As COVID-19 disrupts societies, economies and workplaces like nothing anyone could have predicted even a few weeks ago, we are all learning to adapt and evolve. The tax departments of multinational firms are no exception.
A number of my clients have been on a journey of transformation over the last many months and years to prepare for the new world that requires new skills. They have been automating routine processes, investing in collaboration tools and upskilling their people. And while these investments are sure to pay dividends in the long-run, in the short-term they have unexpectedly found themselves to be better prepared for COVID-19 and the disruptions it has caused.
With so many things not working, here is what’s working for clients that I talked to this week:
Better handle on data and data sources. Ability to access data directly from the source systems in an automated manner and not relying on multiple intermediaries to get the data required has saved time and resources at a time when connecting with each other is a tad more difficult than just walking down the hallway and tapping them on the shoulder.
Improved visibility into what needs done. Investments in tools such as the Tax Operations Manager were designed to help multinational teams collaborate and manage tasks seamlessly. With offices shut down and everyone working remotely, the same tools are allowing tax departments to collaborate with local team members as well.
Enhanced team engagement. Office shutdowns are disruptive, and not having the tools required to get your job done can be frustrating. We have been hearing from clients how deployment of automation and collaboration tools in the tax function has reduced that frustration to make things that little bit better during this difficult time.
If you are trying to figure out how to adapt to the new work arrangements, I would happy to jump on a call and discuss ideas. You may also be interested in our COVID-19 Navigator Tool here.
Disclaimer: The views outlined here are my personal views.
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