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 Kozi Checks & Balances TaxTactics News 
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March 09.2025
3 Minutes Read

Collaboration in Tax Technology: Insights to Drive Business Growth

Business team discussing tax technology trends in a modern office.

Tax Tech: How Collaboration and Innovation Drive Success

In the rapidly changing landscape of corporate tax management, the role of technology cannot be overstated. As Tracy Davis, a tax technology expert at Thomson Reuters, highlights, tax technology managers must work closely with other departments to ensure that new tools align with broader business objectives. This collaboration not only fosters integration but also enhances overall efficiency across the organization.

Understanding the Need for a Comprehensive Needs Assessment

The first step in incorporating new tax technologies is conducting a thorough needs assessment. This critical practice allows organizations to identify specific challenges within their tax departments and ensure that any new technology directly addresses these issues. Clear communication between tax, finance, and IT professionals is essential. By involving cross-functional teams, companies can preempt potential compatibility problems and enhance smooth integration.

Staying Ahead in the Technology Game: Continuous Learning and Resources

Corporate tax professionals should engage in continuous learning to keep pace with innovations. Whether through industry conferences, webinars, or subscriptions to leading publications, staying informed about technology advancements can significantly impact a tax department's effectiveness. Innovations like artificial intelligence and data analytics tools play a pivotal role in automating processes and improving compliance outcomes.

The Evolution of the Workforce: Embracing Change

As technology evolves, the workforce must adapt. A recent EY study emphasizes that only a fraction of tax departments fully utilize advanced technologies, suggesting a gap that organizations must address. Training and upskilling are paramount; tax professionals need both traditional tax knowledge and technological expertise. Collaborating with IT experts and outsourcing where necessary can help bridge this gap, enabling tax teams to focus on strategic initiatives rather than manual data processing.

Implementing Technology: Common Roadblocks and Solutions

Even with a solid implementation plan, organizations face roadblocks. Insufficient data management and resistance to change can impede the effectiveness of new technologies. It's crucial for tax leaders to prioritize internal tech investments and ensure data integrity, as technology relies heavily on accurate information. Regular assessments and iterations post-implementation help to identify areas for improvement and ensure continued alignment with business goals.

The Future of Tax Technology: Collaborating to Transform

The integration of tax and finance operations represents a transformative opportunity. This coupling drives enhanced decision-making and positions the tax function as a vital strategic partner within organizations. By leveraging the data created through technological tools, tax leaders can provide invaluable business insights, influencing expansion strategies and enhancing overall efficiency. Embracing a collaborative approach not only aids compliance but also fosters innovation and strategic planning.

Take Action to Embrace Tax Technology Transformations

As the landscape of tax technology continues to evolve, it is clear that tax professionals must equip themselves with the right tools and knowledge. Being proactive in seeking out training and resources will not only enhance individual capabilities but also drive organizational success. The future belongs to those who are willing to collaborate and innovate. Are you ready to transform your tax function with technology?

