In an increasingly demanding global environment, managing tax responsibilities and planning for tax issues is becoming more complex. With consulting, technology and outsourcing experience, Taj helps businesses meet the challenges of multi-jurisdictional tax operations, including compliance, financial accounting/reporting and risk management for income taxes. We help clients to understand and transform their processes, technology and resourcing models. This helps tax departments to meet key objectives for quality and control but at a cost and in a way that also creates value for their organization.
Tax organization and operations consulting
In our view the world’s leading tax departments integrate business strategy and risk management into their tax organization and operating model. Taj advises organizations’ tax departments as they seek to align tax operations to their business strategy often in conjunction with a finance transformation project. Services include helping the tax function develop its strategy and providing analysis of organizational models, roles and responsibilities; job skill requirements; performance measurement; and governance and controls within a tax department. We may also assist with the integration of a business’s processes for tax compliance, tax audit and evaluating and managing its tax rate, which can include determining whether appropriate key performance indicators for performance management are in place.
Tax departments today often face significant resource constraints, requiring an increased focus on efficiency and effective use of technology to streamline their compliance and reporting processes. Overreliance on spreadsheets, outdated technology, and a lack of integration between tax and finance systems can hamper a tax departments’ ability to obtain and analyze the data needed for timely and accurate tax compliance and reporting.
Taj assists tax departments in understanding requirements for the design, selection, and implementation of tax software for global and local purposes for both direct and indirect taxes. We have extensive experience of tax technologies and our services include helping clients to make appropriate technology choices and configuring and integrating those choices through the entire record-to-report business cycle for tax. Typical solutions include enterprise systems, middleware, tax applications and management reporting dashboards.
In particular, the integration of tax data requirements into enterprise resource planning (ERP) systems is increasingly critical for tax departments to operate effectively. We can advise organizations wishing to tax enable their ERP systems, including the direct and indirect tax requirements and the related data to support their tax-related activities on a global basis. We also assist with data retention, document management, and the prioritization of controls.
Tax information is increasingly important to management’s ability to plan and forecast. Taj’s Tax Management Consulting teams can assist organizations leverage data analytics for tax and assess the data and information produced. In addition, we can assist businesses gain insights into past tax performance and how tax technologies, applications, and leading practices can help tax department plan and executive tax management more effectively.
Financial accounting for income taxes
Financial accounting and reporting for income taxes have become increasingly complex. Tax departments must keep up with the latest regulatory developments and guidance related to income tax accounting, disclosures and documentation, as well as seeking ways to address their tax provision process and technology needs more reliably and efficiently. Taj tax professionals understand the complexities and can provide practical insight, standardisation, and technical expertise to help groups navigate through the maze.
Taj can add value by providing a range of additional services, such as complex tax accounting in areas where the law has changed or after group reorganisations/acquisitions where consideration needs to be given to purchase price allocations etc. We can also assist with tax GAAP conversion, (due to M&A, law changes etc.) including assessing the differences between GAAPs, and documenting and quantifying the impact the organization. We propose deferred tax remediation under all GAAPs, assisting with assessment of the completeness and accuracy of your deferred tax balances and also prepare or review of annual or quarterly tax provisions. We provide recommendations on how to deal with evolving regulatory requirements such as IFRS/US GAAP, or guiding businesses on how to most effectively communicate disclosures and Effective Tax Rates to stakeholders such as the Board, investors, analysts and the media. Our aim is to grant quality assurance, transparency and overall control.
Global compliance outsourcing
We have helped businesses of all sizes and geographic locations to create a best practice compliance process model. This involves a thorough analysis of current compliance procedures, which then forms the basis for a tailored set of recommendations based on the circumstances of the organisation in question. As businesses expand operations into new markets the complexity of managing tax risks and complying with reporting requirements multiplies. Taj offers efficient, cost-effective tax compliance services, including co-sourcing and outsourcing options.
Our deep understanding and experience of tax compliance technology and best practice enables us to help organisations understand their current tax compliance needs. We help groups decide on the best way to meet their tax reporting requirements: in-house or outsourced or perhaps a mixture of both. We can then assist with effecting any transition or change involved.