executive Director Product Management, Software Segment, Bloomberg BNA
JAY TURCHIN
Tax Technology Practice Leader for the Northeast, Grant Thornton
White Paper
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
2. ////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
2
HOW CONFIDENT ARE YOU IN
YOUR CORPORATE TAX STRATEGY?
Introduction
What keeps corporate tax department executives up at night? How about the risk of signing
off on an incorrect tax return? Or worse yet, what about a career-threatening, tax-related
restatement? As corporate tax complexity increases, so does the risk of mistakes, penalties,
and missed opportunities. For instance, 14 percent of U.S. firms reported material weakness
or significant deficiency from financial statement auditors with respect to tax, according to a
survey conducted by the Tax Executives Institute.1
The operational effectiveness of the tax department is now more critical than ever and today’s
tax department leaders are looking for ways to minimize risk and provide high-value strategic
planning and insight. In fact, Jeff LeSage from KPMG states that with as much as 40 cents
of every dollar at stake, better tax management is a competitive necessity for CFOs and tax
departments.2
However, many tax departments are still working with non-integrated, outdated, or manual
tools and processes that put the company at risk, delay getting valuable insight to company
executives, and take far too much time and effort to use. One of the top reasons for
both material weakness and significant deficiency are data control issues and outdated/
underperforming software. Clearly, moving to modern tax automation software should be a
major topic in most corporate tax departments.
This white paper discusses the changing landscape of the tax department, the problems with
current tax management efforts, and how companies can leverage tax automation software to
reduce risk and optimize their tax strategy.
-----------------------------------------------------------------------------------------------------------------------------
In PwC’s 2103 Global CEO Survey, 62 percent of CEOs indicated that they are worried about the tax
burden and consider tax the top business threat to growth.3
-----------------------------------------------------------------------------------------------------------------------------
New Pressures On The Tax Department
Every aspect of the corporate tax lifecycle – planning, provision, compliance, and reporting –
has been impacted by the growing pressures on today’s tax department. Constantly changing
regulatory requirements, complex global business models, increased scrutiny and reporting,
rapid-fire responses to business questions and planning cycles, and finally, mandates to run
the finance department as cost effectively as possible – these are the competing challenges
the tax department faces every day.
These pressures are changing the way that tax leaders are thinking about their department’s
responsibilities and objectives. How can the tax department help the company think and
act strategically about the implications of tax while balancing the demands of compliance,
accuracy, and efficiency?
To start, the tax department needs the right technology to become more actively involved
in high-value planning such as profitability improvement strategies. For instance, tax
professionals need the ability to efficiently manipulate vast amounts of data and perform
sophisticated analyses with short turnaround times.
1 “2011-2012 Corporate Tax Department Survey,” Tax Executives Institute.
2 “KPMG Highlights 12 Key Business Tax Issues for 2014,” Jeff LeSage, KPMG, December 11, 2013.
3 “16th Annual Global CEO Survey: A focus on tax,” PwC, 2013.
3. ////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
3
HOW CONFIDENT ARE YOU IN
YOUR CORPORATE TAX STRATEGY?
Given today’s expectations and challenges, the only way tax leaders and CFOs can feel
confident they are helping the company fully capitalize on opportunities for tax optimization
is to eliminate the data management, accuracy, and resource challenges within the tax
department.
-----------------------------------------------------------------------------------------------------------------------------
“The tax department must operate at a higher level of accuracy than the past, with faster reporting times,
and with more detailed information for management.”
– Andrew O’Brien, Tax Managing Director, KPMG
-----------------------------------------------------------------------------------------------------------------------------
Outdated Tools Increase Risk
And Slow Access To Insight
While the corporate tax landscape has changed, many companies are still using the same
methods and tools they’ve used for decades. In the Tax Executives Institute survey, 55
percent of respondents reported their tax department used spreadsheets for tax provision.4
Companies that rely on spreadsheets and other ad hoc, manual methods face increased risk,
a large potential for error, and ever-increasing efforts to use and maintain these systems.
With spreadsheet-based solutions, mistakes become codified and repeated year after year.
These mistakes can be hard to uncover; processes become convoluted and difficult to
replicate or disentangle. This creates particular problems for audits. The result is that CFOs
and their tax departments don’t fully know what their tax number is comprised of and what
their liabilities are – both current and deferred – because they are relying upon spreadsheet-
based approaches to tax.
Other companies may attempt to use their enterprise resource planning (ERP) system for tax.
However, ERPs have not traditionally been designed for this purpose; hence deploying them on
a standalone basis for all tax needs is not particularly efficient or cost-effective. Furthermore,
some major vendors don’t offer fixed asset tax depreciation within their ERP products.
According to Jay Turchin, tax technology practice leader for the Northeast at Grant Thornton,
“One of the triggers for the acquisition of new tax technology is a new ERP system. This
event gives tax the ability to have a seat at the table and identify a third-party solution, simply
because the data is not available on the ERP. Tax has to find another way to shrink those
onerous tax data collection schedules and minimize risk.”
Without the technology the tax department needs to be able to quickly manipulate data,
conduct analysis, and perform compliance-related tasks, the company faces higher than
necessary risk and potential costs, including:
• Overpayment of estimated taxes
• Underpayment of estimated taxes and risk of penalty
• Having to borrow money to make quarterly payments
• Mistakes leading to restating income
• Delayed information for strategic business decisions and planning
4 Tax Executives Institute, op. cit.
4. ////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
4
HOW CONFIDENT ARE YOU IN
YOUR CORPORATE TAX STRATEGY?