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09.18.2025

How AI's Rapid Adoption is Revolutionizing Accounting Advisory Practices

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09.14.2025

Unlocking Agility: Insights from Global Giants like Lenovo and Adobe

Update Agility Lessons from Industry Leaders In today’s fast-paced business environment, agility is not just a buzzword; it’s essential for survival. Companies like Henry Company, Informatica, Lenovo, Jones Lang LaSalle, and Adobe lead the way in demonstrating how automated indirect tax processes can transform operations and secure a competitive edge. By embracing automation, they show us that adapting to changing market conditions can drive growth and efficiency. Why Automation Matters Automation plays a crucial role in scaling operations efficiently. For instance, Henry Company faced significant challenges with their manual tax determination processes, leading to errors and time-consuming compliance work. By implementing ONESOURCE Indirect Tax, they transitioned to real-time tax processing, basically revolutionizing their old methods. “Working with DMA and Thomson Reuters has taken our sales tax processing and compliance out of a relative stone age,” noted Henry’s team, showcasing the immediate benefits of modernization. The Battle Against the Status Quo Unfortunately, not every company is ready to embrace this transformation. Many remain anchored in outdated methods, relying on inefficient tools that hinder productivity. As these companies hesitate, they risk falling behind in a competitive landscape that favors quick adaptability and innovation. Those who understand the importance of agility and automation will not only thrive; they will redefine success. Real-Life Examples of Success Informatica is another great example; their cloud-based data integration solutions enable rapid data access for better decision-making. With the right indirect tax automation in place, businesses are equipped to swiftly enter new markets with reduced risks. Lenovo’s use of automated tax solutions reflects their commitment to operational excellence, ensuring compliance without stretching resources too thin. The Power of Embracing Change Jones Lang LaSalle exemplifies how firms can use agility to adapt their strategies in real-time, setting them apart in the competitive real estate sector. Their approach to integrating automated solutions as part of their operational strategy illustrates that digitization is not merely an option but a necessity for staying ahead. Looking Ahead: An Agile Future Many businesses are at a crossroads. The future is leaning towards companies that not only adopt digital solutions but also restructure their operational frameworks around them. As competition intensifies, the gap between those who innovate and those who cling to the past will only widen. So, as we look forward, consider how automation can reshape your organization. Are you ready to take that pivotal step towards greater agility and success?

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Why Confirmations Are Essential for Effective Audit Compliance

Update Understanding the Importance of Confirmations in Audits As the world of auditing evolves, professionals are feeling the heat from new regulations, particularly the stringent standards set by the Public Company Accounting Oversight Board (PCAOB). Navigating this maze can be quite daunting, especially when you consider the multiple jurisdictions offering differing requirements for audit documentation. In this climate, confirmations have emerged as a crucial element of audit compliance, serving as both a verification tool and a strategic asset. What Are Audit Confirmations? Audit confirmations are external verifications obtained from third parties to substantiate the information recorded in a company’s financial records. These confirmations often pertain to account balances, transactions, and even compliance with contractual obligations. They’re like the double-check of a recipe—ensuring that every ingredient is accounted for before you put your dish in the oven. Navigating Diverse Regulations Across Jurisdictions One of the challenges auditors face is the variability in documentation requirements across states and countries. For instance, audit practices in the United States impose certain expectations that may not align with those established internationally by the International Auditing and Assurance Standards Board (IAASB). While international standards aspire to create consistency and reliability, they often interface with local regulations that introduce additional complexities. Emerging Trends That Impact Audit Confirmations While the traditional view of confirmations remains essential, modern audit practices are beginning to embrace technological advancements. Techniques like data analytics are being integrated into the confirmation process, enhancing efficiency and reducing the margin for error. Also, this shift towards virtual confirmations—where auditors can access and validate information in real-time—speaks to another significant trend: the rise of cybersecurity risks. With digital data being the target of malicious attacks, ensuring the credibility of third-party confirmations becomes even more critical. Why Audit Confirmations Matter The stakes have never been higher. Non-compliance with regulations can lead to hefty penalties and a tarnished reputation. As audit professionals, employing thorough confirmation practices not only fortifies compliance but also helps build trust with clients. Essentially, they act as a form of assurance, offering both auditors and stakeholders the confidence necessary for sound decision-making. Practical Tips for Implementing Effective Confirmation Processes To maximize the effectiveness of confirmations, audit teams should incorporate the following practical tips: Standardize Processes: Uniformity in how confirmations are requested and managed can greatly enhance accuracy and reliability. Leverage Technology: Utilize digital tools to streamline the confirmation gathering process, making it more efficient and reducing delays. Educate Teams: Ensure that all team members are well-informed about different regulations and expectations associated with confirmations across various jurisdictions. Conclusion: Stay Informed and Proactive The strategic role of confirmations in audit compliance cannot be overstated. As regulatory frameworks continue to evolve, staying updated will empower auditors to meet compliance challenges head-on. Remember, the best approach is proactive; understanding the requirements and implementing effective strategies will not only safeguard your practice but also position it for future success.

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