Small Changes to You Tax Procedures Can Make a Big Difference for Your Bottom Line

Every leader of any organization understands the importance of hiring the right people, but the employees who manage your organization’s compliance management and technological resources are among the most important in today’s economy. 

The COVID-19 pandemic has made these people even more important to businesses that are navigating the disruption and regulations. Building a resilient operational foundation is for global businesses. And as the facilitators of compliance and collectors of data, tax and finance functions are the keystone.

Despite organizations’ ability to recognize the importance of these key employees, many express dissatisfaction with their current tax and finance functions. Nearly every single one of the 1,013 respondents in a new global survey from Ernst & Young said they are taking action to transform their tax and finance function operating model, in order to keep pace with the deluge of change and ensure their statutory filing and tax compliance processes are well-managed. As businesses work to build a resilient framework, this transformation is going to be a priority.

In response to this challenge, 73% of respondents to the survey said they are more likely than not to co-source some critical activities in the next 24 months in order to add value, reduce risk and decrease cost.

The global pandemic has created a sense of urgency felt by companies facing issues with tax and financial compliance. Even as governments have closed borders and ordered lockdowns of some communities to slow the COVID-19 infection rate and relieve the pressure on hospitals, business must continue as usual. Nearly every federal tax and regulatory filing deadline has been postponed to a later date — a situation that changes almost every day. 

Meanwhile, economic stimulus packages containing tax and other benefits for businesses are being adopted daily in countries around the world. Now, more than ever, it’s important to be in a position to take advantage of provisions that could help businesses survive the upheaval and take care of their people.

If your organization is looking to reduce overall tax costs, control information technology expenses, and redirect internal resources to more strategic activities, co-sourcing to a third party might be the right decision for your team. Utilizing a third party, like Milikowsky Tax Law, will also give your organization the ability to leverage our considerable and ongoing investments in the necessary talent and technology to keep pace with an ever-changing world. Contact us today to learn more!