HomeLeadership & StrategyStrategyHow confident are you in your corporate tax compliance process? Leadership & Strategy How confident are you in your corporate tax compliance process? Thomson Reuters | July 26, 2018 Multinationals have been attracting the lion’s share of the Australian Government and media’s attention with regards to their tax affairs. But tax governance is an equally important factor for the tax team in all companies, regardless of size. Manual processes and tools such as spreadsheets have long served corporate tax teams well, but in today’s environment, accuracy and speed in calculating and reporting on tax is no longer an aspiration, but a necessity – particularly when our tax revenue stream relies heavily on corporate and income tax, and the ATO has invested heavily in technology enabling thorough data matching to profile any business in any geographic area and compare income, profit margins and tax payments. In addition, businesses are under increased pressure to do more with less – leading many to consider a system that reduces risk and provides a better return on investment. Tax Compliance Confidence Checklist To help you evaluate we’ve put together a short questionnaire using top tax practitioner pain points: Time spent on manual data collection and input versus time on analysis and review equates to ratio of 4:1?Substantial amount is spent on outsourced compliance advice?Emailing files back and forth for tax agent review?Issues with Excel version control and rolling data over to the next year?Unable to produce a detailed audit trail at short notice?Company is vulnerable to “key tax person risk” – critical operational knowledge could be lost with staff turnover?No time for technology set-ups and training a new system? Is it time for an upgrade? If the answer to any of these questions is “yes” for your company, then it is time to consider implementing a more robust and automated system, such as Thomson Reuters ONESOURCE Corporate Tax. Our cloud-based solution been designed specifically for small to medium corporations, catering for single entity company tax returns. Some of the benefits of our automated system are: Cloud based so no IT setup requiredSecurely access your data anytime from anywhereComprehensive set of tax working papersAlways up to date with current tax legislationAutomate many tax adjustments with tax sensitive trial balance mapping & importBuilt in data validations – Save on costs of outsourcing compliance checksQuick to implement and learn – be up and running in daysIntuitive user interface – Excel look and feelCollaborate with your tax advisors with online review featuresIntegrated e-filingClear audit trails and data traceabilityAccess to Australian based TR support desk Visit our website for to find out more about our ONESOURCE Corporate Tax Solutions.