Today’s unprecedented economic challenges have forced companies to rethink the way they do business. For many, this includes taking a closer look at how they manage their compliance obligations on a worldwide basis. Managing tax and statutory compliance in today’s highly complex economic and regulatory environment is no easy task. Rapid globalization, new developments in tax laws, changes in accounting standards and increased demands from tax authorities are all increasing the burden on tax and finance departments. In addition, the recent global pandemic has taught us all the importance of remote working and building a team that can adapt to strenuous circumstances. All the while tax functions are challenged with providing more and better reporting and compliance, in less time.
Across the KPMG organization, we are investing US$5 billion over five years in technology, people and innovation to help accelerate the digital transformation of KPMG firms and our clients, with more than US$1billion being invested in tax & legal technology specifically through that period. Through this investment we have combined our technology, transformation and compliance capabilities under a new framework — Tax Reimagined. A technology-enabled holistic approach, to help organizations develop and implement a customized target operating model for their tax and finance functions to enable them to reduce costs, mitigate risks, improve quality and drive more strategic value across their organization.
The end state is a holistic solution, frequently enabled by KPMG managed services offering, designed to integrate compliance processes (e.g. statutory accounting, tax reporting, direct/indirect tax compliance, transfer pricing) and/or a tax transformation effort which standardizes and optimizes tax processes by leveraging KPMG’s Lean 6 Sigma methodology for Tax and KPMG’s Digital Gateway technology. Typically such an end state can start from any end of the spectrum depending on the company’s priorities and resources.
KPMG Digital Gateway: Powered by Microsoft Azure and built on the cloud, KPMG Digital Gateway is a single platform solution that gives you access to the full suite of KPMG Tax & Legal technologies, all in one place.
Our solution architects collaborate with you to bring tax expertise, a deep understanding of technology and innovative operating model designs to help you reimagine your tax function. KPMG professionals can work with you in many ways including but not limited to:
- Designing your future target operating model that optimizes all elements of the tax reimagined framework- strategy, sourcing, operations and performance to help lower your cost of compliance, manage risk and add value beyond compliance.
- Creating and implementing managed services solutions that allow you to deploy company resources more effectively and/or lower costs while leveraging KPMG’s investment in people, process and technology.
- Strategic deployment of point solutions to enable company tax and finance processes.
This journey often starts with a discovery workshop where KPMG solution architects can work with you to better understand your current state, conduct rapid diagnostics, benchmark your data, share our observations and next steps as we help you reimagine your target operating model of tomorrow.
How clients can benefit
Leveraging this framework KPMG Tax professionals can help you in many ways including but not limited to:
- Gain a deeper understanding of technology and innovative operating model designs
- Design a target operating model that combines transformation with the right blend of managed services and technology
- Review the strategy of the tax function to confirm it aligns with the overall business strategy
- Reduce the cost of compliance and/or deploy resources to more value added activities
- Streamline oversight of tax reporting across all countries and territories
- Improve KPI reporting and the ability to refocus resources on value-adding activities
- Higher-quality tax data that provides insights into the business
- Future ready for the digitalization of tax collection
- Bring leading tax expertise.
A KPMG Tax Reimagined discovery workshop can give you the opportunity to review and articulate your strategy and align your sourcing model, operations and performance indicators to that strategy, enabling you to reimagine you target operating model of the future, today.
Tax Reimagined Webcast Series
11 May 2021 | Tax Reimagined - What's next? Watch the replay
For more on Global Tax & Legal webcasts click here.
Businesses increasingly want a strategic relationship with advisors who can travel the journey with them to a new target operating model for their tax and finance functions. With Tax Reimagined, KPMG firms bring together tax experience, transformation capabilities and technology innovation specialist to help business shape the tax function of the future.
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Head of Global Compliance Management Services, KPMG International and Partner, KPMG in the US
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