Vertex Global Survey Finds Half of Organizations Lagging in Tax and Finance Automation
Vertex Inc (NASDAQ:VERX) released its 2024 Global Tax Transformation Report, surveying over 600 global tax and finance professionals. While 80% consider tax and finance transformation essential for business optimization, only half have made progress. Key barriers include lack of IT support (34%), budget constraints (31%), and talent shortages (28%).
Currently, only 52% of finance processes and 56% of indirect tax processes are automated globally. The survey reveals that 39% cite overcoming internal inefficiencies as the primary driver for transformation. Notable findings include: 57% report easier team collaboration in compliance processes, 79% prioritize keeping systems updated with tax rates and rules, and 49% expect ROI through better forecasting and decision-making.
Vertex Inc (NASDAQ:VERX) ha pubblicato il suo Rapporto sulla Trasformazione Fiscale Globale 2024, intervistando oltre 600 professionisti globali nel settore fiscale e finanziario. Mentre l'80% considera la trasformazione fiscale e finanziaria essenziale per l'ottimizzazione aziendale, solo la metà ha fatto progressi. I principali ostacoli includono la mancanza di supporto IT (34%), vincoli di budget (31%) e carenze di talenti (28%).
Attualmente, solo il 52% dei processi finanziari e il 56% dei processi fiscali indiretti sono automatizzati a livello globale. L'indagine rivela che il 39% cita il superamento delle inefficienze interne come principale fattore trainante per la trasformazione. Tra le scoperte notable: il 57% riporta una maggiore facilità nella collaborazione del team nei processi di conformità, il 79% dà priorità all'aggiornamento dei sistemi con le aliquote fiscali e le normative, e il 49% prevede un ROI attraverso previsioni e decisioni migliori.
Vertex Inc (NASDAQ:VERX) publicó su Informe de Transformación Fiscal Global 2024, encuestando a más de 600 profesionales globales en el ámbito fiscal y financiero. Si bien el 80% considera que la transformación fiscal y financiera es esencial para la optimización empresarial, solo la mitad ha avanzado. Las principales barreras incluyen la falta de soporte de TI (34%), limitaciones presupuestarias (31%) y escasez de talento (28%).
Actualmente, solo el 52% de los procesos financieros y el 56% de los procesos fiscales indirectos están automatizados globalmente. La encuesta revela que el 39% cita superar ineficiencias internas como el principal motor de transformación. Entre los hallazgos notables se incluyen: el 57% informa de una mayor colaboración del equipo en los procesos de cumplimiento, el 79% prioriza mantener los sistemas actualizados con las tasas y normas fiscales, y el 49% espera un ROI a través de una mejor previsión y toma de decisiones.
Vertex Inc (NASDAQ:VERX)는 2024 글로벌 세금 변환 보고서를 발표하며 600명이 넘는 글로벌 세무 및 금융 전문가들을 조사했습니다. 80%는 세무 및 금융 변환이 비즈니스 최적화에 필수적이라고 생각하지만, 단지 절반만이 진전을 이루었습니다. 주요 장애물로는 IT 지원 부족(34%), 예산 제약(31%), 인재 부족(28%)이 있습니다.
현재 전 세계적으로 재무 프로세스의 52% 및 간접세 프로세스의 56%만 자동화되어 있습니다. 조사에 따르면 39%는 내부 비효율성을 극복하는 것이 변환의 주요 동인이라고 밝혔습니다. 주목할 만한 발견으로는: 57%가 준수 프로세스에서 팀 협업이 쉬워졌다고 보고하며, 79%는 세금률 및 규정에 대한 시스템을 최신 상태로 유지하는 것을 우선시하고, 49%는 더 나은 예측 및 의사 결정을 통해 ROI를 기대합니다.
Vertex Inc (NASDAQ:VERX) a publié son Rapport de Transformation Fiscale Mondiale 2024, en interrogeant plus de 600 professionnels mondiaux des impôts et des finances. Bien que 80 % considèrent la transformation fiscale et financière comme essentielle à l'optimisation des entreprises, seule la moitié a réalisé des progrès. Les principaux obstacles incluent le manque de soutien informatique (34 %), les contraintes budgétaires (31 %) et les pénuries de talents (28 %).
Actuellement, seulement 52 % des processus financiers et 56 % des processus fiscaux indirects sont automatisés à l'échelle mondiale. L'enquête révèle que 39 % citent le dépassement des inefficacités internes comme le principal moteur de la transformation. Parmi les résultats notables, 57 % rapportent une collaboration d'équipe plus facile dans les processus de conformité, 79 % privilégient le maintien des systèmes à jour avec les taux d'imposition et les règles, et 49 % s'attendent à un retour sur investissement grâce à de meilleures prévisions et à une prise de décision améliorée.
