In a world of “big data” that grows exponentially every day, tax departments should focus on how to mine the right data. Most tax teams are too busy with daily responsibilities or don’t know how to efficiently manage the massive amounts of structured and unstructured data at their disposal to gain maximum benefit. Further, many tax teams are using traditional software programs and manual methodologies that are just not robust enough to capture and process useful tax information. Spreadsheets, paper statements and other unstructured data are just not enough to satisfy regulatory demands and executives’ hunger for information that can help them run their businesses more effectively.
The good news is that breakthroughs in technology — including functional-specific software — are here and can document, process, and manage content uniquely to the advantage of tax departments. While there is not a one-size-fits-all solution for every company, Ryan Lynch, Director of GTM’s Technology Automation Services practice, shares common best practices that can help tax operations make the most of available information in the latest edition of Accounting Technology.