Improving the quality of data and reducing the time spent collecting it are among the top goals for corporate tax departments, new research shows.
A survey of more than 340 corporate tax, IT and finance professionals by Vertex Inc, a provider of corporate enterprise tax solutions, found that 92 per cent of respondents believed that reducing the time spent collecting the financial data required for the tax processes should be a primary goal.
In addition, 76 per cent stated that improving the integrity of data should also be a goal of tax process improvement.
Other goals cited included increasing the time available to review the tax data (74 per cent).
"These individuals face not only increased time spent gathering the financial data required for tax processes, but also barriers like data quality and complexity, and communication issues with the finance department," said David Deputy, director of tax data management at Vertex.
Nearly half (47 per cent) of those surveyed stated that increasing business complexity was the main reason that they were encouraged to improve the tax process.
Posted by Richard Jones