Dealing with the tax data conundrum – and more Just as GDPR legislation changed the rules of the game with regard to how organisations handle sensitive personal data, MTD is compelling tax and finance teams to focus on the importance of getting tax right the first time. That includes maintaining appropriate digital records of all transactions undertaken. Almost five years ago, GDPR propelled Chief Information Security Officers (CISOs) into the boardroom. Here, their tech insights and grasp of data-related issues enabled organisations to review and streamline their systems, improve workflows, and implement standardised data security policies across the business. Now the Tax Technologist is set to play a similar mission-critical role for businesses, both large and small. Operating with a much wider remit than the Tax Data Professional, the Tax Technologist will focus on some key primary tasks. First of which will be eliminating data silos and ensuring that systems, together with all related processes, are integrated and streamlined. This will enable organisations to be head of the game when it comes to hitting HMRC’s new compliance deadlines. The Tax Technologist is responsible for delivering one key outcome: ensuring that key stakeholders in the tax department have full visibility of the data they need, and that this data is always accurate and correct. By eliminating the need to second guess or manually validate data held within their systems, the Tax Technologist is able to put automated systems in place. Using high-quality data that delivers unified insights, tax and finance professionals will be empowered to operate efficiently and at the top of their game. But that’s not all. As a standard bearer for the tax department, the Tax Technologist is able to highlight how digital transformation greatly expands the added value that tax teams can contribute to the business. “The Tax Technologist is responsible for delivering one key outcome: ensuring that key stakeholders in the tax department have full visibility of the data they need, and that this data is always accurate and correct.” Bank i ng & F i nanc i a l Se r v i ce s 34 Finance Monthly.
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