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Embracing Tax Technology - The Full Perspective II

Embracing Tax Technology – The Full Perspective II

Your impact on corporate tax systems may be far greater than you think. @Courtesy Michael Sporn Animation, based on original images from Disney’s 101 Dalmatians Alex has a special skill. He can read systems. This was not a talent he set out to acquire; one day it just happened. Perhaps it started some time ago when he remembers a financial whizz reading a balance sheet. “Your accountant is stealing from ...
Tax and Technology - Still WiP?

Tax and Technology – Still WiP?

Married, but uncomfortable bedfellows. The spring round of conferences is drawing to a close and it’s clear our industry is in robust health. Attendances were good, conversations were unfettered and it’s great to see how technology for tax keeps moving forward. However, something else stands out. The gap between the capability offered by tax technology and the degree to which those capabilities are capitalized upon effectively by customers is wide, ...
Embracing Tax Technology - The Full Perspective

Embracing Tax Technology – The Full Perspective

Is Your Approach to Tax Technology Governance Fit For Purpose?  The litany of challenges facing today’s Tax leadership makes for uncomfortable reading. A quick look into the alphabet soup reveals BEPS, CbCR, SAF-T, SII, AEOI, IFRS and even GDPR, never mind US tax reform, VAT in the GCC, GST in India, changes in China, transfer pricing complexities and taxing the digital economy. However, these are just the external highlights. Within ...
Tax Technologist vs Taxologist? And Why It Matters

Tax Technologist vs Taxologist? And Why It Matters

The shortage of good technology skills in Tax is acute, yet there’s little meaningful discussion about the nature of those skills. The industry is short-changed as a result. Technology is running amok through Tax in more ways than one. Less obvious is the impact its having on traditional roles, responsibilities and skill sets. How do we know this? Because if there was no issue, we would not see the following:
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A Profession for Taxologists! It's Time

A Profession for Taxologists! It’s Time

In 2014, Thomson Reuters began giving “Taxologist” awards to those who succeeded with their Tax Technology products. Now the term has adopted a broader meaning and labels a set of skills that are fast becoming as distinct as they are vital to tax function success. It’s time to treat them as such. The pace of change in the tax world, driven by technological advancement, is bewildering. Such is the impact ...
What Is A Taxologist? Part II

What Is A Taxologist? Part II

As the impact of technology in Tax grows, so do concerns around the best way to deal with it. Getting a handle on it starts with better visibility and understanding of technology and its usage, namely, the talents of a Taxologist. They’re critical to the health of tax solutions. In the previous article, we offered a definition of a Taxologist (What is a Taxologist? Part I) to describe, embody and ...
What Is A Taxologist? Part I

What Is A Taxologist? Part I

The definition of a Taxologist can vary, so let’s hone in on one that offers the most overall value to multi-national corporations. Their importance is matched only by the lack of clarity around who they are. As agents of change, language and technology work well together. Take smartphones for example. Adding a camera to a phone seems like an innocuous innovation until the words ‘selfie’, ‘selfie stick’, and ‘photobomb’ are ...
2018: A 'Technology in Tax' Inflection Point?

2018: A ‘Technology in Tax’ Inflection Point?

The term “Tax Technology” doesn’t seem quite right anymore. It’s sounds too one-step-removed, like technology is “over there” and it can be dismissed as is someone else’s problem. Maybe calling it “Technology in Tax” is better, because 2018 stands to be the year when the business of “Tax” becomes indistinguishable from the technology that underpins it. This heralds a sea-change in approach. As 2018 arrives, it’s hard to fathom all ...
The Tax Data Analytics Conundrum

The Tax Data Analytics Conundrum

What can Tax managers at MNCs expect from the latest offerings? Tax data analytics is arguably the hottest topic in global tax technology today.  A raft of new offerings have entered the marketplace accompanied by soaring rhetoric and grand promises.  The new products, leaning heavily on the principles of big data, suggest that Tax managers will have a degree of insight, driven by data, that previously was unimaginable.  Are Tax ...
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Why do Taxologists need Data skills?

