In today's rapidly changing business landscape, the role of the corporate Chief Financial Officer (CFO) has expanded beyond traditional finance functions to encompass broader strategic responsibilities. Modern CFOs are balancing near-term and long-term investment priorities, embracing risk and innovation, developing leadership and talent and leveraging technology and data. This evolution is profoundly impacting corporate tax departments, necessitating a shift towards greater integration of data analytics, technology and strategic planning. As CFOs navigate complex global environments and drive digital transformation, tax teams must adapt to support these new priorities.
Driving impact through data-driven decisions
A key aspect of the evolving CFO role is the increasing reliance on data analytics in financial decision-making. As CFOs leverage advanced data analytics tools, tax departments are required to be proficient in data management and analytics, transforming raw data into actionable intelligence that supports the broader financial strategy. By optimizing tax strategies and exploring cost-saving programs through real-time visibility, tax teams can unlock hidden opportunities that drive impact across the business.
Navigating change with confidence
With regulatory environments becoming more complex and scrutiny from tax authorities intensifying, the CFO’s role in ensuring robust compliance and risk management also has become critical. CFOs are responsible for overseeing the tax compliance function, ensuring tax obligations are met in a timely and accurate manner, while minimizing tax exposures and penalties. To support the CFO in these tasks, the tax department must adopt more sophisticated compliance frameworks and risk assessment tools, emphasizing the need for a single corporate tax software that effortlessly adapts to business, regulatory and operations changes.
Comprehensive empowerment through unified solutions
One challenge facing modern CFOs is the need for total visibility over tax and trade solutions. Siloed multi-vendor systems often create complexity and hinder decision-making. To address this, CFOs are increasingly turning to single-vendor solutions like ONESOURCE from Thomson Reuters, which unifies data flow and integrate seamlessly with existing ERP systems. This approach ensures consistency across departments and provides business leaders with comprehensive data for more informed decision-making.
Increasing efficiency with cloud-powered technology
As CFOs drive digital transformation agendas, tax departments must leverage cloud-powered technology to unlock their full potential. By streamlining workflows and embracing innovative tools, tax teams can free up valuable resources for strategic initiatives. This shift allows tax professionals to accelerate performance and contribute more effectively to the organization's overall goals.
Adoption of GenAI with accuracy
Generative artificial intelligence (GenAI) is no longer the technology of the future and C-suites are forging ahead with AI use, particularly in tax and trade. Though adoption of GenAI comes with challenges as CFOs express concerns around inaccuracy, most often caused by bad data input from disparate systems. To ensure the GenAI output is accurate, tax departments are shifting from siloed multi-vendor solutions to single-vendor solutions like ONESOURCE. A comprehensive suite of tax solutions draws from a single source of truth, giving tax departments a unified data foundation to confidently adopt GenAI.
Transform your tax department with ONESOURCE
The transformation of the CFO role is reshaping corporate tax departments, driving them towards greater strategic involvement, technological adoption and enhanced compliance. To support CFOs in their expanded responsibilities, tax teams must embrace innovative tools, develop new skills and work collaboratively across the organization. By leveraging unified solutions like ONESOURCE, tax departments can increase efficiency, limit risk, navigate with confidence and drive impactful, data-driven decisions that contribute to the company's overall success in an increasingly complex business environment.
