IDC research shows that in 2021, tax applications are the financial application organisations are most likely to add
Use this resource to identify technologies and vendors that can support your next phase of growth across borders.
IDC's infobrief will cover:
Helping businesses grow quickly and stay compliant
As businesses expand into new markets they must immediately understand and comply with local product, accounting and tax legislation.
Research from IDC on the impact of COVID-19 shows that software was the most important tool for most organisations in 2021. Tax applications and real-time invoice match and discount applications is what businesses were most likely to add, as they looked to efficiently manage an increasing diversity and volume of tax and compliance needs.
Building a cross functional team
Without a cross-functional plan, uncertainty over the cost of complying with local rules could put businesses off expanding into new markets and create an unnecessary barrier to growth.
During phases of expansion, I.T and finance leaders must identify ways of supporting ecommerce leaders to accelerate growth - rather than tempering it. A cross-functional team working proactively, will be able to identify the processes, skills, and technology required to meet the organisation’s growing compliance requirements.
Global tax compliance
Moving tax compliance to the cloud
IDC research shows that staying on top of regulations is the no. 1 pain point for CFOs. This pain is felt most by CFOs of expanding businesses with annual revenues of up to $500m, because they lack the resources of larger corporations to handle growing compliance tasks.
Newer businesses with little or no on-premise software, overcome this issue by using cloud-based applications to integrate with financial applications and tax authorities. This puts them in a better position for growth than older businesses, who need to modernise by migrating to the cloud.
IDC InfoBrief, sponsored by Avalara, Accelerating Your Global Expansion in 2022, Doc #EUR145016919, Feb 2022