Podcast Series - Emerging Trends in Tax Reporting

Today’s corporate tax departments are in the early stages of technology adoption. Following a path similar to traditional CPM, the first step was to automate the close. But, that is just the first step of many. As accounting regulatory bodies continue to move the target, the next steps will be to lay a foundation for change as well as focus on the more value-added areas of the tax department.

This informative podcast series includes a panel of industry experts discussing trends in tax reporting and how the use of tax technology can help your company keep ahead of the curve.

Key Topics include:

What role does accounting/finance play in process improvement around tax reporting?
How will the convergence of IFRS and US GAAP impact the tax function?
What are reasonable expectations for the benefits of implementing a tax provision solution?
What are the top three issues facing tax departments in the near future?

All segments are in .mp3 format. New segments will be added every Wednesday, so check back regularly!

You will be requried to fill out a short registration form to download the podcast files.

Introduction of speakers

Listen now! (5:00)

Question 1

Technology adoption in Tax departments has historically lagged their counterparts in finance and accounting. However, the last 5 years has seen a significant increase in technology adoption by tax departments. What are the driving issues that brought technology to the forefront for the tax function? Listen now! (4:24)

Question 2

In response to internal control weaknessses related to spreadsheet risk, auditors are applying pressure to companies to implement tax provision technologies. Often this is done without consideration to configuring and aligning the financial source data, reducing functionality of the provision technologies. What should be contemplated to ensure optimal functionality of the provision applications? Listen now! (9:19)

Question 3

When most people think about a tax provisioning or tax reporting system, they think about improvements in efficiency. Beyond just simple efficiency, what are some of the benefits of a tax provisioning system? Listen now! (13:04)

Question 4

Do you see a trend of accounting and tax working more closely together in organizations? Do you think the adoption of a tax technology can help facilitate that process? Listen now! (6:39)

Question 5

Barriers to the implementation of technology: What are some of the things that companies typically stumble upon or might even prevent them from starting a tax technology project? Listen now! (6:47)

Question 6

What can tax departments leverage in the ERP system? Do you see the tax technology industry doing a better job in the future of tying into ERP systems as opposed to just sitting on top of them? Listen now! (14:55)

Question 7

Trends toward cosourding and outsourcing: How can technology be leveraged to optimize the efficiency and success of these arrangements? Listen now! (10:37)

Question 8

What are things that North American tax departments should be thinking about in relation to IFRS? Listen now! (7:19)

Question 9

Moving forward, how will tax technology impact tax planning and strategic decision making? Listen now! (7:53)

Question 10

The scarcity of tax professionals: What can technology do to help mitigate some of the knowledge risk that happens in tax departments today? Listen now! (4:41)

Question 11

Is tax technology implementation is a “one-and-done” or more of a long-term roadmap? Listen now! (5:33)