A law like Sarbanes-Oxley may not come along every year (thank goodness), but that doesn’t mean companies don’t have increasing demands when it comes to compliance.
Quick check: If you had to ask your finance folks what’s the biggest obstacle to more efficient and accurate tax compliance, would they say:
- a. “The paper trail — we need so much documentation now.”
- b. “Accuracy — there’s so much pressure to be dead-on.”
- c. “Time — there’s just not enough of it to get the job done.”
- d. All of the above.
If the answer was “d. All of the above,” don’t worry. You’re far from alone. So says new research from KPMG. It highlights what’s holding many companies back, and how you can make sure you’re as streamlined and as efficient as possible when it comes to corporate tax rules and regulations.
Here’s how tax departments answered when KPMG asked them that very question:
- 73% said a need for increased documentation was a major challenge
- 70% felt the pressure for more accuracy, while
- 64% believe they have less time to get the work done.
Your best first step: Talk to the staffers charged with this critical job to see which of these obstacles are plaguing your company’s compliance. (Don’t be surprised if they pick more than one.)
Next, see if they have any ideas for ways to streamline the process. Even something as seemingly minor as designated “quiet hours” in Finance where staffers can work on tax issues uninterrupted can make a major impact. It’ll make folks more accurate in less time … which gives them additional time they can spend on documentation!
