How to maximize the cloud for finance and tax transformations

Myles Corson, EY Global & Americas Strategy and Markets Leader, FAAS, Dave Helmer, EY Global Tax and Finance Operate Leader, and Lyn Bird, VP, Cross-Industry at Microsoft, were guests on the EY Microsoft Tech Directions podcast. Together they discuss how technology is enabling modern finance and tax transformations.

Talent shortages, legislative change, and technological transformation caused by the pandemic and geopolitical uncertainty are placing unprecedented pressure on corporate finance and tax departments. In-house finance and tax specialists are tracking a growing set of requirements that crowd their agenda. These developments are increasing the workload for functions that are facing budget cuts and unparalleled skills shortages.

Many businesses are co-sourcing select activities to tech-enabled finance and tax specialists. The mounting complexity of modern finance and tax systems is leading corporate finance and tax departments to pass at least some of the responsibility for routine work to outside providers. Whether it’s in-house, managed services or a blend of both, co-sourcing routine tasks such as financial planning, tax and statutory accounting can help improve efficiency and give senior staff the breathing space to tackle answers to some of the big strategic questions facing businesses.

In this podcast, our panelists share how businesses are taking action to adjust to these changing dynamics and how leaders can better position their finance and tax functions, leveraging data and technology, to add greater value to the organization.

Key takeaways:

• Using an optimal operating model is key. Separate what the function does between high-value, high-risk activities and data-driven, routine activities. Build automation that can drive data-driven routine activities or work with a provider to free your teams up to be a truly value-added partner to the business.
• Successful finance transformation is about enabling better business performance and business outcomes. Connect the vision for your finance function to the overall strategic vision for your business.
• Use the right tech solutions to access better data, gain richer insights and provide the business with opportunities to accelerate growth.

For your convenience, full text transcript of this podcast is also available. Read the transcript.