As we’ve witnessed in the last two years, the global labor shortage is a post-pandemic new reality that businesses of all sizes must deal with. One of the areas where labor shortage is a real challenge is the field of Tax. As more senior Tax professionals opt for early retirement and not many college grads are willing to put in the long hours on repetitious spreadsheets, Tax has a real problem. To make the issue worse, while Tax Technology has advanced many Tax Departments are still relying on the old and time-consuming manual procedures performed by the Tax preparers. Why? Honestly, a sustainable transition to technology and automation is not that easy. Simply hiring a consultant to automate a Tax process is not a realistic and sustainable solution if your Tax professionals who use the new solution cannot maintain it for future use. This is why most Tax Technology investments either fail after the 1st cycle or do not yield the expected ROI.
Designing rewarding automated solutions require some basic understanding and best practices of technology concepts. Therefore, we believe it is unreasonable to expect a Tax professional to develop or maintain complex scripted solutions that are normally developed by professional IT staff.
To guarantee automation success and to protect investment in automation we recommend the following:
-Commit to annual Excel training of your Tax professionals.
-Challenge your Tax team to explore tools other than MS Excel.
-Invest in full-time Tax Technology staff.
-Subscribe to an affordable on-demand Tax Technology service similar to the one offered by Tax Technology, LLC.
Need support in your tax automation process? Contact Alex Fazelat, Tax Technology LLC at http://www.taxtechnologyllc.com/contact.aspx
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