Understanding data and systems is another ability that is frequently inadequate but heavily demanded by institutions. Rectifying this data shortage will be critical, and tax professionals who learn these abilities will be more employable.
In this post, we will highlight and discuss some of the methods you can try to boost efficiency within your tax department.
Why is it important to update my skills?
You may believe that keeping your abilities up to date is irrelevant to your business because you are comfortable with the current status of your company. However, it is also advisable to keep yourself up-to-date with new skills and information as more knowledge will provide benefits that you may not be aware of yet.
For example, learning new talents may be both interesting and motivating, as well as beneficial to your mental health.
Many industries are impacted by new communication techniques, technological advancements, and increased worldwide competitiveness, therefore it is essential to your company that you continue to equip your company with new skills whenever possible.
Why you should transform your tax department:
Organizations must know how to develop capabilities while also recognising when external resources are the most effective. The most important question is whether the company needs new positions or talents to meet the demand for these new competencies.
Larger departments may create new positions to increase headcount, but smaller teams may simply add new abilities to existing positions.
Technology is an essential addition to any department and implementing a good tax technology can provide great benefits to your business. For instance, technology may improve efficiency by simplifying repetitive operations, allowing for faster analysis and, eventually, improved decision-making, as well as, of course, cost savings.
It is understandable that your business may be reluctant to make this technological transition. You may ask, will the new technology integrate effectively with the tax team's existing tools? Will tax experts make appropriate use of it? Will the effort be worthwhile? And, most importantly, will the expense justify the effort?
Adopting the correct combination of best practice methods, backed up by the proper digital tax technology for your purposes, will allow you to transform how the tax function is viewed by the rest of the organisation. You'll shift away from processing and compliance and toward providing 'real-time' insight, ideas, recommendations, and actual value to your business.
How can automation help my business?
There are several procedures in each organisation that may be automated. Automating all of these with an adviser is unlikely to be the most cost-effective approach. However, having an advisor pilot automation of chosen processes while upskilling the organization's personnel and establishing a delivery system with suitable governance kicks off the process and brings in necessary capabilities.
After that, workers may improve their abilities by providing quality assurance and subject matter knowledge for the automation of the following few procedures. The organisation can then operate automation initiatives on its own in the final stage, with the adviser accessible for advice.
If corporate tax departments want to focus on adding value and insight, they must employ digital technologies such as automation and AI. If you don't stay up with the latest digital trends and technology, you'll find yourself stuck in manual data management and in the danger of non-compliance.
For more information, read our blog post, “What is Business Automation and should you use it?”, where we discuss the importance of automation and how it can effectively increase efficiency and accuracy within your business.
The best-case situation is if tax employees are willing to learn new skills. Good tax professionals who already know their job can recognise the value in acquiring new abilities, such as the digital skills required by their business. This brings up new employment opportunities, such as tax transformation and assisting the tax department with even more efficiency.
Persona Finance is always evolving and adapting to match your accounting and business needs. We provide a wide range of critical accounting services that are appropriate for all sorts of businesses. Please contact Persona Finance for additional information on these services or for any other business or accounting questions at [enquiries@personafinance.co.uk].
