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 Kozi Checks & Balances TaxTactics News 
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December 18.2024
2 Minutes Read

Embracing ESG: How Ethical Investments Drive Shareholder Value and Sustainability

Attendees engaged in sustainable investment seminar, modern conference.

Understanding ESG: A New Wave of Sustainable Business

Have you ever wondered how businesses can thrive sustainably and responsibly? Enter ESG—Environmental, Social, and Governance—principles, a game-changing framework that not only boosts a company's ecological and social standing but also drives economic success. From minimizing carbon footprints to promoting transparency and worker safety, ESG shows us that doing good is also good for business. An impressive 82% of corporate leaders in 2024 believe ESG will significantly impact performance, highlighting its growing importance.

The Business Case for ESG: Why It Matters

Imagine ESG as not just a checklist, but a strategy that aligns ethical practices with shareholder interests. ESG investments are directly linked to better efficiency and cost savings, which can translate to increased value for shareholders. Companies adopting these principles often find themselves enhanced in resilience, competitiveness, and profitability. This shift is particularly compelling for health-conscious consumers who increasingly align their purchasing decisions with companies committed to sustainable and ethical practices.

Inspiration and Practical Tips

Real stories of change can inspire us. Take, for example, a local business that turned to ESG practices by reducing waste and integrating community wellness activities. Their journey not only improved the environment but deepened their customer relationships, showing tangible value in everyday life. For those considering a more proactive approach to sustainability in their own lives or businesses, starting small—like minimizing waste or supporting businesses that prioritize ESG—can lead to significant positive impacts.

Audit-Proofing Strategies

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02.28.2026

Unlock Efficiency: How ETL Tools are Transforming Tax Workflows

Update Transforming Tax Workflows: The Role of ETL Tools Every corporate tax professional has faced the familiar race against the deadline. As tax provision dates loom, long hours are spent sifting through data systems, ensuring every detail is correct before the clock runs out. Enter ETL tools—your new ally in the tax provision process. ETL stands for Extract, Transform, and Load, which are the hallmarks of automation technology that significantly ease these burdens, allowing tax professionals to focus more on strategy and analysis. The Struggles of Manual Data Management Working with data is a painstaking task in many corporate tax departments. As the demand for accuracy rises amidst tightening regulatory frameworks, tax teams find themselves mired in manual processes that are often inefficient and prone to errors. One striking example illustrates this well: a tax technology leader has shared, "We often deal with dirty data from our ERP systems. Each time we clean and prepare this data, we realize how much time and effort we are wasting on something that could be streamlined. The hours spent on data cleaning could instead be used for more valuable tasks like planning and audit preparation." How ETL Tools Revolutionize Workflow ETL tools are designed to seamlessly extract data from various sources like ERP platforms and financial databases, transforming it into a usable format, and finally loading it into tax systems for processing. This could potentially reduce manual tax work by 75-80%! The platforms include audit trails and AI-enhanced validation processes that not only boost reliability but ensure compliance is maintained effortlessly. With over 100 data sources compatible, modern ETL solutions eliminate the significant bottlenecks that often burden lean tax teams. Understanding ETL: Extract, Transform, Load To appreciate why ETL is essential, let’s break it down further: Extract: Data is pulled from several key systems, allowing for quick aggregation from disparate sources. Transform: This crucial step involves validating and sanitizing data, integrating tax-specific rules to ensure the figures are audit-ready. Load: Finally, transformed data is effortlessly integrated into tax software for precise reporting and analysis. ETL automates a process that used to take days, allowing teams to spend more time analyzing data and preparing for audits than simply gathering it. Why Now is the Time to Embrace ETL As the tax landscape grows increasingly complicated, ETL tools have become not just a convenience but a necessity. Embracing new technology ensures your team can manage complexity without additional stress. These automated solutions pave the way for a more agile tax department capable of responding swiftly to regulatory changes and business needs. Actionable Steps for Implementation If you’re considering ETL tools for your tax provision processes, start by evaluating your current systems. Look for integrations with existing software and consider user-friendly options that offer robust support. Investing in ETL solutions can help safeguard not only compliance but also your team's productivity and morale. Conclusion Adopting ETL tools can be a pivotal step for tax departments seeking to enhance their operational efficiency and accuracy. With the right software, tax professionals can redirect their energy towards high-value tasks rather than getting bogged down in tedious manual data processes. The future of tax workflows is here—why not step into it and transform the way you work?

