CXO INSIGHT increased their reliance on indirect tax revenues , we grew to not just bridge the gap , but to enable companies to stay ahead of the compliance curve .

What challenges are companies currently facing when it comes to tax and compliance ?

Compliance changes can be sudden , relentless and consequential . Because of this , three of the biggest challenges facing companies today are risk , cost and lack of insights .

The risk posed by not meeting compliance obligations can range from a disruptive , time and resource intensive audit to financial penalties and even criminal proceedings , causing both reputational and performance damage .

businesses have responded to each change by investing in a stand-alone solution , resulting in a patchwork of hardware and software that doesn ’ t scale , may be quickly outdated and puts a drain on resources .

As the pace of government-driven regulatory changes continues to accelerate – and more tax authorities gain access to companies ’ transactional data in real-time – businesses are also being challenged to gain the same level of insight as the government has into their compliance obligations and even better , to be able to gain predictive insights to spot transaction anomalies , errors and outliers in the data .

How important is technology like Sovos ’ for companies ?

In the pursuit of meeting rapidly changing and widely varying tax rates and regulations , many

Tax authorities across the globe have doubled down on their use of technology in recent years . They have become adept at using it to ensure they are collecting all revenue legally owed , identify irregularities in reporting and identify fraud . The pace of mandate changes , new tax rules and regulations is not expected to slow – Europe is a key example of that , with ViDA spurring numerous proposed VAT mandates . So , companies have a critical need for technology that allows them to orchestrate , manage and analyse their tax obligations .

Just as enterprise resource planning ( ERP ), customer relationship management ( CRM ) and human capital management ( HCM ) have all become holistic , cloud-based platform solutions that unlock tremendous business value , an always- www . intelligentcxo . com

49