Tax & Accounting Blog

Making disruption work

Accounting, Blog, Business Practices, Business Strategy & Development, Business Tax, Corporations, ONESOURCE, Tax, Tax, Technology, Workflow & Processes July 7, 2017

Change – a constant in the business world, with technology transforming the labour and consumer markets in equal measure.

So how can disruption be a force for success?

This was the key topic at the recent Thomson Reuters roundtable in Singapore, where business leaders from the Asia Pacific shared the pressing issues facing their organisations, including the impact of automation on reporting and compliance and how to attract and retain the best talent and re-train existing workforce employees.

The forum comes off the back of Thomson Reuters’ landmark survey, which revealed a majority of businesses see disruption both as an opportunity and a threat.

Embracing opportunity

To have a chance to seize the positives, much will come down to mindset:

“The attitude has flipped” said Brian Peccarelli, president of Tax and Accounting at Thomson Reuters, of disruption, “it isn’t so much about the displacement of existing roles and skills, as about the people and how smart people will embrace it. It’s looking at it as a positive and embracing that technological change and moving it forward.”

A sentiment echoed by others, including UBS’s Neil McKay, director in Group Technology function,

“the attitude of technology being something that was ‘done to you’ must change to something that people embrace.”

But the how, when and how much? – are still pressing questions for both governments and the business community in the debate.

The primary concern in the Australian market is achieving transparency and accuracy in reporting, with the tax obligations of “Justified Trust”  bearing down on organisations. Equally pressing, is the vexation of falling short of board and investor expectations, as many CFOs, hamstrung by the reliance on multiple spreadsheets and manual calculations, are unable to truly forecast or trust the accuracy of financial reports.

Where to next?

Armed with the right attitude, the next step is adopting the right technology for your business, with the aim of reducing risk but ensuring valuable company resources remain servicing strategic needs.

The uptake of finance automation is growing, providing greater agility to reporting whilst minimising error. But, finding the right level for your organisation is crucial – for example, this could be done by starting with the introduction of accounting software that automatically pulls in accurate bank data.

As a large multinational company, Thomson Reuters understands first hand the issues facing business, and we are committed to helping our customers on the disruption journey. Through our range of solutions, including our tax technology assessment guide, in depth reports and our financial reporting software, ONESOURCEwe can provide you with control over the information and data within your accounts, allowing you to fully reap the benefits of change.