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New report reveals that automation is emerging as the standard for many companies who are committed to improving the financial transparency and internal controls in their tax function.
 
FERF Research Study PDF Print E-mail

Trends in Income Tax Reporting Automation

Financial Executives Research Foundation (FERF), the research affiliate of Financial Executives International (FEI), has released a new research paper that reveals senior executives’ experiences with automating the tax function. Entitled “Trends in Income Tax Reporting Automation,” the report presents findings from interviews conducted with senior tax executives of public and private companies across multiple industries in North America, and explores the potential benefits of tax reporting automation, as well as the factors driving and/or hindering its implementation. FERF conducted the research in partnership with Longview Solutions.

“With the widespread globalization of business, many companies are now operating multinationally and are subject to multiple currencies, accounting principles, regulatory environments and taxing jurisdictions, Financial executives must adapt to the prevailing business conditions and the wide array of challenges facing them. Our report reveals that automation is emerging as the standard for many companies who are committed to improving the financial transparency and internal controls in their tax function.”

- Marie Hollein, President and CEO, Financial Executives International and FERF

Key research findings include:

  • Finance executives are turning to automation to integrate the tax process with other corporate finance processes for improved transparency and controls, while ensuring data integrity and consistency through use of a single, common set of data;
  • A major obstacle to automation is the lack of process standardization across multi-entity or multi-country organizations;
  • Automation success indicators include reduced hours/overtime, fewer staff morale issues, lower process costs and fewer Sarbanes-Oxley Section 404 deficiencies;
  • Along with improved data accuracy and greater process visibility, automation allows a shift in tax department resources from data collection and validation to planning, analysis and compliance;
  • The shift to International Financial Reporting Standards (IFRS), which requires even more detailed disclosure of tax information, further supports a decision to automate the income tax reporting process.
  • While there is still a distinct need and place for spreadsheets in the tax function, over-reliance is leading to data integrity concerns.

IFRS Trends

Trends in Income Tax Reporting Automation
Download the Research Paper


About Longview Tax

Longview Tax streamlines and automates tax provisioning, tax data collection, and tax planning for today’s global organizations, employing best-of-breed data management and global collaboration capabilities. Using Longview’s open technology, information is automatically collected from any source system, in any currency creating a single repository of tax information. For more information please visit http://tax.longview.com.
 
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