In 2020, New Tech Should Empower Tax Professionals, Not Replace Them.

AuthorSimons, Tad

For many tax executives and finance professionals, 2019 has been the year that several emerging trends could no longer be denied. Yes, machine learning and artificial intelligence are automating many basic accounting functions. Yes, businesses worldwide are streamlining their workflows and integrating cloud-based services. And yes, customers and companies are expecting less computation from their tax departments and more advice, analysis, and--dare we say it--leadership.

At Thomson Reuters, we observe, analyze, and, yes, profit from the evolution of business technology. But we also feel it is our responsibility to help customers understand the social and cultural dynamics affecting their organizations as well as the consequences of not understanding them. (A sudden lack of employment, for instance.)

For example, one doesn't need a crystal ball to predict that, in 2020 and beyond, the developments cited above will no longer be considered trends, they will just become the way things are. In this environment, deniers can look forward to long days full of frustration and resentment. But those who see these developments for what they are--opportunities to enhance the role tax and finance professionals play in an enterprise's success--can expect a future filled with many exhilarating challenges.

Demand, Competition, Technology

Advances in technology are often cited as the drivers behind these changes, but that is only partially true. The larger truth is that customer demand and competition drive most technological innovations, including those affecting tax professionals. We now live in a 24/7, on-demand society where people expect instant access to their data--for banking, health care, insurance, investments, education, etc.--and require a higher level of service from every business entity they interact with. All businesses must adapt to this new reality, and there is no special exemption for tax professionals.

If enthusiastically embracing technological change is too much to ask, it behooves tax professionals at least to recognize that cloud-based services and digitization are altering how business is conducted around the world and expectations about what sorts of services financial advisors should provide. Furthermore, ever-shifting trade policies and frequent regulatory changes are forcing tax executives to provide more real-time input into everyday decision-making. That's why virtually every professional tax and accounting publication...

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