Step into the future of tax technology with unique perspectives from top industry experts in this comprehensive exploration by Tony Santiago. Key takeaways include:
- Technological Evolution: The past decade has seen significant changes in tax technology, driven by legislative shifts, increased regulatory scrutiny, and the need for faster financial reporting.
- Emerging Tools: Robotic Process Automation (RPA), Analytic Process Automation (APA), and dashboarding tools like Power BI have gained unexpected traction in tax departments.
- Cloud Adoption: There's been a notable shift towards cloud-based solutions, with users becoming more comfortable with storing data in the cloud.
- Skill Set Demands: Modern tax professionals need a blend of tax knowledge, IT skills, and project management capabilities. Cross-functional teams are becoming increasingly important.
- ERP Integration: Early involvement of tax professionals in ERP implementations is crucial for proper tax integration and data management.
- Data Visualization: Tools for data mining and visualization are becoming invaluable for tax analysis and decision-making.
- Career Trajectories: Tax technology roles offer unique career paths, potentially leading to high-level positions in both tax and IT departments.
- Big Four Impact: There's a surprising claim that the Big Four's business model may be holding back progress in tax technology innovation.
The article emphasizes the need for collaboration between tax and technology teams to drive innovation in the rapidly evolving world of tax technology. It's essential reading for anyone looking to stay ahead in this dynamic field.
