tax technology Content

Tax technology prep: Consider these 4 areas when digitally transforming your business

Oracle

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 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 boost confidence in the business. Let’s take a look at what businesses should consider when looking for tax technology.

Facing a tax audit? Procurement records get targeted first, but tax technology can help

In our look at tax management technology, we’ve explored the tax pain points that businesses face in trying to manually manage tax transactions and avoid audits, and in a second article, we gave three tips to tell if your procurement organization is behind in the race to digitally upgrade its tax obligations.

To shed more light on the issues, we talked with Mike Bernard, Vertex’s Chief Tax Officer about what the tax engine provider is seeing during the coronavirus disruption and in the market overall. He said companies must adjust to a changing tax landscape.