PwC Ireland are investigating new ways to make tax work harder for business, and hosted a workshop on 24 May showcasing new tax apps, tools and interactive solutions to help organisations integrate the power of data analytics into their tax function.
Some key apps being showcased were in the areas of mobility, VAT, corporate tax, employment tax, transfer pricing and Revenue audits, as well as also specialist areas such as aviation finance.
Pictured at the launch of the PwC Tax Data Analytics showcase event are (left to right): John Murphy, Tax Partner, PwC Ireland and Andrea Paolella; Tax Senior Manager, PwC Ireland.
The workshop also included discussion of emerging trends in the automation of tax and financial reporting, data extraction and integration of tax with broader analytics processes.
Speaking at the event, PwC Ireland Tax partner John Murphy said: "Data is at the heart of tax and business strategic decision making. The purpose of this event is to showcase the opportunities that data analytics can bring to tax functions, including optimising data assets and capitalising on untapped business intelligence.
“The tax function and professional of the future will be more data savvy. There is a great opportunity to further leverage data analytics within tax functions for greater contributions to the bottom line.”
Tax functions have increasing amounts of valuable data. This data can provide insights into how the company can manage the tax costs of people mobility, supply chains as well as maximising the tax benefits in areas such as mergers and acquisitions.
There are currently a number of key drivers for companies to investigate how data analytics can assist their tax function.
The increasing trend nationally and internationally towards real-time reporting in areas such as payroll and VAT requires companies to have a better handle on their data.
The Revenue authorities in Ireland have been investing heavily in people, skills and technology and are becoming more skilled in data extraction and analysis as part of their revenue audit techniques.
PwC is currently using data analytics in a number of live scenarios in areas including:
With the increasing amount of time being spent by tax functions on data extraction to meet tax or financial reporting requirements, there is a desire to automate processes so more time can be spent on value-adding work.
"Businesses have a huge opportunity to use data analytics in their tax functions to optimise data for greater insight and efficiencies," said John Murphy.
"PwC has invested heavily in people and technology to specifically help tax clients maximise the opportunities from their data to improve tax reporting and business decision-making.
"I would invite people to contact us today to discuss how we can help them to use data analytics to make their business functions function better."
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