The global tax landscape is changing. Technology is disrupting all aspects of business today and traditional tax functions are struggling to keep up.
To remain competitive, organisations need to consider how technology and data can be harnessed to meet these demands. At the same time, organisations are finding themselves overwhelmed by the 2.25 quintillion bytes of data created by consumers around the world every day.
Tax authorities are already using data from a variety of sources to develop a more complete picture of companies’ tax profiles. They are using advanced data analytics to identify industry trends and flag up anomalies with individual companies. Companies need to be a step ahead and be able to use the same data analytics and other techniques to ensure compliance and to assist with informed business and tax decisions.
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Grant Thornton can assist companies with data analytics to deliver better insights into current tax positions; increased tax efficiencies; reduced tax risk and enhanced transparency and productivity. The insights are presented on a high level dashboard which can highlight tax by country, tax by head, asset value, as a percentage of profit and so on. Users can drill down further to identify anomalies, inconsistencies or mispostings. The information can also be used to run scenarios to assess the impact on tax of a change in policy.
Process Improvement is another key service offering. This involves identifying, analysing and improving upon existing business processes within an organisation. When implemented successfully, the results can be measured in increased quality, productivity and efficiency. Benefits include the identification and mitigation of risks as well as the elimination of non-value-adding activities.
Our team also provide Robotic Process Automation (RPA) software to facilitate and streamline tasks and reduce risk by automating manual repetitive rules-based processes. Processes that are suitable for RPA include those that are labour intensive, manual, well documented, work to defined business rules, have well understood business exceptions, and use structured digital data. Among the key benefits is the ability to free up staff to engage in higher value tasks.
Why Grant Thornton
Our Tax Technology team is made up of a combination of tax experts, IT business solutions specialists, and data scientists who collaborate closely with other areas within the firm to bring a broad spectrum of skills, knowledge and expertise to bear on behalf of clients. Our aim is to contribute directly to the bottom line and help clients to thrive and not just survive.