As the finance function embraces technology and makes real-time financial data and insights available, the tax function is also leveraging new technologies and evolving in tandem to better support the management in making timely business decisions. Tax consultancies too must scale up to provide better client support anytime, anywhere.
As a start, various training programmes are available, covering a wide range of topics, from data analytics to blockchain, and from cyber forensics to IT audit for auditors.
For tax professionals in a practice firm, a general three-stage guide on digitalising is available in the Accountancy Industry Digital Plan (Page 6). Begin by finding out how digital-ready your firm is here.
Specifically for tax, these are some of the digital solutions:
• Thomson Reuters’ OneSource
• Wolters Kluwer’s Prosystem Fx Engagement*
• Xion’s AI.TaxAssist and AI.TaxAudit
* SINGTAX and Prosystem Fx Engagement are pre-approved solutions of the DTACT funding where small and medium-sized practices can get financial support of up to 70% for the first year of adoption of each of the pre-approved solutions, with the total grant amount capped at S$30,000.
Do remember to be safe online. If you require further assistance on adopting technology, please contact SIATP.