Taxand USA provides examples of how tax can integrate with other company business functions to drive value.
Every organisational event has a tax impact, yet tax is rarely integrated with other business functions within a company. Historically the corporate tax department, specifically the indirect tax department, has operated as a separate function apart from other business functions such as business development, procurement, legal and IT.
As a result, a company may see decreased synergies, which can lead to inefficient processes, manual manipulations, underutilised technology, and fewer forward-thinking initiatives. Consider what an advantage it could be if the indirect tax team were in regular communication with and shared information with critical business units.
By characterising themselves as “internal consultants,” the indirect tax team can ensure they have a seat at the table when major decisions and plans are discussed.
Discover more: How the indirect tax department can add value to an organisation
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The current state of the economy dictates that employees must identify practical solutions to increase production in a cost-cutting environment. Understanding how you can leverage information or resources from internal groups can assist the tax department with streamlining processes and making procedural improvements.
