BusinessCompany NewsTax departments shun integrated systems

Tax departments shun integrated systems

Survey finds companies not using integrated reporting systems

The world’s biggest companies have not adopted integrated tax reporting
systems, a survey at an international tax conference held in Berlin has found.

According to KPMG, despite increasing pressures for real-time information,
over 60% of tax departments still use internally-developed, stand-alone
spreadsheet programs to keep track of tax matters.

Only a fifth of companies use software linked directly to financial
accounting systems.

‘Spreadsheets are fine up to a point, but they do carry with them a risk of
mistakes, which requires strenuous quality control procedures. The move to more
integrated systems is a natural development in response to more strenuous
reporting requirements across the world. It is an investment which all major
corporations should be considering with care,’ said KPMG’s global head of tax,
Loughlin Hickey.

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