In this episode of the Better Finance podcast, host Myles Corson, Victor Casalino, Americas VP and CFO at Microsoft and Dave Helmer, EY Global Tax and Finance Operate Leader, discuss changes potentially impacting tax and finance today.
Results from the EY 2022 Tax and Finance Operations Survey indicate that, of the 1,700 companies across 45 countries that responded, 85% are scrutinizing their existing finance and tax operating models for issues that can potentially weaken their future impact. Many are finding it necessary to make dramatic adjustments in some key operational areas to keep pace with our evolving post-pandemic workplace.
Talent: Businesses are experiencing a short supply of finance and tax talent internally, particularly those with transformational skills in technology — e.g., AI, machine learning, data modeling — all of which can help drive speed and quality.
Legislative and regulatory changes: Dramatic changes globally sent companies scurrying to find skilled resources to identify and interpret myriad changes and make required adjustments within their company.
Sustainable plans for data and technology: 50% of survey respondents cited the absence of formal, viable data and technology plans as the number one reason they could fail to achieve their mission and vision.
Budget pressures and cost reduction: 74% of respondents said they had to institute cost reduction strategies due to the pandemic and economic downturn.
To help address these and other functional and operational challenges, many large companies are exploring co-sourcing more strategic and value-add activities in their finance and tax functions and partnering with teams outside their organization with deep knowledge and commitment to certain areas of the business. Successful co-sourcing enables companies to streamline and develop consistent processes, automate when possible, and optimize technology to drive value and speed.
The views and opinions expressed are those of the individuals and do not reflect the official policy or position of EY or any other organization.
© 2023 Ernst & Young Global Limited
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