If you think of digitization of the tax function, then you can think of artificial intelligence (AI), chat bots, blockchain technology, data lakes and the like. These are all very interesting and promising topics, which, however, currently (still) do not play a role for a very large number of companies in the tax area. In fact, many tax department managers are faced with trivial challenges, namely finding internally stored tax relevant information. like in case of a tax auditors request..
Publicly accessible information can be found quite easily via search engines and general tax information (if available) can be found from tax law databases. However, it is often very difficult to access company-internal information that is stored in files and stored in Explorer. Similar applies to the subject of email.
To avoid this timely information / document search, a document management system is essential! Also, by using a respective DMS you can manage your tax workflow within your internal control framework to ensure compliance. What is certain is that a DMS increases the effciency of the tax department. Think of it!
For any question, please contact us! Stefan Kienzler, TAXCOMTECH