The future of tax & legal - Embracing change with confidence paid Deloitte
It’s easy to feel overwhelmed by the change and the infinite number of strategic options. But embracing this change is manageable with the right tools and the right partner.
As a result, tax professionals are moving to automate and apply analytics to help account for more data and to achieve greater precision. Technologies such as robotic process automation , natural language processing and artificial intelligence give tax professionals the ability to work with all the information available in massive data sets. To not only see what has happened, but to more confidently predict what will happen.
Using Deloitte Tax and Legal professionals as an example, when the European Union’s General Data Protection Regulation came into force in 2018 along with the UK Data Protection Act, Deloitte UK’s Tax group engaged Deloitte Legal to assess the scope, and remediate where necessary, approximately 45,000 engagement contracts.
Tax professionals have traditionally been tied up with compliance and the technical side of tax. Yet in this digital age, a robot can now do the data checking and digital tools can classify line items. So, today’s, and tomorrow’s, tax professional needs to understand the processes behind tax, be able to code, interpret data and make decisions.
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