6DECEMBER 2019Managing EditorSarah DawsonAaron Pierce Ann Bennis Antony MosesVisualizerJohn GothamSalesSarah DawsonManaging Editoreditor@cfotechoutlook.comBenny Thomas benny@cfotechoutlook.comEditor's NoteContact Us:Phone:510-556-2280 Fax:510-894-8405Email:sales@cfotechoutlook.comeditor@cfotechoutlook.commarketing@cfotechoutlook.comDecember 02, 2019, Vol - 05,Issue - 16 (ISSN 2644 - 2841)Published by ValleyMedia, Inc. To subscribe to CFO Tech OutlookVisit www.cfotechoutlook.comEditorial StaffAva GarciaJoshua Parker Paul BarberIssac GeorgeCopyright © 2019 ValleyMedia, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.*Some of the Insights are based on the interviews with respective CIOs and CXOs to our editorial staffAn array of cloud-based tax compliance software is available in the market. However, the truly innovative solution providers offer a range of applications that support the needs of specific industries such as manufacturing, healthcare, or logistics. Since every industry is taxed differently, organizations--especially global ones that operate in multiple countries--need modules for specific transactions rather than resorting to cookie-cutter software. Also, American enterprises need software that allows making sales tax decisions based on a precise geo-location in more than 12,000 taxing jurisdictions in the U.S.While taking into account a variety of taxes--sales & use tax, VAT, GST, employee income tax, corporate tax, customs, and tariffs--a modern tax compliance software should support features such as return filing and tracking, tax calculation and payment processing, e-way bill management, tax exemption processing, and automated complex scenario management (e.g., tax holiday). Another critical feature that can help businesses is an exemption certificate storage and search component. Over the past few years, tax compliance software has benefitted significantly from the influx of newer technologies. By using predictive analytics and AI, businesses are able to identify historical trends, map out future projections, and identify cost-saving opportunities. Most importantly, intelligent tax tools are enabling companies--regardless of their size--to reach the full strategic potential of the tax function by automating and integrating tax processes. This refers to the automation of tasks that have been traditionally difficult to replace while still maintaining the level of accuracy needed to be productive. As accuracy increases and reaches the level tax professionals need to function optimally, manual processes such as data entry, analysis, and workflow are ideal candidates for automation.In another growing trend, government organizations are resorting to technologies to improve customer, or rather taxpayer, satisfaction. Though they have been relatively slower to adopt technologies, government bodies are finally transitioning from outdated systems and digitizing their operations. With countries like Canada introducing new roles such as "Minister of Digital Government," the pressure is on the rest of the world to follow suit. Ideally, government tax professionals should be prepared for the digitization of tax, including new data submission and electronic auditing requirements.For tax professionals, it's crucial to understand and adopt technologies that will enable them to be both efficient and strategic. However, they need not be saddled with technological minutiae when there are competent solution providers in the market to unburden them. In leafing through these pages, your organization stands to identify one such partner. The Future of Tax Technology is Now
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