Real-time tax reporting for Tax Compliance Risk Management

The global tax landscape is shifting dramatically. Gone are the days when businesses could rely on annual tax filings and reactive compliance measures. Real-time tax reporting is here, and it reshapes Tax Compliance Risk Management for financial leaders and tax professionals alike. With the right approach and technology, it can become a decisive competitive advantage—helping your business stay nimble, compliant, and ahead of potential pitfalls. 

Why Real-Time Tax Reporting Drives Tax Compliance Risk Management

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. 

1. Improved accuracy and fewer errors

By continuously reporting data, businesses can swiftly identify and rectify discrepancies as they occur, drastically reducing errors and avoiding costly audits. Imagine spotting a potential VAT discrepancy immediately rather than during year-end pressures

2. Proactive compliance and risk visibility

Continuous reporting provides a live overview of tax obligations, allowing your department to tackle concerns before they escalate. This proactive stance is the heart of Tax Compliance Risk Management, turning compliance into a seamless, strategic function.

3. Enhanced cash flow visibility

Continuous reporting gives you a near-instantaneous view of your tax obligations. CFOs gain clearer insights into cash flow, enabling more precise financial forecasting and better strategic decisions – no more unpleasant surprises when tax bills arrive. 

4. Streamlined processes through automated tax software

Automating data submission helps your team move away from manual, repetitive tasks. Instead, they can focus on strategic initiatives that further enhance Global Tax Compliance and bolster operational efficiency.

5. Deeper business intelligence

Real-time tax data can unlock valuable insights into operational performance. Beyond meeting obligations, it empowers leaders to optimize business strategies, whether locally or across multiple jurisdictions.

Addressing the challenges of Tax Compliance Risk Management with real-time reporting 

Real-time reporting undoubtedly brings challenges, but with a proactive stance, they can be successfully navigated: 

• The pressure of continuous reporting:  Continuous visibility means continuous scrutiny, requiring tax teams to adapt to a more dynamic and demanding environment. The transition involves substantial changes in mindset and operational procedures.

• Complex data management: 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. 

• Technology integration and investment:  With Keeyns you can easily assign and manage user roles. Set your responsibilities and ensuring operational continuity. 

• Revised processes and skills development: 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  

Keeyns: Your partner for Tax Compliance Risk Management 

Keeyns was built to convert tax complexities into strategic advantages. Our intuitive, user-friendly platform centralizes tax processes and data, empowering you to focus on the bigger picture of Tax Compliance Risk Management rather than day-to-day firefighting. 

Automated and integrated reporting

Keeyns automates data collection, validation, and reporting processes, enabling your tax team to transition smoothly to real-time compliance. Automation significantly reduces manual tasks, improving efficiency by up to 40%

Collaborative workflows

Built-in project management tools foster smooth collaboration between internal stakeholders and external advisors. A single platform cuts down on email clutter by up to 60%, reducing confusion and delays. 

 
Real-time compliance dashboards 

With clear, instant visibility into your tax processes, you can detect and address risks proactively. Expert-reviewed workflows ensure every tax obligation is handled promptly, cutting administrative overhead by 22%. 

 
Secure centralized data 

From ISO 27001 compliance to specialized encryption, Keeyns safeguards your tax records against data breaches and privacy violations—further supporting robust Tax Compliance Risk Management practices. 

Real Results with Keeyns 

Our clients, from international SMEs to global corporations, have already transformed their tax processes: 

• Valentino streamlined its compliance processes, significantly reducing risk exposure. 
• Mechanix Wear boosted growth by automating repetitive compliance tasks. 
• DDM enhanced compliance for expatriates through improved internal and external collaboration. (Explore more resources.) 

Embrace real-time reporting for Tax Compliance Risk Management 

Real-time reporting isn’t a mere trend—it’s the new standard for organizations aiming to excel in Global Tax Compliance. Those who adapt now secure a strategic advantage that makes compliance smoother and risk management more efficient. 

Ready to make compliance a strength, not a burden? Request a demo with Keeyns today and see how Tax Compliance Software and our comprehensive Tax Platform Services can transform your business with clarity, confidence, and truly Automated Tax Software solutions. 

• Deptuła, Z. D. (2024, March 21). Real time reporting– challenge or opportunity for managing business more efficiently. Retrieved April 14, 2024, from https://go.ey.com/4edc1eW