7 Signs it’s time to modernize your tax processes

Are your tax processes working for you or against you? If you're drowning in manual data entry, battling compliance headaches, or struggling to keep up with new tax laws, it's time to rethink your approach. Modernizing your tax processes isn't just an upgrade in tech, when done properly, it can also give you an advantage over your competition. In this article we’re sharing 7 clear signs when its best to rethink your tax processes, do any of them sound too familiar? Then we’re here to help.

1. Still using spreadsheets for VAT /  tax compliance?

It's not just about the spreadsheets themselves, it's about the challenging process of getting the data into them. Think about it - you're likely scrambling to gather information from a variety of emails, chasing down details in phone calls, and manually inputting data from various sources. Not only is this process incredibly time-consuming, but even more it’s  prone to errors. While spreadsheets might feel familiar, they're ultimately a fragile foundation for managing crucial tax information. They're easily corrupted, riddled with version control issues, and lack the robust audit trails necessary for tax compliance.

Modern tax departments are recognizing these limitations and are moving toward dedicated tax software. These solutions offer greater accuracy, stronger internal controls, and seamless automation, eliminating the headaches of manual data gathering and entry.

Keeyns ensures your data flows seamlessly, cutting down on costly mistakes and giving you peace of mind.

2. Is manual data entry draining the resources of your tax team? 

Time-consuming, error-prone, and a drain on your valuable resources—manual data entry can actually be a thing of the past. Think about the hours wasted on tedious tasks, the potential for costly errors, and the impact on employee morale. Modern tax software utilizes advanced tools to automate routine tasks such as automatically cleaning and manipulating data or to summarize large pieces of information. All to eliminate repetitive tasks and freeing up your team. Instead of manually inputting numbers, tax analysts can focus on higher-value activities like actual analysis, strategy, and growth.

At Keeyns, we help you reclaim your time and redirect it to what truly matters: growing your business.

3. Dreading audit season?

Is audit season a source of anxiety? It doesn't have to be. The dread often stems from needing to provide a complete and auditable history of your entire tax process, not just the final figures. Auditors need to understand the story behind the numbers – who made key decisions, when, based on what information, and why.  Manually reconstructing this narrative from emails, documents, and scattered conversations is a stressful, time-consuming ordeal. Fortunately, it's avoidable. Modern, centralized tax platforms are designed to provide a comprehensive audit trail that captures every step of the process automatically.

Imagine a system that not only stores your documents but also logs every data change, every approval, and every related communication, all in one place. This streamlines audits, demonstrating your commitment to accuracy and compliance, transforming them from stressful events into routine confirmations of your diligence. 

With Keeyns, your data is centralized and readily available, ensuring you're always prepared—no last-minute panic. 

4. Lacking visibility into your tax position?

If you’re unable to  answer the question, "What's our tax liability right now?" then this is a clear sign that you need better insights. Real-time dashboards provide the clarity and visibility necessary for informed, strategic decision-making.

Real-time reporting provides immediate access to your financial data, including your current tax liability. Eliminate the guesswork and make informed decisions based on accurate, up-to-the-minute information. With real-time insights, you can proactively manage your tax position and optimize your financial strategies.

Keeyns gives you a clear view of your tax position at any moment, empowering you to make confident, data-driven decisions, fast.

5. Are disconnected systems causing friction?

Are disconnected systems causing friction when working with multiple tax advisors and global teams? Juggling disparate systems, local spreadsheets, and conflicting data across different countries is a recipe for errors and inefficiency. They will result in fragmented data, making it difficult to have a single source of truth.  This fragmented approach leads to duplicate efforts, inaccurate reporting, and hinders collaboration, especially when dealing with complex international tax regulations. In these cases compliance is managed across multiple jurisdictions, each with unique tax laws and reporting requirements.

A modern, integrated tax platform eliminates these challenges by creating a single source of truth for all your tax data. Keeyns provides this unified platform, streamlining workflows and ensuring a smooth, efficient flow of information across your entire operation, regardless of location or the number of advisors involved.

Keeyns connects your teams, provides global visibility, and empowers you to manage tax effectively. 

6. Keeping up with tax law changes a struggle?

Struggling to keep up with the ever-shifting landscape of tax law changes? It's a constant battle to stay informed and ensure compliance, especially with regulations varying across jurisdictions. Relying on manual research and updates is not only time-consuming but also increases the risk of costly errors and penalties. You need a system that proactively adapts to regulatory changes, not one that leaves you playing catch-up.

Fortunately, modern tax technology provides the solution. Imagine having a system that automatically incorporates the latest tax law updates, ensuring your calculations are always accurate and compliant. That's what you get with a dedicated tax platform. Modern tax software eases this complex process, acting as your vigilant compliance partner. We keep you ahead of the curve by integrating the most recent regulations directly into the platform, minimizing your risk and maximizing efficiency.

With Keeyns, you can focus on strategic tax planning, knowing that the details of compliance are expertly handled.

7. Are your tax processes scalable?

Scaling your tax technology is crucial for businesses to handle the increasing complexity and volume of tax data. This article emphasizes the need for technology that can automate manual tasks, streamline processes, and provide real-time visibility into tax data. Without scalable solutions, growth can lead to inefficiencies, errors, and increased risk of non-compliance. Imagine your tax processes struggling to keep pace with your business expansion - this can lead to missed deadlines, increased costs, and hinder your overall growth trajectory.

Keeyns is built to support your growth ambitions, whether you're scaling up your existing operations or expanding into new markets.

Why Keeyns?

Stop letting outdated tax processes hinder your growth. Keeyns offers a single, seamless platform to manage all your tax needs, from VAT compliance to transfer pricing. Our solution provides full automation, simplifying workflows and freeing your team from tedious tasks. Gain control with tailored insights from real-time dashboards and rest assured knowing Keeyns scales with your business. Contact us today to book a demo and unlock the future of tax management.

• Tax managers’ top compliance concerns. (2024, 1 augustus). Vertex, Inc. https://vertexinc.com/resources/resource-library/tax-managers-top-compliance-concerns

• how Generative AI might help tax functions tackle challenges. (2023, 10 november). EY https://www.ey.com/en_gl/insights/tax/how-generative-ai-might-help-tax-functions-tackle-challenges