Majority of Corporate Tax Professionals are Automating
A survey of senior corporate tax professionals by Ernst & Young found more than 6 out of 10 have adopted new technologies to improve efficiency and enhance their data analytics.
“In this transformative age, disruptive technologies such as AI and Robotic Process Automation (RPA) have already changed the face of tax functions,” said Marna Ricker, EY Americas Vice Chair of Tax Services. “This technology enables tax professionals to spend more time on higher level strategy and decision making and less time on repetitive tasks.”
The survey of 39% are using RPA and 38% have implemented advanced data analytics. One in five said they significantly added to the team for strategic planning due to changes in their tax profile.
Reporting on the results of the survey, EY said, "Companies addressing corporate transactions have been particularly active in advancing their technologies. According to the survey, 13 percent completely transformed the tax process to include more digital support because of the scope and complexities created by one or more deals."
Asked about their expectations for the economy, 56% of those who offered a prediction expect it will stagnate, mentioning pressure from trade, deficits, rising interest rates or even a start of increasing unemployment.