swot for tax –six steps to help plan your attack! · swot for tax –six steps to help plan your...
TRANSCRIPT
SWOT for Tax – Six Steps to Help Plan
Your Attack!(1 hour)
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Presented by: Kelley Lear
Paul Mattiola
Verizon Communications
ACT Vice President
Introduction
Before we get started
You can use your computer Mic & Speakers if desiredOR – you can call in to 484-589-1011 and enter Access Code #: 561-465-326#How to ask a question:
Attendee lines are mutedPlease use the Questions feature to ask a questionWe will monitor and answer as many Qs as possible and have Q&A session at the end of the presentation
Session is being recordedACT website: www.taxACT.orgRedMoon website: www.redmoonsolutions.com
SWOT OverviewSix Steps to Plan
your Attack!Discussion On
StrengthsWeaknessesOpportunitiesThreats
After your SWOT
Embark on a mission with us…
What is SWOT?? NOT SWAT…SWOT!
What is a SWOT
SWOT is an extremely useful tool for understanding and decision-making for all sorts of situations in business. SWOT is an acronym for Strength, Weaknesses, Opportunities, Threats.
NOT just for Marketing!!
SWOT is a “process”and/or analysis methodology that can help you to easily get your team to analyze a piece of your tax lifecycle or the entire processIt opens up team member thoughts and allows them to brainstorm freely and without fear!Brings good ideas to the table and lifts up areas for change and opportunities to excel.
A SWOT analysis can offer helpful perspectives at any stage of an effort.
You might use it to: – Explore possibilities for new ways to
communicate with Finance and Accounting to get the data you need
– Make decisions about the process and solutions with respect to FIN 48 and provision
– Lift up manual processes associated with apportionment
– Identify manual processes and risks associated with fixed asset management data and processes
How is a SWOT Helpful?
You might use it to: – Identify best practice
procedures and create checklists
– Lift up the need for using a tax portal for collaboration and workflow in tax
– Identify the need to improve your audit through appeals processes
– Simply to determine where change is possible…
How is a SWOT Helpful?
How is a SWOT Helpful?
• A SWOT analysis generates information that is helpful in matching an organization’s goals, programs and capacities to the social and business environment in which it operates.
“Instead of worrying about the future, let us labor to create it.”Hubert Humphrey
Four Key Elements…
Four Key Elements…
• Define scope• Define process
– Workshop process– Ground rules– Expected outcomes
• Setup room for workshop– Flip charts– White boards– Scribe/recorder
Identify what creates value. A strength is something that makes your process valuable, what sets it apart from other processes.
Divide the strengths into categories. They can be listed as assets, resources and specialized skills that your process or staff have available.
Assess the specialized skills within your staff.
Step 2: Strengths
– Skill and/or knowledge of tax department resources
– Communication with finance– Tax sensitized data– Tax technology resource– Excel or database skills– Part of process – FAS 109/FIN 48– Relationships within the company
Analyze weak points of your process from an internal perspective. Where can you improve data quality or acquire the expertise that creates value?
Identify weak points from a manual process, data integrity or knowledge point of view. Reasons why you might end up with an answer that has not had much review or analysis.
Be sure to include things related to staff, missing or incorrect data, lacking skills, tax and technology resources.
Step 3: Weaknesses
– Turnover or retiring employees
– No knowledgeable tax accounting resource
– Communication with finance and IT
– No tax sensitized data– Manual processes– Poor teamwork– Lack of time
Identify external factors that may positively effect the programs. These could be IT initiatives, Finance Initiatives, Tax Incentive Programs, Regulatory Reform, Staff Training…
Identify realistic concepts that may stimulate growth or efficiencies in your process
Identify new technologies toimprove processes
Step 4: Opportunities
• IFRS or UTP may provide a valid “argument” or ROI for budget
• Business restructuring• ERP upgrade• Industry organizations• Enterprise systems used
in other departments
Identify external obstacles that may negatively impact the programs such as regulatory reform.
Identify weaknesses thatthreaten your program?
Divide the threats into categories. They can be listed as current or future.
Step 5: Threats
• IFRS, UTP or other regulatory changes
• Business restructuring• Heightened cross border
audit activity• Retiring employees• States hungry for $$$
Step 6: AFTER THE SWOT…Priorities and Planning
Knowledge is indeed power, and knowing what the positives and negatives of your process puts you in a more powerful position for action.
While a SWOT analysis is not in itself action, it can be a "support team" to help you:
• Identify the issues or problems you intend to change • Set or reaffirm goals• Conduct a more in-depth
process map • Create an action plan based
on findings!!
Paul MattiolaACT Vice President
Verizon Communications
Upcoming ACT Events
Upcoming ACT Events
Bi – Monthly Webinar Series – Next WebinarFebruary 15, 2011 2:00p.m. ESTUtilizing Technology to Drive Business ProcessesHosted by Deloitte.
2011 Annual ConferenceJune 20-22, 2011Loews Coronado Bay Resort, San Diego, CARegistration will open later this month
Thank you for attending!
The Association for Computers & Taxation and Red Moon Solutions appreciate the opportunity to spend time with you today and hope you
found the presentation interesting and informative.
If you desire more information about Red Moon Solutions, please call Kelley Lear @941-379-7108 or visit www.redmoonsolutions.com.
OR
If you are interested in joining ACT or finding out more information about the organization, please visit www.taxACT.org or contact Brenda
Jameson at: [email protected]
Thanks again for joining us!