We can help you explore areas of opportunity for refining, reducing and eliminating redundant tax accounting processes, as well as driving improved performance. Our offering in this area is scalable and could include:
- the mapping of your organisation’s current tax accounting process and providing recommendations for improvement;
- revamping existing spreadsheet systems to make them “smarter” and more robust;
- implementing third party tax consolidation software;
- designing and implementing more efficient tax reporting processes and/or systems, and the automation of the tax reporting process.
Some of the key areas where we can help improve tax accounting and provisioning processes include:
- 'Right sizing’ – realignment of time and effort to focus on priority items, entities, or jurisdiction in proportion to reported materiality. Increased effort on more material entities may include:
- Tax basis balance sheets;
- Increased input into interim reporting process;
- Tax sensitisation of ERP systems to produce a more accurate current tax provision.
- Establishing the frequency and optimal scheduling of reports for your organisation. The benefits of increasing the frequency of reporting, eg quarterly reporting, include:
- The tax processes becoming more familiar as they are done more frequently. The specific activities may differ from quarter to quarter;
- Key issues being picked up earlier and judgements made and agreed internally and with external auditors.