The overarching theme of SAP's "Finance2016" conference in Las Vegas last month was brief, quick and to-the-point: corporate finance functions are going digital.
Billed as a venue to discuss “solutions for finance to drive accounting, controlling, planning, and reporting excellence,” the conference attracted numerous corporate finance executives, and SAP technology partners (a group that includes Vertex).
CFOs and finance executives have expressed a desire for digital transformation for some time now, and that desires remains intense today. One of the top findings of Protiviti and the Financial Executives Research Foundation’s 2016 survey of finance executives identifies “more accurate and timelier data collection, data analysis, reporting, budgeting and forecasting capabilities” as a pressing priority for finance.
SAP recognizes this need, and its latest work on the HANA platform is designed to give finance functions much quicker access to much larger volumes of data that can be processed faster. Consolidations, budgeting analyses and other ERP transactions that previously took hours will now take just seconds, according to SAP.
These finance technology developments are very much in line with the tax technology innovations Vertex has been working on. Our similar innovations in the realm of tax data are designed to equip tax executives with much faster access to much larger volumes of data that can be processed much more quickly for compliance and planning purposes.
These types of technology developments, which we’ll continue to keep you posted on, promise to help tax professionals access and process information quicker, so that they have more time to make more strategic and impactful decisions.
Please remember that the Tax Matters provides information for educational purposes, not specific tax or legal advice. Always consult a qualified tax or legal advisor before taking any action based on this information.