As the finance function embraces technology and makes real-time financial data and insights available, the tax function is also leveraging new technologies and evolving in tandem to better support the management in making timely business decisions. Tax consultancies too must scale up to provide better client support anytime, anywhere.
For tax professionals in a practice firm, a general three-stage guide on digitalising is available in the Accountancy Industry Digital Plan (Page 6). Begin by finding out, how digital-ready your firm is here.
Specifically for tax, these are some of the digital solutions:
• CCH INTEGRATOR™
• Thomson Reuters’ OneSource
• Wolters Kluwer’s Prosystem Fx Engagement*
• Xion’s AI.TaxAssist and AI.TaxAudit
*SINGTAX and Prosystem Fx Engagement are pre-approved solutions of the DTACT funding where small and medium-sized practices can get financial support of up to 70% for the first year of adoption of each of the pre-approved solutions, with the total grant amount capped at S$30,000.
Other Online Solutions
In view that many are telecommuting and working away from easily accessible office equipment, various free online tools such as pdf merge, pdf split, pdf editor, pdf protect and scanning apps (CamScanner for Apple | CamScanner for Android) continue to be popular. These are in addition to an array of remote working solutions and other online solutions available of which many have funding support too!
Do remember to be safe online. If you require further assistance on adopting technology, please contact SCTP.