As in many other areas, the need for digital solutions and processes is more and more increasing, also in terms of income taxes. Both internal and external stakeholders require tax relevant information within ever shorter time frames. Many foreign jurisdictions have even started to request real-time information from taxpayers. Although German tax authorities have not yet started to demand information in real-time, stakeholders such as CFO´s, financial investors or family offices expect real-time reporting that encompasses the entire field of income taxes. To comply with such requests, relevant information must of course be made available and processed in digital form.
Moreover, to enable your employees working from home as well, a high degree of digitalization is key. The pandemic in 2020/2021 has shown how important remote work actually is.
The responsible persons should perceive the digitalization requirements as an opportunity to make reasonable changes to their tax department. To consequently fulfill these requirements, it is essential to conceive, analyze and consequently establish the entire income tax relevant processes „end-to-end” both in a transparent and integrated manner.
Transparency helps end users to focus on their core competence, i. e. dealing with tax law and its reasonable application. However, this is only possible if the information available in the tax computation process can easily be comprehended, i. e. without extensive analysis. An integrated process means that data is preferably featured with tax relevant information at source and ready to be processed within a harmonized IT landscape that promotes a highly automated workflow at the same time. The goal is to avoid manual interventions and data transfers.
Due to a wide range of digitalization projects successfully carried out at enterprises of different scales and operating in different industry sectors, WTS could gain extensive know-how in this context. Our clients benefit from our versatile and field-tested best practice digitalization approaches in end-to-end income tax processes. Thanks to WTS‘ close collaboration with the leading tax software providers, we have profound insights to identify income tax related developments and to bring new legal requirements to a pragmatic solution.
Our aspiration is to think end-to-end income tax processes holistically. For that reason, we do not only focus on automation solutions, but also take further aspects into account that include, but are not limited to: tax support services, process consulting, change management etc. Our experts support you in all project phases and, if needed, beyond the go-live of your newly implemented tools and solutions.
Ideally, successful projects begin with jointly developing a digitalization roadmap that ensures a well-organized and scalable proceeding with a clear definition of goals that goes hand in hand with your company´s (global) IT strategy. Subsequently, your tailor-made implementation plan can be realized together step by step in a flexible way.
Do you have any questions about our services or WTS? Please let us know. Please fill in our short contact form. We will get in touch with you as soon as possible.