managing tax: balancing current challenge with future promise - … · 2020-05-14 · balancing...
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Managing taxBalancing current challenge with future promiseThe EYE, Amsterdam, 30 November – 1 December 2016
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Using technology to manage
tax
Bart Janssen, Deloitte NetherlandsRichard Freeman, Deloitte UK David Landers, Deloitte US
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Contents
Typical record to report cycle 5
Tax management solutions 6
Tax document management progression 8
Workflow solutions 9
Tax management technologies 14
Key takeaways 20
©2016. For information, contact Deloitte Touche Tohmatsu Limited.
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A modern tax manager handles enormous amounts of information.
The problem is in receiving this data in a timely matter and to be able to retrieve the information that you need when you need it.
©2016. For information, contact Deloitte Touche Tohmatsu Limited.
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Typical record to report cycle
Global provisioning
Stat account production
Tax determination
Tax return production
IFRS data
Local GAAP data
Tax data
Excel
Manual data
Webform
Manual
Source data
ERP
Transactional
Data storage/ data
warehouse
Financial management and planning and budget
Manual data
Excel
Dashboarding/Business Intelligence
Workflow
ETL/mapping
Master data
Forecasts
Provision reports
Returns and Forms
Work papers
E-filings
Planning reports
AdhocReports
Data collection Calculation and consolidation Reports
©2016. For information, contact Deloitte Touche Tohmatsu Limited.
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Tax management solutions
©2016. For information, contact Deloitte Touche Tohmatsu Limited.
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Benefits of central system to manage tax operations
Fewer silos
Risk mitigation
Faster access to one version of the truth
Standardised processes
Efficiency gains
Improved planning
Cost savings
• Connected tax processes connected corporate functions
• Common user interface, workflow, and document management platform
• Transparency and accountability supported by global calendar
• Access and reporting to key tax department filings, documents, and data
• Effective communication through integrated tools and processes
• Searchable through key tags and key word search capability
• Documented and controlled workflows supporting efficient processes throughout the tax department
• Increased efficiency and productivity
• Advanced search, bulk assignments, and drag-and-drop capability
• Designated idea repository and tax data analytics platform
• Ability to prioritise and track planning ideas and future projects
ETRimpact
Businessimpact
Risk profile
• Corporate enterprise platform, reducing inefficient methods of information sharing
• Facilitates self-service, lower support costs, and consolidation of disparate platforms
©2016. For information, contact Deloitte Touche Tohmatsu Limited.
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Tax Document Management progression
E-mail Shared folder E-rooms/managed file
transfer
+ Easy
+ Everybody has it
+ Quick
- Not secure
- Unstructured
- Unmanaged
- Time consuming
Portal
+ Quick to set-up
+ Share files
- Unstructured
- Hassle to maintain access rights
- Within organisation only
+ Secure (access to tax advisor)
+ File storage
+ Basic workflow
- Oftentimes third party vendor
- File based
+ Secure (access to tax advisor)
+ File storage
+ Also structured data
+ Advanced workflow
+ Data management
+ Entity management
©2016. For information, contact Deloitte Touche Tohmatsu Limited.
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Workflow solutions
©2016. For information, contact Deloitte Touche Tohmatsu Limited.
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Financial Director / Board
Head of Tax / International Tax
Manager
Tax Team
•SAO accountability
•Demonstrate appropriate controls to auditors
•Regulatory compliance
•Internal Audit
• Other stakeholders (e.g., PE house)
•Understanding and tracking of all of the entities which have compliance obligations and people’s responsibilities
•Appropriate centralised control over key tax deadlines and issues
•Systems that are easy to use and link to each other to save time
• A summary of tax compliance status
• High level visibility of key financial processes which could materially affect the business
• Tracking the status and progress of tax compliance around the world
• Early warning of things than may go wrong
• An easy to use ‘to do list’
• Monitoring progress and chasing data collection. (e.g., Data provided by Finance)
• A summary of material tax opportunities and risks
• Detailed information to enable decision making and manage tax opportunities and risks.
• Easy access to companies tax compliance history
•Quick access to the right version of documents and information for compliance or planning
Control
Data
Status
What do people tell us that they want from a monitoring and tracking tool?
©2016. For information, contact Deloitte Touche Tohmatsu Limited.