02.26.2026

Navigating Pillar Two Compliance: How ONESOURCE and Orbitax Enhance Efficiency

Update Understanding the Complexity of Pillar Two Compliance The global tax landscape is entering a new phase due to the introduction of Pillar Two, part of the OECD's Base Erosion and Profit Shifting (BEPS 2.0) framework. This initiative aims to ensure that multinational corporations pay a minimum level of tax in each jurisdiction where they operate. However, the introduction of these regulations brings considerable challenges for tax professionals. According to a recent survey, 43% of corporate tax professionals perceive Pillar Two as highly challenging, highlighting the need for advanced technology solutions to ease compliance burdens. Leveraging Technology for Pillar Two Compliance In facing these challenges, tools like ONESOURCE Tax Provision and Orbitax Global Minimum Tax (GMT) become vital. Both of these systems provide functionalities tailored to meet the rigorous demands of Pillar Two compliance. They offer automated data collection, validation processes, and can integrate seamlessly with existing financial and tax infrastructures. Notably, with many tax departments reporting insufficient resources, automation can significantly reduce the manual workload, leading to greater accuracy and efficiency. Strategic Steps to Manage Pillar Two Data Effectively To effectively manage the extensive data requirements of Pillar Two, tax professionals can implement several strategies: Automate Data Collection: By relying on technology that interfaces with general ledgers, companies can minimize manual errors and boost data accuracy. Incorporate Validation Tools: Using built-in validation features ensures that data is complete and consistent, offering peace of mind during audits. Embrace Continual Learning: The dynamic nature of global tax regulations makes continuous education essential. Keeping abreast of updates can mitigate compliance risks. The Importance of Proactive Tax Management With the introduction of Pillar Two, tax departments find themselves spending more than half of their resources on reactive compliance work rather than proactive analysis. The need for real-time impact assessment and streamlined reporting workflows cannot be overstated. Implementing technology like ONESOURCE and Orbitax not only simplifies the current process but also positions businesses favorably for future changes in the tax landscape. Conclusion: Navigating the Future of Tax Compliance As the demands of international tax compliance intensify, it is incumbent upon corporations to adopt a forward-thinking approach. By investing in advanced tax technology and automation, tax professionals can alleviate the burdens associated with Pillar Two compliance while enhancing operational efficiencies. Now more than ever, strategic investments in technology will define success in this changing environment.

02.25.2026

Say Goodbye to SaaS Sprawl: Essential Steps for CPAs to Integrate Tax Software

Update Understanding SaaS Sprawl in Accounting As we delve deeper into the digital age of tax and accounting, the benefits of automation and improved efficiency become apparent. However, there’s an ongoing dilemma: implementing too many Software as a Service (SaaS) products that lead to inefficiency, known as SaaS sprawl. This phenomenon occurs when firms adopt various disconnected solutions, resulting in a convoluted tech stack that complicates workflows rather than simplifying them. SaaS sprawl doesn't only cause chaos within the firm; it directly affects the productivity of CPAs. According to a study by Harvard Business Review, employees switch between applications nearly 1,200 times a day, costing teams up to a 9% drop in productivity. It’s crucial for CPAs to recognize these inefficiencies, prioritizing not just software adoption but smart integration. Effective Solutions for Software Integration To combat SaaS sprawl, CPAs should focus on streamlining their tech stack through effective integration strategies. Here are few essential steps to bolster software integration: Prioritize Native Integrations: Look for software that natively integrates with existing systems, rather than relying on third-party connectors. Native integrations ensure more reliable and efficient workflows. Map Your Workflow: Document every stage of your tax preparation process to identify where integration gaps lie. Understanding the full client journey can lead to better integration solutions. Evaluate API Capabilities: Ask about the APIs offered by vendors. Knowing how data flows between systems helps predict potential challenges in integration. Enhance Client Experience: Solutions like SafeSend not only streamline tax preparation but also enhance client interactions, creating a seamless experience from data collection to secure document delivery. Implementation Support: Seek vendors that offer comprehensive training and support, making the transition as smooth as possible. Why Integration Matters The smooth interaction between software not only boosts productivity but also enhances client satisfaction. The time saved due to reduced manual entries and streamlined communication translates into better service offerings from CPA firms. For instance, firms like Grassi have successfully adopted CCH Axcess APIs to automate tasks, saving time per tax return and increasing accuracy. This kind of efficiency not only benefits the firm’s internal processes but enhances client trust and loyalty. Looking Forward: Future of Tax Software Integration As technology evolves, so do the methods of integration. Expect to see more cloud-based platforms that are flexible and scalable, accommodating the unique needs of firms of all sizes. A well-integrated tech stack will become not just a luxury but a necessity for staying competitive. The future of tax and accounting will heavily depend on intelligent connections between applications, positioning CPAs not just as numbers experts but as tech-savvy consultants capable of navigating the complexities of modern tax preparation. Call to Action As the realm of tax software continues to expand, it’s critical for CPAs to evaluate their current tech stacks and make considered decisions regarding software integration. Don’t wait for SaaS sprawl to hinder your productivity; take charge of your tech today and explore how streamlined solutions can enhance your operations. Your clients and your firm will thank you for it!

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