The Future of Tax: How is Making Tax Digital, automation, and new technology impacting the finance function?

The Future of Tax: How is Making Tax Digital, automation, and new technology impacting the finance function?

In our highly fast-changing world, have your say in how the latest technological developments are impacting the finance and accounting industries

It’s 2019 and technology is continuing to have a colossal impact on our professional lives and the careers we choose to go into.

Whether it is changing your job role, causing you to learn about a new process or product, or giving you the opportunity to develop different skills, technology is a necessary part of every accounting professional’s working day.

For some this brings concerns; it is unknown territory and there are risks involved, predominantly around cyber-security.

Yet there are also so many possibilities when it comes to technology. From removing the time and risks associated with manual tasks to allowing accountants to become much more focused on advisory and strategic responsibilities to bringing new talent into firms who are excited about and knowledgeable in the technology sphere.

And when it comes to tax, technology is making leaps and bounds. This year marks the start of one of the biggest tax changes the sector has seen: the introduction of Making Tax Digital for VAT. By 1 April 2019, all businesses with a taxable turnover of £85,000 or over will need to comply with HMRC’s regulation to submit their tax returns digitally via software.

Separately to this, new technology to help us in our jobs is being developed all the time, making us ever quicker, ever more efficient, and ever more accurate in what we do.

From automation and robotics, to Blockchain, machine learning, and AI, there are so many ways the tax function is evolving and developing.

What we sometimes forget to discuss is how this is impacting individual accountants and businesses as a whole and how the accounting industry will likely change over the coming years due to technology.

So now we are giving you the chance to have your say! How is technology impacting you, your job, and your business? How are you using technology to benefit you and what challenges are you facing because of it?

Follow the link to complete our short survey about the future of finance and, with your responses, we will create an in-depth report in collaboration with Tax Systems about how the upcoming changes in regulation and new technological developments are fundamentally changing the role of tax professional and the efficiency with which they can work.

The survey will be totally anonymous, the only two demographic questions we ask are around the sector you work in and your position. Plus, with solely tick box answers, the survey only takes a few minutes to complete.

Don’t forget to take the survey before it closes on 11 March 2019.

 

If you are a tax professional and have further thoughts about this subject, please get in contact with us at Accountancy Age for the opportunity to comment and share your thoughts in our articles. Email lucy.skoulding@contentive.com or contact us directly on Twitter via @AccountancyAge. 

 

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