eTail West: The Virtual Summit & Expo for E-commerce & Omnichannel Innovators
The Virtual Summit & Expo for eCommerce & Omnichannel Innovators
In a recent post, my colleague Bernadette Pinamont described several benefits that “tax-aware” companies appreciate. The term, which is examined in a research report prepared by CFO Publishing in conjunction with Vertex, describes organizations that have integrated the tax function into strategic decision-making processes.
Now that we have a sense for what tax-aware companies do, I want to discuss how companies can become more tax aware.
The CFO Publishing/Vertex research is based on a survey of 105 senior finance executives at large U.S. companies (the report also contains qualitative insights from leading finance executives). When respondents from non-tax-aware companies are asked to identify the greatest obstacles they point to the following three hurdles – along with some approaches to working through each issue:
Addressing these obstacles does not guarantee that tax consideration will be automatically integrated into strategic decision-making activities; however, these areas represent an excellent place to begin the ongoing effort of becoming a more tax-aware company.
The tax-awareness effort requires time and dedication, Connors emphasizes. “Maybe 10 years or so ago, tax was seen as something of a back-office, back-room function, sometimes for better, sometimes for worse,” he adds. “But I think as far as we’re concerned, tax really has to be integral to all of the commercial decisions, whether it’s billing systems, location decisions, or anything else.”
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.
Discover how our technology solutions and software can help you streamline tax, stay compliant, and grow your business.
Browse All Solutions