Posts Tagged ‘Ventana Research’

There is a general feeling of consternation in the US accounting sphere with regard to the shift from US GAAP to IFRS accounting standards.

There’s little doubt that this shift will force a new way of thinking for many tax departments, but perhaps there are new opportunities along with these new challenges.  

Robert Kugel of Ventana Research explores how the US GAAP to IFRS shift will bring the accounting and tax functions into a new realm of technological parity with other corporate entities and provide sound benefits for organizations that are forward-thinking enough to view this shift as an opportunity instead of an obstacle.

Read the full article on Sourcingmag.com and be sure to answer Tax 2.0’s Quick Poll below.

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The tax department is under siege and being bombarded from all sides of the organization to add higher value in infinitely shorter cycles of time. No longer being able to rest after compliance activities are completed – today’s tax professional must be a tax prognosticator, parsing and dissecting data to limit tax exposure today and tomorrow.

For many tax departments their only defense is the stalwart spreadsheet – the columned wonder of tabulation and formulaic salvation that has been a staple in office environments since the mass proliferation of desktop computing. For most tax departments spreadsheets still serve as the only form of “automation,” hindering not only accurate compliance, but also falling woefully short of today’s robust tax reporting needs.  

Ventana Research’s Robert D. Kugel, exposes why these two dimensional tools simply will not suffice in today’s multifaceted world of tax reporting and analysis.

Read more from Robert’s blog entitled Taking Tax Out of the Closet

Then be sure to come back to Tax 2.0 and sound off on your Spreadsheet horrors or to defend this time tested application.

Article by analyst firm Ventana Research which outlines the benefits of upgrading to a third party tax calculation software application for sales, consumer use and income tax.

 http://businessfinancemag.com/article/managing-taxes-more-effectively-software-0401