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The tax landscape is constantly changing. Regulatory requirements are increasing, business and finance transformation is commonplace, and tax authorities and boards are demanding that tax risks are effectively managed. In this fast changing world, we’re helping clients build a sustainable tax and accounting strategy for the future. Our complete approach to tax management and accounting brings together function design, technology and compliance delivery to help you understand and meet these challenges head-on.
The presentation of financial data in today’s digital age has never been more prevalent. With the growing demand for greater accountability and transparency, the shift towards digital, real time reporting is now business critical. With organizations facing ever-increasing volumes of data, pressure to drive efficiencies and streamline processes, there is an expectation to take advantage of constantly evolving technologies. The challenge is indeed doing more with less.
Our Tax Reporting & Strategy (TRS) practice helps tax and accounting departments take a closer look at their key assets, including people, processes, data and technology. You’ll see tax and accounting from a new angle so you can redesign, redefine and redeploy it as a strategic asset across the enterprise.
Your trusted business advisor in finance & accounting, human resources administration, compliance and reporting for the future!
Many companies are rethinking their approach to domestic and global compliance and reporting by taking a closer look at their technology, processes, resources, and service providers. Leading tax and accounting functions are using co-sourcing/outsourcing as a critical component of tax and accounting function strategy, and as a means to better align its investments and use of talent with organisational goals.
We can work with you to:
"Our experience and scalability allows us to customise and adapt our delivery model to align with your broader business goals.”
Changes to tax laws, new accounting standards and increased scrutiny of how much tax organisations are paying, means that it is more important than ever that your organisation is confident the tax numbers disclosed in your financial statements are accurate.
Early intervention into areas of complex tax accounting can help reduce last minute financial statement adjustments and discussion time with your auditor.
"We can help you develop fit for purpose and well managed tax accounting processes.”
Although data is not a new issue for tax and accounting it’s fast turning into one of the major enablers for future state Tax and Accounting functions. Tforax authorities continue to move ever closer to real time data extraction and e-auditing with new legal requirements coming thick and fast. There has never been a greater need for tax departments to be data literate.
Tax and accounting functions can be timid in their demands of data and many are experiencing an increasing workload as a disproportionate amount of time is being spent on improving base data, rather than value add activities.
Couple that with an increasing need to drive efficiency and cost reduction and it’s no wonder data has found its way onto the list of the top five priorities of the largest organizations.
"We can help you to increase data quality and accessibility.”
In a scenario of constant change, in which organizations need to be agile, flexible and capable of timely decision-making, it becomes important to create conditions that allow them to focus on the business. In this sense, the human resources solutions that we offer allow the client to outsource support functions that includes payroll processing for national and expatriates employees, preparation and filing of HR compliance reports, employee internet portal. These are some the services that we can offer to help the clients be more efficient on business management.
"We can help you to increase he efficiency of payroll related administrative tasks, while ensuring compliance with local tax and legal framework.”
Tax authorities and other stakeholders expect tax and accounting functions to be able to demonstrate, with evidence, that they have operated in an effective and efficient way. They must be able to show, often via a formalised tax control framework and testing programme, that tax risk is mitigated to an acceptable level and tax opportunities have been taken in line with the organisation’s overall attitude to reputational and compliance risk.
Increasingly managing tax is not a purely technical challenge and the skills required also include technology awareness, project management, leadership, and communication with the wider business in a way that they understand.
"We can help you to define and implement processes and controls.”
Finance transformations represent risk and opportunities for tax functions. Generally there are two types: organisational change and finance system change.
Either of these generic change programmes will impact on the tax function’s ability to continue to remain tax compliant, as inevitably the data, systems and processes which tax rely on to deliver tax compliance and reporting will be impacted.
"We can support tax functions to fully engage with the finance transformation and position itself as a primary customer and active player of the finance transformation programme.”
Technology is driving and enabling change throughout business. Whether through the improvement of data quality or the automation of processes, technology is at the forefront of transforming the tax and accounting function into an efficient business enabler.
The modern tax and accounting function will have a defined technology strategy which will be aligned with related parts of the business. The tax and accounting function can then integrate technology into their overall strategy with a clear roadmap for delivery either by implementing new technology or leveraging existing technology.
"We can support you on this journey to ensure that you’re not left behind.”
Tax and accounting functions are challenged – as data volume grows and organizations become more complex in both operational scope and geography, tax and accounting functions are challenged to conduct meaningful analysis in spreadsheets.
These processes are now too slow and cannot keep up with the pace of change and increase in data. It’s time to bring in real-time analytics to develop scenarios, trends and other analysis to support the tax and accounting function.
"We can help you to develop and implement your data visualization and analytics and upskill your team.”
Payroll is becoming increasingly complex, with more scrutiny from regulatory and tax authorities than ever before. Find out how PwC can help your organization.
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