Tax Technology and Transformation
Choosing the right solution for different tax situations
The range of tax technology tools available to us as tax professionals is constantly growing, changing and evolving, which makes the job of selecting the right tool for the job increasingly difficult. We will consider some useful tests to apply to help narrow down the decision and provide a handy graphical tool to represent them.
It is not so long ago that the only tax technology tools a tax department needed to consider in the UK were (i) Excel or another spreadsheet, (ii) OneSource or AlphaTax,
and (iii) bespoke software or more Excel. However, in the last few years we have seen a huge growth in specialist tools for areas such as transfer pricing, tax provisioning and tax depreciation, as well as generic tools used in tax departments such as databases, dashboards and data wrangling.
As the pressures of increased regulation, decreased times to comply and greater scrutiny of tax data combine to force tax departments into greater use of and reliance on
tax technology, how is the Head of Tax or Finance Director supposed to make well-informed choices?