24 Sep 2024 · 6 minute read Understanding the common pitfalls and strategic approaches of digital transformation can help tax firms and corporate tax departments successfully navigate their journey In recent a survey of tax & accounting professionals , leveraging technology and automation were cited as top priorities by most respondents, indicating that tax professionals understand that there is a need to be more efficient in work operations — and that adopting new technologies is a way to do that. Indeed, for many tax & accounting firms and corporate tax departments, a digital transformation is the solution. A digital transformation is simply the rewiring of how a company or department operates, but it is more than just about which digital tools are adopted over a period of time. In fact, digital transformation is an ongoing process, and there should not be an end date in place to mark when the last piece of equipment or software is purchased or installed. The strategies around a digital transformation must be all-encompassing for proper execution and eventual success. Yet, digital transformation can be fraught with challenges and risks. In fact, just 16% of respondents said that their teams’ digital transformations have improved […]
Click here to view original web page at www.thomsonreuters.com
