Have an efficient and effective tax reporting process
Changes to tax laws, new accounting standards and increased scrutiny of how much tax organisations are paying, means that it is more important than ever that your organisation is confident the tax numbers disclosed in your financial statements and reports are accurate.
Early intervention into areas of complex tax accounting can help reduce last minute financial statement adjustments and discussion time with your auditor.
Similarly, a thorough review of deferred taxes and tax contingencies as part of a purchase price accounting exercise following a group reorganisation or acquisition can reduce uncertainty and avoid subsequent effective tax rate impacts.
We can help you develop fit for purpose and well managed tax accounting processes that will help you:
- Reduce your tax reporting close period
- Relieve time pressure on your finance team
- Avoid quarter end and year end surprises in your effective tax rate
- Produce high quality financial statements, mitigating audit issues which could lead to audit over-runs
- Efficiently produce effective tax rate forecasts, and
- Assess the tax reporting impact of prospective business decisions and corporate transactions.
What can you do now to help smooth your reporting processes?
1. Review your resource
Have you got the right people, and enough of them, to ensure you can prepare your tax accounting numbers in time? Would you benefit from outsourcing this work? Or looking at co-sourcing arrangements?
2. Use technology
Could simple changes to your tax reporting technology help you achieve greater efficiencies and provide better quality information? This could be part of an overall finance transformation or just looking to make improvements in this area.
3. Optimise your tax reporting processes & develop a tax control framework
Investing in efficient and documented tax reporting processes should reduce the risk of financial statement misstatements and release resource for forward looking effective rate forecasting and planning.
Tax Function of the Future: Driving value through tax reporting
In this publication we turn our attention to enhancing the financial statement tax provision and tax return compliance processes (collectively, ‘tax reporting’ processes).