What Today’s Tax Departments Need
Given the critical importance of tax, the good news is that advances in tax software now
allow companies to surmount today’s tax-related challenges. Tax technology can collect data
at the most granular level and provide corporate executives with results they can use with
confidence as well as the insights they need to make better decisions.
Automation gives tax departments greater visibility, improves their planning prowess, and
increases their overall value to the corporation. And critically, tax automation can mitigate the
job-ending risk of financial restatements. With the right tools and automation, tax departments
can deliver:
• A higher level of accuracy in tax planning, compliance, and reporting
• Faster insight and more granular information for strategic business decisions
• Sophisticated analyses, calculations, and modeling to support planning
• Up-to-date, automated tax compliance validation
One critical capability of tax technology today is the ability to automate data transfer between
different systems of record for the company. “You can take the leading fixed asset software,
the ERP system, and the leading tax provision/compliance products, to create processes with
new capabilities and efficiencies,” says Andrew O’Brien, tax managing director at KPMG.
-----------------------------------------------------------------------------------------------------------------------------
“Tax technology offers corporations the ability to collect and analyze large amounts of data, and by
automating that process, enables smarter work.”
– Dean Sonderegger, Executive Director Product Management, Software Segment, Bloomberg BNA
-----------------------------------------------------------------------------------------------------------------------------
Justifying New Tax Technology
Traditional cost-benefit analysis for installation of automated tax systems usually revolves
around labor hours saved, with CFOs and treasurers assessing how much labor could be
reduced by using an automated system. For tax technology, however, a narrow cost-benefit
analysis focused on wage and consulting savings is unlikely to result in a strong business
case for automation.
That’s why industry consultants and experts recommend focusing on the broader tax
compliance accuracy and reporting benefits as well as the advantages of better informed,
more timely strategic planning input. Tax automation software can reduce exposure to audit
risk, eliminate overpayments, free up cash flow, and reduce the risk of penalties. When you
consider the sheer size of estimated tax payments for a large company, being off by only a few
percentage points can mean significant underpayment or overpayment. Freeing up this cash
can easily dwarf the cost of implementing an automated tax system that would have prevented
the overpayments.
The larger challenge is that CFOs and other stakeholders may not fully value their tax
department beyond its ability to fulfill government regulations, file returns, and meet other
compliance-related obligations. These are all very time-consuming activities. The rest of the
organization may not be entirely aware of the tax department’s potential for forward-planning
analysis or the ability of the department to provide major cost savings through more precise
and accurate tax information.
5. ////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
5
HOW CONFIDENT ARE YOU IN
YOUR CORPORATE TAX STRATEGY?
Tax departments therefore need to demonstrate their value-add, either in terms of minimizing
the cash tax number or being able to provide additional planning analysis around tax, or both.
These value-added activities can be most easily accomplished via tax technology. Automation
frees up tax professionals’ time for deeper analysis, review, and planning. At the same time, it
provides for more accurate information.
-----------------------------------------------------------------------------------------------------------------------------
“The functionality available in today’s tax software is becoming more like the tools available to finance
departments.”
– David Landers, Partner, Tax Management Consulting, Deloitte Tax
-----------------------------------------------------------------------------------------------------------------------------
A Roadmap To Improving Tax Management
Automation of tax processes requires a stepwise approach, especially when moving from a
primarily spreadsheet/manual set of processes to an integrated and automated approach. One
hurdle is that the process will involve acknowledging the weaknesses of current approaches,
and may even uncover errors. But for all stakeholders interested in better outcomes, including
cost savings, it is a process well worth undertaking.
Industry experts recommend the following approach:
• Test existing calculations: Says KPMG’s Andrew O’Brien, “It is difficult for a company to
justify implementing a system without having quantified its current exposure, pain points,
and benefits. One approach is to test existing, significant computations; for example, you
could test high-dollar amounts, high-technical risk calculations, low quality data, or
embedded estimates. This analysis may reveal issues and opportunities inherent in the
current process. Unfortunately, this is sometimes a painful exercise but is a necessary step
towards building a business case for change.”
• Build a tax technology roadmap: This exercise maps out the current state of your
company’s tax technology, the opportunities as well as costs in making a change, and the
steps involved. Typically change occurs in discrete phases. For example, Phase 1 might
consist of an assessment; Phase 2 is design and implementation; Phase 3 is maintenance
once the project is done, and includes the scope for more advanced planning and analysis,
as well as measurement of tax savings.
• Educate, educate, educate: Tax executives should educate their staff about why they
need to make a case to the rest of the company for automation, as well as how they can
best articulate this need. Education can also mean performing a risk-rewards analysis for the
CFO. Remember that the rest of the organization is often unaware of the value-add that the
tax department can bring and the potential positive impact on the bottom line Educate the
company on the value of an efficient, automated approach to tax management.
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“By automating tax you are changing the ongoing behavior of the entire organization. You can plan for
mergers and acquisitions, divestiture of assets, and the tax impact on continuing business operations. In
another words, planning ahead rather than reacting will be the norm.”
– Dean Sonderegger, Executive Director Product Management, Software Segment, Bloomberg BNA
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6
HOW CONFIDENT ARE YOU IN
YOUR CORPORATE TAX STRATEGY?
Conclusion
Poor tax systems and processes often trap the tax department in the high-effort cycle of
manual data management, compliance, and reporting, with little time or opportunity to deliver
real business value to the organization. It’s time to break the cycle and give the department the
tools it needs to become more involved in strategic decision making and planning.
New tax automation software can transform the role of the tax department into a highly valued
function within the company. With the right tools, the tax department, CFO, and the entire
organization can work together more collaboratively, while dramatically improving the tax
department’s ability to more accurately manage and optimize the company’s tax position.