- Companies often struggle with deciding whether or not to introduce indirect tax (IDT) automation into their tax processes.
- The decision is unique to each company, and the benefits of IDT automation are not always clear.
- BDO’s Indirect Automation team suggests that companies ask themselves certain questions before investing in IDT automation.
- Thomson Reuters interviewed Joe Malloy and Chandra Wing from BDO’s team for further guidance on the topic.
- They provide a roadmap for corporate leaders interested in automated tax solutions, including factors to consider and challenges to expect.
- The questions cover topics such as the impact of external factors on businesses, the feasibility of keeping up with tax determination and rate management manually, and the risks of non-tax professionals determining tax.
- They also discuss the benefits of introducing automation, such as improved speed and accuracy, reduced errors, and streamlined operations.
- Finally, they suggest that companies consider implementing IDT automation during ERP system changes and involving cross-departmental discussions and support.
Source Thomson Reuters
