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The Essential Role of Data Access in Tax Functions
Both Finance and Tax departments require access to data that illustrates how transactions are processed and how IT systems are configured. Data integrity poses a significant operational risk, particularly when transactions are booked in various countries without proper evaluation for tax purposes.
Additionally, financial data within the system may not accurately reflect the business model design, or changes may not be effectively managed. Accessing relevant tax data necessary for reporting to regulators, investors, and tax authorities across multiple business units and jurisdictions often presents challenges in the current state.
Ensuring Efficiency and Reliability in Tax Operations
To produce timely deliverables and meet the expectations of the board and other stakeholders, a tax function must exhibit effective governance, operations, and infrastructure.
This article highlights the business challenges and potential areas for improvement in these essential components.