Taxes are the main driver of any economy. As a citizen, you have an obligation to remit taxes based on your income. However, there comes a time when some tax policies change and you have to re-adjust on how you approach the same. With the current turbulent times across the world where tax policies have led to complexities and uncertainty, businesses now have to go back to the drawing board in order to stay afloat. The global business environment is going through a hard time, and as a prudent business person, you would see the need to come up with priorities for your tax agenda.
When it comes to tax considerations, all aspects of your financial budget should be taken into account. This may include the funds that result from a cash advance or payday loan services since this is part of the tax law in the state. In fact, the development and advancement in technology have greatly affected the global dimension to business and thus seen people change how they live and work. So going forward, it would be important to understand how best to deal with these challenges through tax and finance. The following are the top 5 priorities for your tax agenda.
1. Getting in Sync with any Tax Policy Changes
There has been an evident change in tax policy across the world, no doubt. So as a prudent business leader, you see the need to get acquainted with the new proposed changes. This will come in handy to help you fully understand how it will challenge or help the structural part of your organization. Other business decisions that may need consideration when it comes to tax changes include treasury cash positions, supply chain acquisitions, entry into new markets. Simply put, you will need to be more flexible in adapting to such changes to avoid business disruption.
2. Automation Wins the Day
With the advent in technology, dealing with your tax agenda has never been easier. By embracing small automation in your tax endeavors, you will be laying a basic foundation for better end-to-end automation. However, by embracing small automation, this does not mean that you will abandon traditional IT-driven technology. Rather, you will be using this to help supplement what the large scale technology development has brought about.
When it comes to small automation, one has to take care of the various technologies and understand how to best use them for the benefit of their tax agenda. For instance, when working with both new and emerging technologies, tax should play a central role in helping drive the change needed. This may include a look at governance and internal controls related to financial data and processes.
3. Encourage Constant Skill Development among Employees
When tax changes are proposed at any time, tax teams will need to take their time to analyze and understand how such changes will affect the business environment and how best they can make use of new tax technologies to succeed. For a better outcome, tax professionals will need to take a critical look at the new rules in order to have a better interpretation that will help them perform their roles effectively. This is especially paramount when it comes to the digital part of your business practice. This is where up-skilling will come in handy by offering practical training for all.
4. Reconsidering the Need to Transition from Traditional Tax Function
With the current business environment that is synonymous with controversial tax pronouncement and complex regulations, it may be high time for organizations and businesses to seek for better strategies to retain top talent. There comes a time when some technologies in place no longer support modern global tax requirements and thus the need to upgrade. In this regard, it may sometimes make much sense to move tax functions to an external service provider. By doing so, an organization will benefit from access to skilled professionals that will leverage top-notch technology and processes.
5. Adapting to Changes in Customs and Trade
With the current risks and controversy associated with modern global trade, there is a need to focus more on tax. Evidently, this trend in the business environment may see changes in pricing and flow of goods and services affect tax strategy. With this trend, there is a need for the tax to become closely aligned with customs and trade. By forging this collaboration tax planning becomes more feasible and practical.
Even as the business environment adapts to changing technologies, there is a need to recognize how machine learning and artificial intelligence (AI) has made an impact on tax and finance. It is high time that tax professionals figured out how best to leverage these emerging technologies for the benefit of the broader tax agenda. By doing so, the tax environments will be much friendlier and less straining to the business entities involved. If organizations can take up a collaborative rather than a reactive approach to the tax agenda it becomes much easier to achieve efficient and optimal tax functions.
Author’s Bio:
Jim Hughes is a content marketer who has significant experience covering technology, finance, economics, and business topics for about 3 years. At the moment he works as content manager in OpenCashAdvance.com.
Email: j.hughes@appfin.org