Better tax compliance with centralised data solutions

For businesses operating across several countries, keeping up with tax regulations feels like playing whack-a-mole; just when you think you're compliant, new rules pop up. With governments raising the bar in terms of tax regulations, staying on top of tax compliance is becoming a costly game. Implementing a solution for tax compliance reporting can result in better collaboration, less lost time and better quality of tax data. In this article we’ll show you how this can help your organization. 

The persistent issue of scattered tax data 

Imagine your tax team losing valuable hours each week trying to piece together crucial information. This tax data, often spread across numerous jurisdictions, disconnected systems, and endless spreadsheets, breeds confusion, hinders efficiency, and significantly elevates compliance risks. For these situations a tax management platform can surely help. A platform that can centralise tax data, streamline collaboration, and empower informed decision-making. That’s where Keeyns can help. 

Understanding the challenges of fragmented tax data management

In many multinational organizations, tax-related information resides in isolated systems. This fragmentation complicates collaboration and makes accurate, timely reporting a significant hurdle. According to McKinsey, finance professionals dedicate roughly 28% of their time to managing emails, a complication that tends to grow by fragmented communication and inefficient data-sharing practices. It’s all very common in a situation of decentralised tax data management. The same study shows that unclear roles and complex structures are named by 40% of tax professionals to have a negative impact on their efforts to manage data effectively. 

Create clarity with a Centralised Data Solution for tax 

Tax management software can tackle the chaos of fragmented data by centralising tax management within a single, intuitive platform. This is what Keeyns is offering. Our unified approach provides real-time access to accurate tax data and enables collaboration between your internal tax specialists and external advisors. After implementation many of our clients have seen significantly improvements in the tax teams' ability to proactively manage compliance across various markets. A Centralised Tax Data Solution such as Keeyns is fundamental to efficient tax data management.

The strategic role of technology in tax transformation and data management 

Research from EY highlights the pivotal role of technology in the evolution of tax operations, facilitating closer integration between tax and finance departments. This shift transforms tax management from a reactive compliance function to a proactive, insight-driven decision-making process. Keeyns fully embraces this transformation, positioning your tax department as a proactive business partner, all built upon a foundation of robust data management practices.

Better tax management through useful features 

Our tax management software offers a secure and streamlined approach to managing your tax obligations, if you’re unsure whether you’ve outgrown your current method, read 7 signs to modernise your tax processes.

the following features are included: 

• Secure data vault: We provide robust security for your sensitive tax data within a centralised environment, ensuring access is restricted to authorised personnel only. 

• Expert-crafted workflows: Developed by other tax specialists, these workflows are set up for your team and will help you with complex reporting and compliance processes. They will release your tax team from tedious administrative tasks. 

• Flexible access control: With Keeyns you can easily assign and manage user roles. Set your responsibilities and ensuring operational continuity. 

• Real-time compliance insights: Our tax management platform offers interactive dashboards that immediate make compliance status visible across markets. This will make it possible to proactively identify and mitigate risks  

• Enhanced team collaboration: Facilitate efficient communication with both internal teams and external advisors directly within the platform, significantly reducing email overload and improving information flow. 

• Effortless workflow automation: Build and customise your own tax workflows with a drag-and-drop interface. These are easy to set up and will simplify complex reporting and compliance processes. Focus on strategic initiatives rather than repetitive administrative duties 

The advantages of tax management software for every tax stakeholders 

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. For instance, the UAE’s new tax regulations illustrate how major changes can arrive with tight deadlines.

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, minimising your risk and maximising efficiency.

1. For CFOs and tax directors 

Keeyns provides a strategic advantage by offering a clear, consolidated overview of your organization’s tax obligations. Real-time dashboards highlight potential risks and compliance statuses, empowering you to make informed, proactive decisions based on your centralised data. With Keeyns, strategic oversight becomes simpler, minimising the risk of costly errors and ensuring alignment with broader business goals through effective data management

2. Boosting efficiency for in-house tax officers 

Keeyns dramatically reduces the manual workload for in-house tax teams by automating routine tasks. Tax officers can redirect their focus to higher-value strategic activities, supported by clear compliance dashboards and secure, centralised data storage. Businesses leveraging Keeyns have reported a 40% improvement in compliance efficiency and a significant decrease in internal email traffic, leading to enhanced daily productivity through improved data management.

3. Streamlining collaboration for external advisors

External advisors benefit from having centralised client data at their fingertips, eliminating the time-consuming process of searching for scattered information. This streamlined access simplifies client interactions, allowing tax advisors to dedicate more time to providing valuable strategic advisory services rather than getting bogged down in administrative tasks.

The actual effect of centralised tax data management 

So let’s talk results. Because organizations across various industries, from mid-sized enterprises to global corporations, have already experienced significant benefits by implementing Keeyns: 

• Increased efficiency: Achieve a 40% improvement in the efficiency of compliance tasks through streamlined data management. 
  
  

• Enhanced productivity: Experience up to a 60% reduction in internal email communications by leveraging centralised data and communication tools. 
  
  

• Reduced costs: Realise a 22% reduction in advisory costs by minimising unnecessary administrative tasks made possible by efficient data management
   

These results demonstrate Keeyns’ proven ability to deliver measurable improvements in global tax management through the power of centralised data solutions.

Ready to take control of your tax operations with centralised tax data? 

If your team is struggling with the complexities of scattered data and inefficient processes, Keeyns offers the solution you need to regain control. Our comprehensive platform simplifies data management, ensures compliance, and helps with effective collaboration across your entire organization through centralising your tax data. Put the technology to your advantage and let Keeyns empower your tax team to dedicate more time to strategic initiatives, driving meaningful business outcomes. 
 

Don't let scattered data hinder your business growth. Use our Keeyns Tax Process Health Check for a quick diagnostic of your current compliance processes. Or schedule your Keeyns demo today and discover the transformative power of Keeyns. 

• Chui, M., Manyika, J., Bughin, J., Dobbs, R., Roxburgh, C., Sarrazin, H., Sands, G., & Westergren, M. The social economy: Unlocking value and productivity through social technologies. McKinsey & Company. https://www.mckinsey.com/industries/technology-media-and-telecommunications/our-insights/the-social-economy

• Lee, A., & Campbell, D. (2022, October 28). How technology can help tax and finance drive business transformation. https://www.ey.com/en_nl/insights/tax/how-technology-can-help-tax-and-finance-drive-business-transformation