Even though corporate tax departments have just finished another tax filing deadline. Some teams find they are now in the middle of a tax compliance audit. So, instead of focusing on next tax season preparation or tackling the list of other business demands, they are dealing with an audit. Did you know that corporate tax departments use up to 40% of their team’s time searching for documents and work papers? If they are not in a truly paperless process, there are no exceptions when a team is in the middle of a tax compliance audit . Very inefficient!
So, it is time to ask yourself, “Will my corporate tax department be prepared to support all of my business’ demands on top of a tax compliance audit?”
No matter how you answered the question above, there is always room for improvement. For instance, some tax departments manage work papers and documents with a tool that was not built for their corporate tax workflow. A department shared drive comes to my mind. What you may not know is, a shared drive is not the best paperless solution for a corporate tax department. It can still create similar business risks you find in a paper process.
Corporate tax departments need the right corporate workflow solutions to meet all the their business’ demands. It is imperative that professionals spend less time doing low value work such as; searching for documents and work papers, in order to have more time to think strategically for their business.
In conclusion, to be optimally prepared for all the business’ demands, tax departments need to:
- Receive and organize information for volume management and completeness with integrated solutions.
- Prepare and review more efficiently and accurately to manage and mitigate risk using integrated solutions.
- Deliver and store documents and manage retention policies with integrated solutions.
- Research all along the way as needed, to help the business make better decisions.
- Track projects with integrated solutions to provide greater visibility into project status, file holder, due dates and much more.
Mendi Hawkins, Tax Manager at Rebel Oil Company, said it best, “With CCH ProSystem fx Workpaper Manager, we’ve made all of our accounting processes and files paperless. No more misplaced and worn documents! It’s just so much faster — now just click a button, it’s there.”
Discover how other highly productive organizations use paperless technology to improve their corporate tax workflow, download our white paper here.