As various industries are becoming increasingly competitive, more businesses are searching for ways to stay ahead of the competition. One way that organizations are advancing is through digital transformation within the finance department. Maintaining tax compliance is traditionally a significant manual lift, but tax automation offers many efficiencies. It also allows a reliable access point and visibility to powerful data.
With this data at their fingertips, CFOs can stay on top of tax obligations deadlines, exemption opportunities, and future forecasts easier. It also empowers the finance department with streamlined operations and processes.
For a look into how upgrading tax applications can accelerate The Future Office of the CFO and your overall organization, Vertex shares a study pertaining to tax applications used by IT professionals. This resource can help inform benefits of such tools and whether a similar tool is a right fit for your organization. Here are a few main takeaways from the resource:
Stay Competitive by Digitally Transforming
Digital transformation has become essential for businesses to remain competitive. Because of this, businesses are making decisions towards digital transformation. The study reports that the majority of surveyed IT professionals expect that, within a year, their organizations will be impacted by digital advancements. This includes advancing their operations, processes, and technologies. Migrating to the cloud is a major way that businesses can accelerate their digital transformation progression.
Benefits of Cloud Computing
There are a handful of benefits that result from an organization digitally migrating its tax applications. For instance, when companies use cloud computing, it will allow them to be able to cut more costs. Additionally, they will experience data quality improvements, increased security, and ensured reliability. Finally, companies will also benefit from increased process automation and easier implementation processes, leading to faster overall access to these new functionalities.
Final Thoughts
Nowadays, businesses are having to consider a variety of ways to stay ahead of their competition. The results of this survey provide organizations with data that can help guide decision-making. This is especially pertaining to taking steps towards digital transformation. Cloud computing has many benefits for companies looking to digitally transform. Migrating tax applications to cloud computing is something that businesses should take into consideration. Organizations can not only experience its benefits, but it also helps to stay competitive.
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