Data skills can make the difference between a good Tax Technologist and an excellent one! Tax Technologists rightly covet their knowledge of Tax engines, ERPs and Tax Reporting tools as well as their implementation experience. These are the headline skills that recruiters look for and lands them jobs. However, the skills that bring extra levels of success are those associated with data. The converse is also true, namely that a ...
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What’s the distinction between “digitalization” and “tax function transformation”? The market is unclear. By the way, “automation” is different again

And will this finally explain what a Taxologist actually does? There are many aspects to the challenges currently engulfing the Tax function at major corporations.  Yet historically there has been a temptation to respond to these challenges in simple terms – namely, buy expensive technology, implement, create new business process maps and the job is done.  Over time, however, the industry have discovered this can yield inadequate results and that an alternate, and hopefully more effective, approach is needed ...
The right tools

So, why can’t we use Excel for Tax Reporting?

Excel has been described as the most important business software application in use today.  It is convenient, inexpensive, easy to use, versatile and for all intents and purposes universally available on each office worker’s laptop.  However, this does not mean that every data manipulation task requires an Excel-shaped solution.  So, for Tax reporting and finance activities where does the suitability of Excel begin and where does it end? Tax Reporting ...
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Brexit – Don’t End Date the UK Yet

Despite the referendum result the UK is still in the EU for now.  All EU VAT rules including those around intra-community supplies of goods and services, and the reporting obligations such as EC Sales List still apply.  There is no need to change anything in your tax solutions at this point. So, when? All things being equal the process to exit will not start until the UK government officially notifies the ...
.jpg for Tax Digitization Strategy?

Tax Digitization Strategy? Don’t start with Technology

Brief: Technology adoption within the context of Tax function transformation It had been an enjoyable night out with industry associates that we had known for a long time.  We were nearing the end of the evening and everyone was feeling relaxed.  Amongst us were two senior tax managers from a Fortune 500 company that had had a global tax technology strategy in place for more than a decade.  One leaned across to ...
EvolvingRoleTaxologist

The Evolving Role of the Taxologist

Tax and Tax Technology welcomes CBO Search as a new and specialist recruiter to the industry.  In addition to providing a service for executives and experts in the popular products, Candice Bordeaux, its founder, differentiates herself by exploring the role of the Taxologist.  A true Taxologist drives evolution within the Tax function and assists in encapsulating the impact of technology thereby improving its effectiveness and reducing IT risk. In an ...
OK Corral

Tombstone Sheriff saves Tax Technology day

We have a new hero.  For years this person has travelled the world performing Indirect Tax automation projects and installing Tax Technology software.  He takes with him the largest cabin bag that will fit into the overhead locker of the budget airline with the tightest carry on luggage restrictions, and an iPad.  He is educated, clever and a chameleon, forever adapting to the daily rough and tumble of the ...
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Are Zero-Defect Tax Technology Projects Possible?

What a concept!  A Tax Technology project delivered without fault!  Surely this is outside the field of reference for many; but for others, and hopefully you are one of them, it is at least in the realm of the (improbably) possible. What do we mean by zero defect?  As a minimum this is a project that goes live on time, within budget, meets 100% of expectations, and has no ...
Santa-Checking-List

Tax Technology 2016. Making a list, checking it twice …

The Tax Manager jumps up onto Santa’s knee while eyeing a bulging sack in the grotto labelled Tax Technology Toys.  “… And what would YOU like for Christmas”, asks Santa sweetly.  “I know I want something but I’m not really sure what it is or what it looks like; but I do know that when I have it I will be absolutely sure whether it is right or not!”  The year 2015 saw a ...
Anna-karenina-Wallpaper

How Tolstoy understood Tax Technology projects

“All happy families are alike; each unhappy family is unhappy in its own way.”
– Leo Tolstoy, Anna Karenina (1877) Recently we were asked to deliver a workshop to a group of senior VAT function personnel from a diverse set of large corporations. The prearranged title was – 5 secrets of success for automating tax determination Over the next 2.5 hours the discussion was lively, illuminating, informative and worthwhile, but ...
Tales from the Tax Technology travelogue

Tales from the Tax Technology travelogue

It has been another good conference. It’s a warm afternoon on the last day, and the presenter enthusiastically wades through lessons learned during the adoption of Tax Technology for VAT at his company. His was not the first on this topic. Earlier in the day we had a vendor espousing the latest greatest features of their products. The previous day a guest speaker had eulogised on how technology would transform the world of Tax ...

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