What if the Vice President (VP) of Tax for a company needed to find out how a project was progressing? The VP might email a Tax Director asking for an update; the Tax Director may contact three other people during the process. Let’s assume each of these people can’t immediately track down information and report on their piece of the project because they are tied up with other meetings or tasks. By the time everyone reports their progress status, a simple status update
can take three days to come together. Sound familiar?
For Tax Managers and VPs of Tax, sometimes the most basic questions are the most difficult to answer: Where do we stand on this? What are we missing? Where are we falling behind?
These are seemingly simple questions that are often not easy to answer. But the answers should be readily available, and available in real time. Not knowing has real costs:
- Time lost for staff and management in status meetings, emailing, and tracking down the people who do know.
- Financial penalties for missing filing deadlines.
- Audit questions raised.
- Filing errors and employee turnover when business process / workflow is poorly managed.
- Mistakes that can lead to job insecurity for everyone in the tax department, including the department head.
- And missed opportunities for applying tax department resources to strategic planning.
But with the right tools and technology, corporate tax leaders can avoid the costs of not knowing. Download now to learn more!