Multinationals have to migrate their financial administration – often captured in their ERP – many times around, which naturally creates connectivity challenges for the in-house tax team. The question thus becomes: where can multinationals get the accurate and reliable data-feed to handle the 3 core functions of the in-house team:
(1) running spotless tax compliance;
(2) being able to identify tax risks in real-time; and
(3) having dynamic dashboarding in place to inform all relevant stakeholders?
One core element of this process is the “single source of data”, which carries the data from the ‘source tier’ (e.g., ERP, HR, and legal) to the ‘reporting tier’ (e.g., VAT returns, DAC-6 reporting, CbCr, e-invoicing under clearance model, CIT returns, Transfer Pricing reports) and, therefore, needs to be as digitally transformed as possible.
A second element is the “single source of information”, where the professionals interact with the single source of data, including their own work spot environment’ (e.g., Office or Google Suite). For smooth and consistent information, it needs to be fully synchronized with the needs of the in-house team.
By putting a tax data lake in place – through the use of smart datasets – this whole digital transformation can easily lead to savings of around 10-20% of the current time and cost spent. However, to make sure each of the ‘end-to-end’ solutions is successfully implemented, the “People, Process, Technology” approach remains crucial. That means you should inspire your people – including offering them a career path in tax and technology -, identify the proper and efficient processes, and, finally, choose the right technology solutions.
With that in mind, this webinar will illustrate the integrated ‘end-to-end’ approach multinationals need to implement to stay ‘best in class’ and be ‘100% in control of their tax issues’ on an almost real-time basis. In other words, it aims to show that the days of fragmented solutions, with excessive cost overruns and unnecessary delays, are over.
The webinar will also address: