What’s standing in the way of top-notch compliance?
May 20, 2009 by StaffPosted in: In this week's e-newsletter, Latest News & Views, Regulations & Compliance
A law like Sarbanes-Oxley may not come along every year (thank goodness), but that doesn’t mean companies don’t have increasing demands when it comes to compliance.
Quick check: If you had to ask your company’s finance folks what’s the biggest obstacle to more efficient and accurate tax compliance, would they say:
- a. “The paper trail — we need so much documentation now.”
- b. “Accuracy — there’s so much pressure to be dead-on.”
- c. “Time — there’s just not enough of it to get the job done.”
- d. All of the above.
If the answer was “d. All of the above,” don’t worry. You’re far from alone. So says new research from KPMG. It highlights what’s holding many companies back, and how you can make sure you’re as streamlined and as efficient as possible when it comes to corporate tax rules and regulations.
Here’s how tax departments answered when KPMG asked them that very question:
- 73% said a need for increased documentation was a major challenge
- 70% felt the pressure for more accuracy, while
- 64% believe they have less time to get the work done.
Laws like Sarbanes-Oxley have increased the need for efficient document management and workflow automation at many companies. Several solutions are available that specifically address Sarbane-Oxley concerns.
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