Managing tax processes better, faster and smarter is an increasing priority for organizations. But while opportunities for tax function reinvention through technology transformation are vast, resources are more constrained than ever. Where do tax leaders place their bets?
Findings of the KPMG Tax Function Benchmarking Study—an ongoing survey of hundreds of senior-level tax executives on tax function performance—reveal what good looks like as the new reality unfolds. By benchmarking how tax functions manage technology and data and analytics today and plan to invest in the future, we have identified six opportunities for the tax function to add real value to the enterprise.
Reimagining the tax function
6 steps on the path for meaningful change
1. Start with a common data model
2. Capitalize on ERP upgrades
3. Empower ESG with D&A
4. Embrace intelligent automation
5. Explore managed services
6. Transform with people in mind
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Achieving a data-driven tax function
Six steps to help tax functions manage technology and data and analytics today and plan to invest in the future
Data is a critical success factor. Structured and consumable data supported by a well-defined data strategy and a sustainable common data model is required to reap the benefits of technology investments.
Irene Shen, Partner, KPMG Tax