With multiple jurisdictions to monitor and increasingly aggressive tax authorities, indirect tax compliance professionals are feeling the pressure. This pressure comes from a global environment where the rules of commerce and taxation are constantly evolving at an unprecedented pace. The direct financial penalties of “non-compliance” may be substantial, but the real cost is the cumulative effect of disruptions to operations, diversion of resources from core activities, and uncertainty about potential hidden liabilities.

So, efficient and accurate management of indirect taxes, including the critical functions of preparing and filing tax returns and statutory reports, is more essential than ever. But the traditional approach of a patchwork of legacy systems, spreadsheets, and sheer human effort for indirect tax processes can’t meet today’s challenges. Only by harnessing technology can organizations meet those challenges—and free up indirect tax professionals to help strategize how to turn those challenges into advantages.

To dig deeper, visit the original article on the Thomson Reuters blog.