In my previous post, I described how some leading tax departments are addressing tax data management and achieving their improvement objectives. In this post, I want to share suggestions for how to build a good business case for changes in tax, in a way that strengthens your position internally during budget negotiations and externally for on-time and scope delivery of value from vendors.
I'm going to use a “factors analogy” and focus on the upstream processes around data to illustrate the concepts. However, the approach can be deployed in any area, compliance, provision, etc. First, it pays to be prepared.
At Vertex, we’re mindful of a troubling skills gap, particularly in the U.S. where there’s a growing need to develop science, technology, engineering and math (STEM) skills in students of all ages. The latest figures from Manpower’s ongoing talent-shortage survey indicates that 39 percent of U.S. employers currently experience difficulty filling jobs – despite relatively high levels of unemployment. The number one reason for this difficulty? A lack of technical competencies. So I decided to see if we could address the need in our own back yard. First, it must be noted that I am a proud Penn State alumni.
Silicon Valley-based Ventana Research recently recognized Vertex Enterprise in the category of Business Innovation for the Office of Finance in the technology research firm’s 2013 Technology Innovation Awards. While we are not big on publicizing accolades, this one is special.
When people ask me about the strategic alliance Vertex and Deloitte Tax entered recently, I reach for my dictionary.
“Alliance,” according to Merriam-Webster’s, means a “bond” or “connection.” That’s fitting: we’ve been connected with Deloitte for years, working side-by-side with their tax experts on numerous large Vertex implementations inside our customers’ organizations. We believe this relationship provides customers with the best tax expertise (Deloitte) and tax technology (Vertex) and our strategic alliance simply formalizes and deepens that longstanding connection.
Last week, I was reflecting on a conference presentation that I was lucky enough to hear earlier in the year. The speaker had some very interesting things to say about the social contract between tax authorities and tax payers. The essence of his point was that tax authorities have an obligation to assist tax payers in making the identification of their liabilities and the payment of their taxes as easy as is reasonably possible. In return, tax payers should remain compliant by accounting for, collecting and paying those taxes that they are required to manage.
In my last post, I discussed how the management of tax data is widely viewed as a root cause of tax process efficiency and effectiveness. I also mentioned Vertex’s recent survey on tax process improvement practices, which includes feedback from over 300 tax professionals.
Recently, tax professionals from one of our long-term customers, Tyson Foods, were generous enough with their time to visit Vertex headquarters for a lunch and learn session. Hundreds of Vertex employees from nearly every corner of our company attended the event in person or virtually.
Tax Executives Institute (TEI) Executive Director Eli Dicker recently visited Vertex headquarters to share his insights on the TEI membership and the future of his organization, address employee questions, huddle with our executive team and - perhaps most notably - provide a valuable dose of context.
"When solving problems, dig at the roots instead of just hacking at the leaves." The quote, attributed to education writer and innovator Anthony J. D'Angelo, is instructive for tax professionals grappling with data management challenges.
On October 1 New Zealand will become the latest country to seek to tax the burgeoning global digital economy by extending the scope of their indirect taxation system.
As the economy continues to digitalise problems arise when it comes to the effective and consistent collection of VAT/GST on cross-border sales. That is why recent guidance from the Organisation for Economic Cooperation and Development (OECD) on the matter is most welcome.
