Me managing tax data

Of course, they are better than no solution at all. But here is why relying on generic solutions like Excel & SharePoint to manage your tax data is a bad idea:

❌ Not built for tax: generic tools lack domain-depth and tax-specific features such as handling financial years, legal entities, registrations and consolidations, and the jurisdictions in which they are present. These are just a couple of domain-critical details that should be included in your tax data repository. We all know that the tax domain is complex. Next-gen solutions offer a deeply tax-verticalized repository with modern functionalities like AI-powered Intelligent Document Processing to populate the repository with high-quality and structured data automatically.

❌ Extensive build and implementation timelines, though short shelf life: generic solutions require extensive customization to achieve even the most basic tax requirements (even basic access and governance requirements are a nightmare). This makes them not only inefficient but also results in a significant maintenance overhead and an unnecessary reliance on your IT colleagues. What’s worse, they typically come with massive key person risks. DIY solutions quickly become outdated, and scaling them only compounds inefficiencies and maintenance costs. Scaleability? Sure, but equally painful. For every single step. And scaling on the back of the problem only compounds the problem…

❌ Unstructured and siloed data resulting in no automation or insights: without structured data and workflows, generic solutions are static, limiting automation, analytics, and future scalability. Best-in-class tools connect the management of different tax jobs with the underlying repository, allowing organic data ingestion, and unlocking intel therefrom. Think about compliance management functionalities, or project, controversy or risk management apps, that are deeply connected with the underlying repository. This makes the repository a (very valuable) by-product…

Think twice in case you are nudged to roll out “the cheaper” generic solution. A proper business case will speak for itself.

We've built a flexible and easy-to-use data management solution for tax teams that unlocks your data's true potential.