Tax Data Analytics: Delivering Insight into Global Indirect Tax Positions and Improving Cash Flow
Around the globe, companies seek new ways to manage and meet evolving tax requirements. As new tax standards and requirements solidify, many businesses are left using decades-old, most often manual, processes to keep up with next-generation demands.
Tax management is, at the same time, a pressing challenge and a significant opportunity. The challenge? To avoid stiff penalties — from imposing fines to holding finance and tax executives personally liable for the correctness of data filed on tax returns — that put the business and its stakeholders at risk. The opportunity? To improve cash flow, forecast tax positions on real time fact-based tax planning, and protect the bottom line. A new approach to tax management, tax data analytics, mines the organization’s data to identify patterns, uncover anomalies, and unlock cash. Using tax analytics, organizations can perform tax benchmarking, trend and data analysis, and predictive analysis to gain deeper insights into their tax processes and profiles.
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