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G2 Attends Another Annual E&Y Conference
Monday, May 4, 2015
This past Tuesday G2 FinTech attended Ernst & Young LLP's Tenth Annual Domestic Tax Conference. It was filled with useful information about best practices for tax management, as well as the current domestic regulatory environment.
One theme was the increased importance of tax planning; 42% of companies report they are doing more tax planning than they were five years ago. Much of this is made possible by “big data”, but taking this asset and using it to drive decisions takes work. Creative visualizations of this data is can be very important, especially when presenting to the C-level. Communication is critical, both within the tax department, as well as externally. Involving the tax department during the planning stage can help a business to avoid large headaches later on.
Tax departments are being asked to add planning onto their traditional compliance responsibilities, without an increase in resources. This demands greater efficiency. Companies are progressively looking to increase their internal use of technology, including third-party tools, and/or outsourcing. Over the past several years, this technology has become significantly easier to install and use. Many companies are naming a “head of tax technology” to spearhead these efforts. Innovative strategies and technologies are required in order to fuflill their responsibilities and achieve maximum potential.