Proactive measures to address the corporate tax talent crisis
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As corporate tax departments face and increasing regulatory complexities, proactive measures are essential to manage these challenges effectively. By implementing strategic initiatives, departments can enhance efficiency, improve compliance, and position themselves for future success.
mounting pressures from talent shortages
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6 proactive steps to address the tax talent crisis
Identify key elements and integrate disparate data into a centralized repository to enhance data quality, governance, and enable self-service access for proactive reporting.
Develop a tax data management strategy
Allow tax professionals to focus on advisory activities by automating routine tasks and reallocating resources.
Shift workload
Make changes in the workplace to better manage people, processes, and technology. Strategically prioritize compliance, automated work processes, ensure proper staffing, and value-added planning.
Adjust current tax processes
Use tax technology integrations to help streamline operations, improve efficiency, and reduce the burden on existing staff.
Implement advanced technology
Hire new IT-educated team members, provide continued internal education programs, and create new roles that leverage advanced technology.
Address talent gaps
Analyze current financial data, allocate resources effectively to lessen audits and penalties, and prepare for technology budget increases to support ongoing implementations.
Budget for technology investments
By taking these proactive measures, corporate tax departments can address the current talent crisis while building a resilient and efficient framework for the future. Embracing technology and strategic planning is key to staying ahead of regulatory changes and optimizing tax strategies.
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Download the 2024 Corporate Tax Report to learn more about how to implement these proactive measures and stay ahead of the corporate tax talent crisis.
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