Tax management and accounting services

Managing the new tax agenda

The model of the traditional tax function is coming under increased pressure from both within, and external to the organisation. Internal reorganisations, more sophisticated finance systems, a more demanding regulatory environment, and financial turmoil are all taking their toll. At a time when the regulatory burden is increasing, but the human resources to manage it are not, it is more important than ever for the tax function to be able to deliver value cost effectively.

Potential issues

But perceived value is only one of the potential challenges that tax professionals face. Many busy tax professionals may find they are too focused on technical processes or on key technical risks and value-add areas, that they have lost sight of the bigger picture. They may feel there is no basis for confidence over operational processes and controls or that risk management is not embedded across key tax deliverables. Signs that the tax function is disconnected from the business or an awareness of emerging risk areas are all warnings that the tax function is not operating effectively.

How we can support you

There are four key areas for tax functions to consider.

Managing the tax function

Getting the right organisational structure for a tax function is an important first step in realising goals for efficiency, control and insight.

How we can help:

  • Setting tax function strategy and governance policies and embedding these into operational actions
  • Providing global, technology-based process control solutions
  • Improving efficiency and control access across the tax function either locally or globally

Reporting and forecasting

For many tax functions, producing robust tax numbers for reporting and forecasting purposes has become a key deliverable. Increased complexity, lower risk tolerance and tighter timetables have placed increased strain on the tax functions.

How we can help:

  • Providing multi-scenario tax forecasting and planning tools
  • Providing accounting advice and technology tools to support complex aspects of tax accounting
  • Interim outsourcing of tax reporting at head office or business unit levels

Domestic corporation tax compliance

Compliance typically absorbs 40% of the resources available to tax functions in the UK. Even with this degree of focus, many tax directors remain concerned about quality.  

How we can help:

  • Enhancing  efficiency and control through existing process and system redesign
  • Minimising manual, clerical activity through upgrade of existing systems and new technology tools
  • Implementing efficient methodologies for confirming the accuracy of key data
  • Compliance outsourcing
  • Statutory account preparation

Indirect tax

Gaining control over and insight into exposure to indirect taxes remains a key challenge for many tax directors. The operational nature of these taxes creates substantial risks as errors tend to be systemic rather than one off.

How we can help:

  • Implementing ERP and other third party system reconfigurations
  • Improving data management and control
  • Providing technology tools designed to provide added control to targeted areas
  • Compliance outsourcing