What's driving digital transformation for tax and finance professionals?

Tax and finance professionals are reinventing digital transformation within their organisations, according to a new report by Thomson Reuters entitled How Tax and Finance Professionals are Influencing Digital Transformation.

The report reveals which technologies professionals deem essential for complying with tax regulations and what obstacles prevent success. This is the third instalment of a series called Digital Transformation in Tax Compliance and Reporting by Thomson Reuters.

The survey insights reveal the perspectives of tax and finance professionals who are leading change in organisations. Their evolving priorities include using technology to enhance efficiency and tax compliance at work.

Priorities and challenges of digital transformation

The report shows how difficult it is to comply with tax rules. The key is to find the digital solutions to address these challenges. This means adopting technology strategically.

What are tax and finance professionals prioritising?

Almost three in four professionals (73%) are focused on making direct and indirect tax reporting more accurate and compliant.
Most statutory reporting professionals (78%) will use more data analytics to help businesses. This shows a focus on improving efficiency and following tax rules.

What are the most significant challenges?

Challenges include cost, accuracy, and security are making it hard to follow tax rules. For example, 58% of professionals who handle statutory reporting find efficiency and cost controls to be a major challenge.
Almost three in four indirect tax professionals (70%) have trouble with accurate data, which is impacting their tax compliance.

What is in the typical technology stack?

Many companies use ERP systems and e-invoicing solutions. However, only a small number of professionals (22%) have access to new technologies such as AI and machine learning.
Over three in five respondents (61%) are planning to launch a new digital transformation strategy. This emphasises a push towards reinvention.

Download How Tax and Finance Professionals are Influencing Digital Transformation. The report aims to help tax compliance and finance professionals stay ahead.