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By means of technology many tax processes can be managed and monitored
One platform to manage due dates, process progress, hand-offs, central repository including version control systems and controls ensures efficient and effective tax management and provides the global/regional tax department a 360 degree view of everything going on in the tax domain.
In general, tax workflow management solutions track three key parameters to manage all tax processes including risks and compliance (filings)
People Data Agenda
©2016. For information, contact Deloitte Touche Tohmatsu Limited.
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Workflow tools allow you to…
• Establish greater visibility and control over compliance
– Establish a control environment for managing all of your countries
– Gain visibility of your compliance deadlines and associated data
– Track responsibilities for compliance globally
– Have access to real time status reports without the need for manual chasing
• Establish standard global tax processes, including document access
– Many local statutory deadlines are built in/maintained
– Migrate to standard processes with associated documents available online
• Create a scaleable framework for the monitoring of compliance
– Track multiple tax and related processes
• Manage consistent migration of processes to regional hubs and shared service centres
©2016. For information, contact Deloitte Touche Tohmatsu Limited.
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ONESOURCE Workflow Manager
Entity Manager Calendar DataFlow
• Centralised database of entity information
• Charting functionality
• Robust global tax statutory content
• Event scheduling and tracking
• Manage documents
• Control access and manage versions
• Manage processes
• Proactively monitor the status of activities
FileRoomWorkFlow
• Secure, standard data collection
• Extended Excel capabilities
Web-based tool comprising a number of components:
©2016. For information, contact Deloitte Touche Tohmatsu Limited.
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Tax management technologies
©2016. For information, contact Deloitte Touche Tohmatsu Limited.
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Deloitte’s Vision of the Integrated Tax System
Reporting
TM1SAP,Oracle,
JDE, etc.
Masterdata
Other
IRI
Nielsen
Other
Financial data
Non-financial data
Surveysand data collects
Data management
Data
Dis
co
very
an
d M
ap
pin
g
Data collection templates
Data integration platform
Surveytemplates
End user
Casual user
Businessexecutive
Manager
Community
Mobile analytics
Adhocreports
Multi-dimensional
Dashboards
Workflows
Knowledge/social
Control centreApplications
Entity management
Tax Provision
Direct Income Tax
Transfer pricing
Tax controversy
Advanced analyticand predictive models
Indirect tax compliance
Tax data model
Tax calendar
Directcompliance/
provision
Transferpricing
Knowledgesocial
Operationdata
Taxplanning
AuditIndirecttaxes
Master/ GL
data
DashboardsAccess control
Tax calendar
Data mgmt/integration
Data collection/surveys
Documents
Workflow
Knowledgemanagement
End-user computing
module
Tax portal
©2016. For information, contact Deloitte Touche Tohmatsu Limited.
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Tools today give you – the user – the power
Excel connected to ERP systems
Drag and drop data queries supporting ad hoc reporting
Tax platforms enabling application model
Tax ownership
IT freed from helping Tax, now able to do their
day jobs
©2016. For information, contact Deloitte Touche Tohmatsu Limited.
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Usability and adoption of the tax portal management solution
Document tree view
Document categorisation
©2016. For information, contact Deloitte Touche Tohmatsu Limited.
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Usability and adoption of the tax portal management solution
Workflow creation and task definition
Data collection forms engine
©2016. For information, contact Deloitte Touche Tohmatsu Limited.
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Usability and adoption of the tax portal management solution
Adhoc reporting
SoX control master catalogue and reporting
©2016. For information, contact Deloitte Touche Tohmatsu Limited.
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Key takeaways
©2016. For information, contact Deloitte Touche Tohmatsu Limited.
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• Management solutions aim primarily at managing the process (the environment)
• Management solutions have developed and are more integrated
• Distinguish tools from functionalities you need
• When looking for technology solutions do not consider only the challenge of today, but also the challenge of tomorrow
Key takeaways
©2016. For information, contact Deloitte Touche Tohmatsu Limited.
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Faculty
Bart Janssen, Deloitte Netherlands
Partner
Richard Freeman, Deloitte UK
Director
+31 (0) 882880242
+44 20 7007 2063
©2016. For information, contact Deloitte Touche Tohmatsu Limited.
David Landers, Deloitte US
Partner
+1 980 312 3725
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© 2016. For information, contact Deloitte Touche Tohmatsu Limited.