The rise of continuous transaction controls (CTCs)—and the increasing number of other digital real-time controls being implemented every year—makes managing indirect tax more complex and riskier than ever. In many jurisdictions, you must now ensure that your assessment is correct at the moment of the transaction, if not before. There’s no time to review it and reconcile it later. To effectively address this complexity and ensure compliance across disparate jurisdictions and products, organizations must keep pace with evolving technology and compliance requirements. They must undergo a digital transformation of their tools, processes, skillsets, and the way their entire organization approaches indirect tax. The tax, accounts receivable, and accounts payable teams must be aligned with other functions throughout the organization, from finance and procurement to operations, IT and beyond. Indirect tax management can no longer be left in a silo to the “tax people”; organizations need to align real-time tax and supply chain processes throughout the entire organization. “You can’t afford to have silos within the company anymore. That will get you in trouble in the long run,” says Tracy Davis , Retail and Diversified Vertical Lead at Thomson Reuters at a recent webinar on Digital transformation for end-to-end indirect […]
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