Corporate tax departments frequently encounter numerous obstacles when integrating technology and automation. This is particularly true when it comes to automating manual Excel processes.  Below are some primary reasons and effective solutions that will help to gradually transition into Excel-based automated solutions that have been proven to significantly reduce cost and improve efficiency. Challenges Recommendations…

Because a tax department’s processes are interconnected, it is often overwhelming to think about process automation. Those who have succeeded in this endeavor have managed to do so by breaking down the bigger picture into smaller sub-functions and treating each sub-function as a separate manageable project. It is critical to choose the right projects for…

Lack of preparation: Failing to properly prepare for automation, such as not thoroughly understanding current processes and not having clear goals, can lead to implementation problems and slow progress. Inadequate data management: Poor data management practices, such as failing to validate and clean data, can result in inaccurate results and delayed processes. Neglecting security and…

Excel Power Query and Alteryx are both powerful data manipulation and analysis tools that can automate data transformation of large datasets.  While both products can streamline complex manual tasks, there are some key differences that should be considered before implementing one or the other. Below is a very high-level comparison of the two products. Excel…

Many tax department leaders hesitate to adopt advanced automation solutions that their tax preparers can’t handle. Essentially, they fear creating a black box that lacks transparency for updates. While we respect this cautious approach, it’s important to acknowledge that most tax preparers have only a limited grasp of MS Excel and technology in general. Consequently,…

Tax process automation is a journey, not a destination: As we have witnessed in the last few years, the global labor shortage is a post-pandemic new reality that businesses of all size must deal with. One of the areas where labor shortage is a real challenge is the field of tax. As more senior tax…

Incorporating improvements in a tax process without the support of professional IT help can have an immediate benefit. However, there may be some drawbacks in the long run. Inefficient and Error-Prone Processes: Microsoft Excel is the backbone of finance. Most tax departments’ automation projects are purely based on MS Excel. Because less than 5% of…