A high-performing, effective mix of people, process, and technology creates the right conditions for innovation. Today, the ability to collect, maintain and analyze data is also an important innovation ingredient. Together, the strengthening of people, process, technology and data allows any entity – including the tax department – to innovate in the pursuit of tax department objectives, managing to the preferred risk profile, environment and budget. This is tax function optimization. Our teams help you get there.
"Emerging technologies can automate many tax department tasks like managing data, generating deliverables, or producing insights, and are rapidly transforming how leading tax functions are operating. But to take advantage of these technologies — RPA, analytics, visualization or others — you need a plan. It starts with gaining an understanding of your challenges and aspirations, designing an optimized process enabled by appropriate technology, and then introducing improvements at a pace and level of automation that makes sense for the individual organization."
— Jeff White, Tax Function Optimization Leader
Our tax function optimization (TFO) services assist companies in enhancing the performance and productivity of a single tax function or all functions in an organization. The result are innovative solutions that deliver meaningful results for our clients, including:
TFO: Knowing where to start
- Improved quality, accuracy and timeliness of financial reporting
- Efficient, effective processes that incorporate best practices and quality controls
- Opportunity for cost reduction, co-sourcing/outsourcing, and streamlining
- Shifting focus from compliance to value-adding, strategic activities
- Achieving efficient, high-quality tax compliance
- Providing insights into data in an automated way
When it comes to creating a high-performing environment, tax departments fall along a maturity continuum. Advancing your tax department along the continuum increases the department’s ability to innovate.
We provide services to elevate your position on the continuum, no matter where you are starting:
- Tax function reviews
- Tax data management, analytics and reporting
- Tax process design
- Technology roadmap development
- Software selection
- Software implementation, including leading vendors such as ONESOURCE, Corptax, Oracle, Vertex and Longview
Core to the delivery of TFO services is our experience in enabling technologies such as data mining, robotics process automation, analytics and visualization, and blockchain. Each of these disruptive technologies can greatly enhance the outcomes that can be achieved through tax function optimization. We have built strong relationships with leading and emerging technology vendors in these areas.
Our strong community of vendors means that we are never in a position to prescribe a solution that is not right for our clients. We are agile and only craft right-sized solutions, delivered at the right pace by professionals with deep technical, technology and process design skills. In some cases, your circumstances will require a tool. In others, your challenge can be solved by a few formulas in a spreadsheet. Knowing where to start – or how to accelerate your initiatives – depends on what you prioritize and want to achieve.
Whether you're just beginning your innovation journey or are well on your way and looking to accelerate your new investments, Grant Thornton TFO professionals can help.
Tax Function Optimization Leader
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This document supports Grant Thornton LLP’s marketing of professional services and is not written tax advice directed at the particular facts and circumstances of any person. If you are interested in the subject of this document, we encourage you to contact us or an independent tax adviser to discuss the potential application to your particular situation. Nothing herein shall be construed as imposing a limitation on any person from disclosing the tax treatment or tax structure of any matter addressed herein. To the extent this document may be considered to contain written tax advice, any written advice contained in, forwarded with or attached to this document is not intended by Grant Thornton LLP to be used, and cannot be used, by any person for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.