Vertex Inc (NASDAQ:VERX) hat seinen Bericht zur globalen Steuertransformation 2024 veröffentlicht und über 600 globale Fachleute aus den Bereichen Steuern und Finanzen befragt. Während 80% die Transformation von Steuern und Finanzen für die Optimierung von Unternehmen als unverzichtbar erachten, haben nur die Hälfte Fortschritte gemacht. Zu den wichtigsten Barrieren gehören mangelnde IT-Unterstützung (34%), Budgetbeschränkungen (31%) und Fachkräftemangel (28%).
Derzeit sind weltweit nur 52% der Finanzprozesse und 56% der indirekten Steuerprozesse automatisiert. Die Umfrage zeigt, dass 39% die Überwindung interner Ineffizienzen als Hauptantrieb für die Transformation angeben. Zu den bemerkenswerten Ergebnissen gehören: 57% berichten von einer einfacheren Teamzusammenarbeit in Compliance-Prozessen, 79% priorisieren die Aktualisierung der Systeme mit Steuersätzen und -regelungen, und 49% erwarten eine Rendite durch bessere Prognosen und Entscheidungsfindung.
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Research reveals gaps and challenges to optimize tax and finance for business growth
KING OF PRUSSIA, Pa. and LONDON, Nov. 13, 2024 (GLOBE NEWSWIRE) -- Vertex Inc. (NASDAQ:VERX) (“Vertex” or the “Company”), a global provider of tax technology solutions, announced a new survey revealing automation and digital transformation are top priorities for driving business growth in tax and finance, but many organizations still have work to do.
The 2024 Global Tax Transformation Report studied more than 600 global tax and finance professionals, manager level and above, and found that
“The increasing presence of real-time and near real-time digital tax reporting mandates, rates and rules updates and the rapid pace of global business highlights the immediate need for tax and finance transformation,” said Peter Boerhof, Senior Director of VAT for Vertex’s Chief Tax Office. “While our data shows that some organizations are on different stages of the digital transformation journey, there are still many that must take action soon to future-proof their tax and finance functions and position their organizations for success in this digital-first, modern business landscape.”
Amidst ongoing budget and talent limitations, almost half of the professionals surveyed (
“Many organizations are becoming acutely aware of inefficiencies that hinder overall business growth. Our research reveals an increased pressure to implement a solution, starting with tax and finance functions,” said Michael J. Bernard, Vertex VP Chief Tax Officer. “When done correctly, this transformation can empower these skilled professionals to be more efficient in their day-to-day tasks – it reduces process complexities, fosters collaboration and gives time back to focus on work that will drive business forward.”
Among other factors, overcoming internal inefficiencies is the leading reason (
- Automation empowers collaboration and compliance –
57% say it is becoming easier to collaborate with different teams in the compliance, tax determination and reporting processes. - Keeping up with rates and rules changes tops the transformation wish list –
79% say ensuring systems are up to date with tax rates and rules changes is the most important task on their digital transformation journey. - Digital transformation is not without skepticism – Organizations operating in more than 51 countries are the most skeptical about whether their current indirect tax technology is fit for purpose. This finding infers that the larger the organization, the greater level of concern around their existing indirect tax technology.
- Payroll automation tops the chart –
31% say that payroll is a top 5 automation priority, followed closely by indirect tax (30% ) and direct tax (30% ). - ROI is in the forecast –
49% say they expect to achieve ROI through better forecasting and decision-making, closely followed by a more cost effective and future proofed technology architecture and a reduction in or redeployment of staff in finance and tax teams through process automation.
Visit here for more information about these findings. To learn about Vertex and its indirect tax and compliance solutions, visit www.vertexinc.com.
About the Study
The survey was conducted with 610 professionals who have influence on decisions around indirect taxes in companies with an annual revenue of at least
About Vertex
Vertex, Inc. is a leading global provider of indirect tax solutions. The Company’s mission is to deliver the most trusted tax technology enabling global businesses to transact, comply and grow with confidence. Vertex provides solutions that can be tailored to specific industries for major lines of indirect tax, including sales and consumer use, value added and payroll. Headquartered in North America, and with offices in South America and Europe, Vertex employs over 1,500 professionals and serves companies across the globe.
For more information, visit www.vertexinc.com or follow us on Twitter and LinkedIn.
Copyright © 2024 Vertex, Inc. All rights reserved. The information contained herein is intended for information purposes only, may change at any time in the future, and is not legal or tax advice. The product direction and potential roadmap information is not a guarantee, may not be incorporated into any contract, and is not a commitment to deliver any material, code, or functionality. This information should not be relied upon in making purchasing, legal, or tax decisions. The development, release, and timing of any features or functionality described for Vertex's products remains at the sole discretion of Vertex, Inc. Any statements in this release that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. All forward-looking statements are subject to various risks and uncertainties described in Vertex's filings with the U.S. Securities and Exchange Commission (“SEC”) that could cause actual results to differ materially from expectations. Vertex cautions readers not to place undue reliance on these forward-looking statements which Vertex has no obligation to update.
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FAQ
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