In a recent interview in RTL-Z, we talked about the impact of tax automation on the new economy.
People are often surprised to hear that, in our experience, around 60% to 80% of the work within a transfer pricing process, whether TP documentation, OTP or CbCR, is suited to automation. The bad news is that the discussion today revolves more around how to obtain the budget to transition from grappling with spreadsheets and manual documentation to more robust and sophisticated software solutions. Understanding your numbers and data is the first step to standing by your information.
By the same token, technology should not bypass personnel; it is really important to realize that we need to rethink the way we connect real people with systems and data in a way that enables communication and collaboration. Getting this right unlocks the true value addition of a person as they can focus on the technical review, technical commentary and the critical questions, which can then be addressed to the correct audience, at the correct moment in time in the relevant process.
Hear our thoughts in the video above, and feel free to reach out to us for an in-depth discussion.