Tax Technology and the Future of Tax

Tax departments face a changing landscape, where tax technology casts a shadow over the future of the profession. But successful firms aren’t turning away from the changes; they are embracing them. While no one knows exactly what kinds of work tax professionals will be doing in the future, its clear that technology will play an important role.

To effectively manage this double-edged sword, tax professionals need to accept that tax technology can enable them to do more valuable work for their clients. In a new whitepaper called The Future of Tax, Boomer Consulting, Inc. Chief Innovation Officer Dustin Hostettler and Consultant Michael Wherry explain their vision for tax departments of the future. They describe three areas that firms need to focus on: Mindsets, Skillsets and Toolsets.

Mindset – Managing Assumptions about the Future

It has been widely reported that accounting jobs will face stiff competition from automation in the future. That’s why accountants need to challenge themselves to disrupt their own profession. Firms can gain a lot of insight into their futures by asking a few difficult questions.

Skillset – Identify the Right Team Members

The skills that accountants depend on today many not be as valuable in the future. Using Team Oriented Problem Solving, firms can identify the skills they need and the skills they lack. This may also require a different approach to technology in order to track new metrics and set new benchmarks.

Toolset – Find Tools to Supplement Your Skills

With the right tax technology tools, accountants will be able to get more work done and provide more value for clients. For example, firms will increasingly automate the collection of data from a variety of sources. Automation will also speed up the movement of information through the firm.

The future of tax technology is upon us. To find out what you should expect, download the whitepaper, The Future of Tax.

 

AUTHOR

Aimee Hall

Product Marketing Manager at Wolters Kluwer Tax & Accounting

All stories by: Aimee Hall

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