Australia

Details

  • Service: Tax, Corporate Tax
  • Type: Regulatory update
  • Date: 3/10/2013

Tax Insights

KPMG's analysis of tax issues and developments.

Tony O'Reilly

Tony O'Reilly
Director, Tax

+61 3 9288 6450

toreilly@kpmg.com.au

Technology enables process improvement 

by Tony O’Reilly, Corporate Tax Specialist

With lingering economic uncertainty there is continuing pressure on business to reduce costs and for tax authorities to boost revenue. A key element in a Tax function efficiently managing tax reporting and compliance obligations is the effective use of technology.

There is extensive suite of finance systems and tax compliance applications available which if used correctly can significantly improve processes, reduce costs and contribute to the effective management of tax risk.

 

Key technology considerations include:

  • ensuring that your finance systems are properly tax sensitised to provide standardised tax calculations and reporting functionality
  • putting in place the right tools to give you all the management information you need over tax filings, tax payments and tax risks
  • delivering cost and resource savings by reducing the time spent on consolidating, analysing and reporting through use of automation
  • identifying any weaknesses in your business and tax processes and putting in place data analysis tools to act as compensating controls.

 

We commonly see businesses that fail to maximise the tax functionality of their existing finance platforms or will invest in additional tools without as clear strategy over what they need to achieve.

 

The adoption and implementation of effective technology enablers can assist with standardisation and automation of existing processes and promote process improvement, potential cost savings and effective tax risk management.

 

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