Analytics of tax data for modern indirect tax departments

Small and large indirect tax departments need accurate data to meet ever-evolving tax regulations. These requirements have changed at an alarming rate. Amphitrite Advisory believes that understanding our clients’ Tax provision process and automation, goals, gaps, expectations, and their thoughts is the best method to help them. A company that is committed to excellence in all aspects of their business and performs optimally is the ideal customer for us. We are more successful when you’re satisfied!

Although manual data analysis has been the only option for indirect tax professionals in corporate corporations, data analytics is gaining ground and promises a new level of insight. Data insight is no longer an option. More tax authorities are requiring real-time invoice and tax data.

Tax data analytics: challenges and advances

Tax data analytics is not easy. The challenge lies in combining structured data from enterprise resource planning systems and other relation management tools with unstructured information, which is generally found in spreadsheets, workpapers and productivity apps. Indirect tax professionals are responsible to locate, map, and synthesize all relevant data in order create standard and appropriate reports for their many global tax obligations. These are the areas where tax technology has great potential to provide tremendous benefits.

Data analytics for today’s tax environment

It is crucial to have a good grasp of all tax data, especially for Indirect tax professionals who want to improve their position within the organization and ensure that tax is included in key business decisions.

Although professionals still have to comply with ever-changing regulations, it is important to see beyond what the tax department does and to realize that technology advances will allow your department to quickly consume data and draw more efficient conclusions. Tax analytics software tools are a great way to create a comprehensive, global tax story for forward-thinking indirect tax professionals. This will help with both strategy and compliance.

A software solution that allows you to connect all of your operations and data sources is invaluable. Your team will be able to focus on high-quality analysis, planning activities and not on the details of gathering information from different sources. Tax software can help you get out of the “heads-down” world of compliance and risk management. It will allow you to see the future and make tax a real value-add.

It’s not enough to use the tools available right now. You should also ask your indirect tax vendor about their technology roadmap. This will allow you to fully understand the benefits they offer both now and in future. Do they explore artificial intelligence, natural language processing and other ways to improve your analysis capabilities? Are they looking beyond what is possible right now to what might be possible in five years? A forward-looking vendor of indirect tax software can help ensure your tax department stays ahead of technological changes and provides even more value.