By Kerstine Rencourt, Tax ERP and Data Lead, PwC UK
Systems modernisation can sharpen efficiency, reduce manual errors and unlock valuable new insights. But you only have so much money to spend. That’s why it’s so important to prioritise investment targets and rationalise operations ready for change.
Many processes are carried out simply because they always have been. Transformation allows businesses to challenge the status quo, and as such, it needs a human-led, tech-powered approach. It's the chance to question whether it is still necessary before considering whether that action can be done smarter, faster and/or in a more cost-effective way.
Relying on your ingenuity and understanding to guide your choices, you might ask yourself, and your group of stakeholders, the following questions - and note any agreement or disagreement within the business:
- Do we really need perfection when good enough would be absolutely fine?
- Could we draw less material and complex monthly/quarterly data straight from our systems in real-time and just do reconciliations once a year?
- Do we need dozens of people poring over routine filings in our European headquarters, when the most demanding aspects of tax management are being handled by a small and overstretched team in China?
- Do tax professionals need to turn out routine data and analysis when this could as easily be carried out by someone else better qualified and at a lower cost?