Tax
The tax industry is at a tipping point. Success will become increasingly difficult, if not impossible, for firms that fail to recognize and address the bottom-line impact of new disruptive technologies. The significant changes brought by Organization for Economic Co-operation and Development (OECD)’s Base Erosion and Profit Shifting (BEPS) project to the international taxation industry compel firms to consider international tax rules and rethink investment strategies.
Tax authorities are going digital in a massive paradigm shift from e-file to e-match / audit, thus enabling real-time reconciliation, calculation and view of tax liabilities.
Audit
The continually changing accounting standards are forcing audit clients to embrace technology solutions for dealing with the new revenue recognition standards.
Apart from automating time-consuming tasks and advanced analytics, technology can be used for physical inventory observations with drones. With such holistic support, auditors can examine the more complex and higher-risk areas.
The industry is moving towards Smart / Digital / Real-time audit enabled by technologies like blockchain and drones. Auditing firms are expanding services through acquisitions of value-added resellers that sell, implement and support such software solutions.
