Don’t overlook tax technology when digitally upgrading your business

With the coronavirus disruption accelerating the need for digital transformation, company leaders must ensure that tax considerations are not left out of the planning. Now, more than ever, government entities will be looking for creative ways to recoup losses, and tax in the P2P process may be one of the areas that draws scrutiny.

This is a problem for companies both large and small that are facing choices about how to automate their operations. Procurement professionals are not always armed with enough tax knowledge or experience, nor should they be accountable to make the correct tax decisions on invoices for their organization. Tax technology can be a force multiplier by baking in that expertise into every transaction across the business, making it an important part of an organization’s procurement transformation.

In the first article in our look at tax issues and digital transformation, we noted that problems with tax transactions include overpayments or underpayments, penalties for not complying with the patchwork of regulations across state and national borders, the risk of audits and the lack of tax expertise in departments that handle technology — like IT, sales, finance and procurement.

Tax technology can curb these problems, add visibility and help businesses grow with confidence.

Let’s look at the three key points that will help you determine if your organization is behind in the race to Indirect Tax in Procurement Transformation.

Deloitte CPO Flash Survey shows procurement strategy shifts after coronavirus disruption

Among the many changes from the COVID-19 disruption, new data from a Deloitte CPO Flash Survey found that procurement strategy is shifting as the crisis evolves and will reshape the future of the industry.

Business Intelligence to Transform Procurement