CFO.com recently published an article by Ken Crutchfield, Vice President and General Manager of Bloomberg Tax Technology, entitled “What the Retail Crisis Can Teach CFOs.” In the article, Crutchfield points out that while business closings and bankruptcies set a record pace in 2017, there were certain segments that thrived. Namely, those that embraced advances in technology to shape their business.
Similarly, Crutchfield reasons, tax and accounting teams can leverage technology to assure compliance with current tax laws, assist in tax planning, and make the restructuring process proceed more smoothly, all while positioning their companies for future success.
Processes and Decision-Making are Improved When Tax Functions are Automated
The very nature of tax and finance involves a significant amount of detailed, repetitive work, necessary to provide business leaders and stakeholders with the most accurate analysis and information. Tax technology solutions eliminate much of this time-consuming work, freeing up staff to focus on more strategic endeavors. Bloomberg Tax Technology software:
- Improves efficiency and accuracy by reducing the need for error-prone manual data entry and repetitive processes.
- Offers end-to-end tax solutionsacross key business areas, such as fixed assets and corporate and state taxation.
- Includes automatic tax law updates,eliminating the need to internally track and manage state and federal tax law changes.
- Creates tangible benefitsincluding increased cash tax flow, faster accounting close, and reduced audit and financial controls risk.
- Provides advanced “what-if” analysis,allowing tax departments to model out different scenarios and adjust tax strategies as needed.
These benefits make it easier for finance teams to provide business leaders with timely and accurate tax and accounting information for more informed decision-making.
2018 is the Ideal Time to Embrace Tax Technology
The Tax Cuts and Jobs Act passed at the end of 2017 goes into effect for tax year 2018. This makes now a smart time for organizations to rethink the way their finance teams do business, while at the same time exploring ways tax technology can help improve processes and enhance service delivery.
Bloomberg Tax Technology’s software solutions have already been or will soon be updated to reflect the changes made by the Tax Cuts and Jobs Act. Instead of tasking their internal accounting and finance staff with the time- consuming task of reviewing tax law changes and making the necessary system adjustments, businesses can ensure compliance and position themselves for future success by capitalizing on software that already has the latest tax law built-in.