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Technology Looms Large in 7 Priorities of Multinational Tax Functions

  • February 07, 2020

Here are the seven top priorities of tax functions inside large, multinational companies, according to a survey of tax executives conducted by Deloitte:

  1. Ensuring quality delivery (highest priority)
  2. Improving control
  3. Driving value and insight
  4. Improving process efficiency
  5. Getting the right talent and resources in place
  6. Getting the right technology in place
  7. Reducing the cost of delivery

Since the execution of most of these objectives hinges on having the right tax technology in place, Deloitte also asked more than 270 global tax leaders about the tax technologies they currently use and about their future tax-tech investment plans.

More than 40 percent of respondents have already invested in enterprise resource planning (ERP) upgrades (though these upgrades are focused on non-cloud-based systems) and document management systems/portals. More than one-third of responding tax functions have already built tax data repositories and implemented data analysis applications (or “data wrangling tools” in Deloitte’s phrasing).

When it comes to future investments, more than 30 percent expect to invest in non-cloud ERP upgrades, document management systems, data-wrangling tools and moves to cloud-based ERP systems. Data repositories and “other steps to improve data quality” also rate as likely upcoming investments. More notably, 60 percent of tax leaders indicated that they are likely to invest in big data during the next three to five years.

New technologies that include blockchain, artificial intelligence (AI), robotic process automation (RPA), cloud computing, as well as the Internet of Things (IoT) are all things tax departments should be considering as they reevaluate processes and consider potential efficiency gains going forward. “There is clearly a growing interest in new technology,” Deloitte’s survey report concludes.

The report is worth a look -- as is this Tax Matters post that highlights the report’s take on how tax leaders are meeting the expectations of their CFOs.

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.

Explore more Resources from our Industry Influencers:

Jen Kurtz: Chief Technology Officer at Vertex Inc. Vertex delivers the world’s most valued tax solutions for companies to connect, transact, and comply while growing their business.

Jen Kurtz

Chief Technology Officer

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Jen Kurtz is the Chief Technology Officer focused on driving the technology strategy and next-generation products and solutions through customer innovation and emerging technologies. Jen leads the Office of Technology responsible for bringing together the technology vision, strategy, architecture, and capabilities required to drive breakthrough innovations that will propel Vertex forward in seizing new market opportunities.

Previously, Jen served as a lead member of the software development and commercial enterprise architecture teams. Prior to joining Vertex, she was a software engineer at Verizon and Platinum Technology (now Broadcom) respectively bringing large scale business applications to the market.

Jen has been honored by Oracle for Women’s History Month and Working Mother Magazine at their annual Working Mother 100 Best Companies event. She regularly speaks at local and national technology conferences and has an M.S. in Computer Science from Villanova University and a B.S. in Computer Science from Bloomsburg University of Pennsylvania.

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