Finance Monthly. 7 The Monthly Round-Up Measured speed – the 21st century business currency • 94% of respondents say they have become more willing to outsource or co-source their tax function over the past year (co pared to 43% in 2022 and 65% in 2021). • Nearly all (99%) executives would consider an alternative sourcing model to leverage the technology expertise, tools and skills of a third-party provider. • Of those willing to leverage a third-party provider, 73% admitted to having a tough time recruiting talent with the technology-minded skillsets needed for the future. Convergence of tax and tech – the anatomy of the modern tax professional • Most leaders still prefer to hire tax experts who can learn technology (54%), in line with 2021 and 2022 findings. • This year, slightly more expressed a willingness to hire technology experts who can learn tax (46%), than in years past (43% in 2022 and 41% in 2021). • 47% say data analysis is the most important skill needed to ensure the tax department operates at its full potential. • Almost half (47%) say that revamping the perception of a tax career is their top method to attract new talent. “Tax transparency is becoming an increasingly important part of the ESG conversation,” said Greg Engel (@Greg_Engel_KPMG), Vice Chair – Tax, KPMG LLP. “With mandatory tax disclosures on the rise, companies must act now to prepare. Embracing AI tools may be the solution to help companies make sense of their vast amounts of data to avoid the risks of having their tax story potentially told for them. Embracing technology is essential for companies to stay ahead of the curve.” “As technology and innovation continue to transform the tax landscape, talent is more critical than ever,” said Rema Serafi (@RemaSerafi), National Managing Principal – Tax, KPMG LLP. “The modern tax department requires a convergence of skills to understand the tax technical landscape, operate cutting-edge technology and analyze complex data. A tech-first mindset blended with tax skills is the winning formula to unlock the full potential of tax departments in the digital age. “AI will create a corporate reality of the ‘haves’ vs. the ‘have nots’ between those who adopt the technology to transform their tax departments and those who get left behind,” said Brad Brown (@Brad_Brown_ KPMG), Chief Technology Officer – Tax, KPMG LLP. “KPMG has been investing in AI for more than a decade. By putting AI technology in the hands of our professionals, we’re changing the game in how we serve and deliver for our clients.”
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