What strategies are companies employing to help their tax departments derive the greatest benefit from technology? The metrics and insights provided by tax technology can help professionals improve their strategic value. The 29th Annual Insurance Tax Seminar in Washington, D.C. June 1-2 will provide essential analysis from experts in the field of insurance, tech, and tax law. Register at www.fedbar.org/instax17 on or before April 21 to take advantage of reduced registration rates.

  1. Cost: Efficient technology solutions undoubtedly reduce business costs and help transform companies. Tax transformation is an assessment of the tax function with the objective of creating a more strategic tax department that becomes a better-integrated partner within the business and helps contribute actionable insight to the broader organization. During transformation, companies evaluate their people, processes, technology, and data to look for opportunities where changes can lead to benefits for the business. The ability to leverage technology to improve processes means less time spent on manual efforts such as data collection and document retrieval, and more time spent on strategy.
  1. Smarter Choices: Business leaders can make more informed decisions as greater access to technology provides shrewder data, which allows for more predictive analytics and forecasting as well as enhanced efficiency.  New tax tools are saved and can be accessed in the cloud instead of trying to access an internal data center, which can be cumbersome and expensive for a business to maintain and support. With the cloud, all you need is an account login and you can access this data from anywhere in the world.
  1. One-Size-Fits-All: Regardless of what area of tax you work in—be it corporate tax, property tax, real estate tax, trust tax, insurance law, or tax information reporting—with tax technology, you can deliver harmonized and consolidated data for all tax processes and keep it up to date.
  1. Work Locally, Grow Globally: Sharing data using tax technology bridges the gap for tax staff and allows them to work as if they are in the same building. It can also remedy time zone issues because tax data is always accessible. Once procedures are standardized, tasks can run continuously whereby a team in one time zone can pick up where another team left off.
  1. Necessity: Get plugged in. Inadequate technology has meant heavy reliance on complex spreadsheets and spending more capital to acquire less information. In an environment of increasing regulatory pressures, companies need proper reporting to enable planning and analysis, as well as to reduce compliance risk. Using modern tax technology increases accuracy and compliance through comprehensive data management, allowing tax specialists to adhere to regulation, enhance audit and closing activities, and keep tax activities in-house.

Evolving regulatory requirements and new technology forces tax professionals to adapt quickly to keep up with the competition. Don’t miss the Insurance Tax Seminar this June! Dive deeper into the relationship between insurance, taxes, and technology during the session on “New Technologies Transforming Tax Departments.” Sign up today at www.fedbar.org/instax17.

Stacy Slotnick, Esq. holds a J.D., cum laude, from Touro Law Center and a B.A., summa cum laude, from the University of Massachusetts Amherst. She performs a broad range of duties as an entertainment lawyer, including drafting and negotiating contracts; addressing and litigating trademark, copyright, patent, and other IP issues; and directing the strategy and implementation of public relations, blogging, and social media campaigns.