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We often hear from tax professionals around the world who continue to proceed with major investments in their failing tax solution, despite being only too aware of its limitations.
However, no matter how much you spend there is no guarantee that things will improve. In fact, without getting to the root cause of any inaccuracies and inefficiencies within your setup, you could make things worse.
That’s why we always advise tax leaders facing imminent change to take a step back, press the pause button on projects and opt for a solution review. A solution review is a quick and simple process that won’t break the bank and will empower you to make informed decisions that shape the future of the way you manage tax.
Once you undertake a solution review, your provider should conduct a detailed analysis of your current setup, identify weaknesses or limitations of your existing technology and plot a clear future roadmap, including key recommendations of the precise steps you need to take to meet your goals.
But how do you know you need a solution review in the first place?
Tell-tale signs you need a solution review
Solution reviews provide a way forwards for businesses facing a range of varying scenarios. If you recognise any of these examples, it’s worth considering a solution review.
You don’t trust your existing configuration
Legacy systems, setups configured by consultants that have long since left your business or error-prone processes can all inspire a lack of confidence among tax teams. If you don’t trust what you’re working with, it’s time to review it and replace or repair the broken bits.
You need to build a business case to win over decision makers
You’ll need to convince other stakeholders of your chosen tax engine or solution prior to any major transformation project. By carrying out a solution review, you’ll be able to demonstrate and justify your case for your preferred technology.
New legislation is coming and you need to be ready to comply
Whether it’s VAT in the Digital Age in the EU, DAC7 or e-invoicingElectronic invoicing - widely referred to as e-invoicing - is the exchange of a digital document between a supplier and a buyer. E-invoices are issued, transmitted and received in a structured data format that enabled automatic and electronic processing. They contain data in a machine-readable format so that an AP system can read an invoice without manual data entry, leading to faster and more efficient invoicing. mandates across the world, almost every business will be faced with new legislative requirements in the coming years. A solution review can help to ensure you have the right configuration in place to allow your company to comply.
You’re aiming to grow but you’re not sure your existing configuration will cope
Whether your existing tax setup is based on manual processes or a simple automated system, it may struggle to keep pace with a period of growth – especially if it involves trading in new jurisdictions.
You know things aren’t right but you’re not sure where to focus your efforts
Tax can be complex. There is often no clear way forwards. It’s OK to be unsure of the optimum roadmap. Undertaking a solution review will help you to identify the right path to follow, exactly what your business needs and the technologies that will be a perfect fit.
Why invest in a solution review?
A solution review gives your business an invaluable insight into the strengths and weaknesses of your current solution as well as a clear roadmap towards optimum performance.
What’s more, it can be tailored to meet your precise requirements; every solution review we’ve ever conducted has been completely unique to the client in question.
If you’re considering an upgrade to your tax solution, concerned about the impact new regulations may have on your operations or simply realise you could be managing tax more efficiently but don’t know how, a solution review is the perfect fit.
Our solution reviews include a final report that provides an assessment of your current and future states against four key criteria.
We’ll also make expert recommendations that your tax team can take away and act upon.
Building the case for a solution review
Analysis of your current state and a recommended path for progression will almost certainly prove to be the most insightful and beneficial feature of any solution review, but the reasons to conduct the procedure do not end there.
If you and your tax team are convinced of the need for a review but you are yet to convince directors and senior management to sign off the project, it’s worth noting other significant advantages.
These include:
- Our research suggests companies save an average of 40% on planned spending following a solution review with Innovate.
- A solution review allows you to proceed with confidence. Whether your next steps are to upgrade existing systems or invest in new ones, the report will include all the evidence you need to make an informed choice. Can you put a price on peace of mind?
- Solution reviews offer a degree of flexibility and individuality that is rarely found in other tax services. Expert reviewers will consider the makeup of your existing technology and specific business objectives, allowing them to arrive at a truly bespoke conclusion.
Next steps
Like what you’ve heard? Think a solution review could be just what your business needs to set it on the right track? Find out more about our technology reviews and how we could help you.
