The Growing Convergence Of Finance And Tax - And What It Means For The Future Of Tax Technology

Times have changed for corporate tax and financial executives. Once considered more of a departmental reporting function, the tax impact of both actual and forecasted financial results is now a key point of integration between two historic neighbors - finance and tax. Corporate tax and financial executives must now deal with increased board visibility and SEC scrutiny on the financial reporting of income taxes and related internal controls. At the same time, they are now faced with global accounting standard changes that could match, and for some companies exceed, the SOX-related workload. Couple this with chronic talent shortages and reduced time lines for corporate closes, and the pressure on tax departments has never been greater.