In the 2022 State of the Corporate Tax Department Report, it was found that the technology needed to meet the growing demands of the digital economy is pulling corporate tax departments in different directions.
From the ever-evolving regulatory environment to the internal demands where tax teams are being asked to do more with fewer resources, corporate tax departments are feeling the strain.
Corporate tax teams need more resources
The survey found that the majority of tax department employees feel they do not have the resources they need to meet the challenges and the biggest obstacle preventing them from achieving their professional development goals was “lack of time.” In addition, the top two skill gaps identified by respondents in this year’s survey were tax technology expertise and leadership.
The survey suggests that a more harmonious balance between the demands of technology and the needs of employees is the more sustainable path to business success. It is through robust training and mentoring programs that tax departments can achieve this equilibrium.
Download the 2022 State of the Corporate Tax Department Report to compare your operations on:
- The top four strategic priorities and challenges for corporate tax departments
- Understanding the technological journey
- Trends in resourcing and developing talent
- Recruitment and retention techniques
- Personal motivators among tax professionals
- Budgetary spending on technology