Effective Tax Forecasting Requires Looking at the Big Picture

No one particularly enjoys tax season, whether they’re mere individuals filing their financial paperwork for the year or CFOs at large corporations overseeing billion-dollar budgets. No one…

Jan 26, 2015
Mitchell Buchanan
Blogs, The Finance Playbook

 

No one particularly enjoys tax season, whether they’re mere individuals filing their financial paperwork for the year or CFOs at large corporations overseeing billion-dollar budgets.

Filling Taxes - Calculator ImageNo one particularly enjoys tax season, whether they’re individuals filing their financial paperwork for the year or CFOs at large corporations overseeing billion-dollar budgets. For all of the above, paying taxes can be painful – it’s expensive, it’s logistically messy and it requires having a great deal of information at your fingertips.

For a large enterprise, there’s no better time than tax season to revamp your approach to financial accounting and make sure you have a good handle on all tax-related matters. This can be quite the challenge, as it requires understanding all of your financials including your projected revenue and annual expenses. It’s also a matter of looking to the future and forecasting how your needs might change.

 

According to The Corporate Treasurer, cloud computing is a godsend for meeting all these needs and more. Financial data can be complex, but managing it all in the cloud makes it easy to find the information you need and act upon it in a timely fashion. Channing Flynn, a tax partner at Ernst and Young, says cloud-based finance has changed the way the entire business world operates.

“Cloud computing offers borderless commercial transactions on a virtual network where users can get goods and services anywhere in the world,” Flynn explained. “In this way the digital economy has created opportunities for taxpayers to relocate their business.”

Whether you’re running a small shop that’s contained in one office building, or a multi-national corporation that faces numerous logistical challenges, it’s important to have the right financial software that can help you grasp the complete picture. You want to get all your information right and have a holistic understanding of your surrounding financial climate. Ideally, you’d also like to project how your tax needs might change in the years to come. The more information you have, the better off your business will be.

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Mitchell Buchanan