Vision to Value: How disruption is testing tax and finance operations
Tax and finance leaders face increasing challenges due to tighter budgets, evolving regulations, fragmented data, and a shortage of experienced talent. Compliance requirements have expanded to include the need for maintaining robust operations. This landscape tests the resilience of financial operations and demands innovation.
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Key takeaways
Tax and finance leaders are pressured by a scarcity of experienced talent.
The demands on tax and finance are expanding beyond compliance to robust operational maintenance.
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In an ever-evolving landscape characterized by tighter budgets, evolving regulations, fragmented data, and a scarcity of experienced talent, tax and finance leaders find themselves under mounting pressure. The demands are no longer limited to mere compliance; they now encompass maintaining robust operations, driving transformative initiatives, and continuously delivering value.
Emerging challenges and strategic shifts
Recent findings from a tax and finance operations survey reveal that budget constraints have overtaken regulatory complexity and talent shortages as the primary challenge faced by organizations in this sector. Despite these constraints, businesses continue to grapple with disconnected data, which slows down reporting, insights, and decision-making processes. Teams are being tasked with achieving more, at a faster pace, and with smarter approaches, but with fewer resources at their disposal.
Traditional operating models are proving inadequate in keeping pace with constant disruption. Efforts to hire more personnel do not fully address the challenges, and transformation projects often provide only temporary solutions. It is becoming increasingly evident that the core issue lies not in the effort expended but in whether the operating models themselves can keep up with the rapid evolution of business environments.
The rise of managed services
A shift is occurring as organizations move from attempting to fix isolated problems to rethinking their work processes entirely. In search of greater cost predictability, access to specialized talent, and technology-enabled delivery, organizations are turning to managed services as part of their strategic operating model. Managed services provide not only outsourcing options but also allow for the simultaneous operation and transformation of functions.
EY Managed Services isn't simply about outsourcing work. It's about operating and transforming functions simultaneously. — Mitchell Weiss, EY-Americas Financial Services TFO Leader
Leveraging deep tax and finance expertise combined with advanced technology and data capabilities, organizations can begin building resilience while creating long-term value. The Annual Tax and Finance Operate Survey highlights that pressures in tax and finance functions are not only persistent but escalating. To succeed, companies must modernize both their technology and their operational methodologies. Implementing managed services offers a path to remain agile, manage risk, and unlock value, empowering organizations to achieve more with fewer resources.
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