Today's unprecedented economic challenges are forcing companies to rethink the way they do business. For many, this includes reassessing the way they manage their compliance obligations.
Managing compliance in today's highly complex economic and regulatory environment has become increasingly challenging. Rapid globalization, developments in tax laws, changes in accounting standards and increased demands from tax authorities for greater transparency and cooperation are all increasing the burden on tax and finance departments. At the same time, they are expected to provide more and better reporting and compliance in an ever shorter time frame.
Additional challenges are imposed by the fact that qualified and experienced compliance professionals are scarce and that in-house accounting and ERP systems have to serve both global and local compliance requirements.
Thus it's not surprising that tax and finance departments often spend a disproportionate amount of time on compliance activities; time that could have been used on higher value activities such as strategic tax planning, risk management and closer integration with the rest of the business.
As a result, many companies are looking for more efficient and more cost effective ways to meet their compliance obligations.
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