Most companiesʼ technological preparedness for handling tax-related risks is unsatisfactory, according to global research by EY, with firms scrambling to acquire the services of finance experts with digital knowledge who will have to understand the use of artificial intelligence in the future.
According to 1,700 surveyed company heads, the importance of employeesʼ technological knowledge is outshining traditional knowledge in the tax and finance fields. The experts of the future will have to be familiar with automation, artificial intelligence (AI) and data analysis. According to 89% of those surveyed, such knowledge is sorely missed, with major problems experienced in finding, training and retaining talented people.
About two-thirds of respondents believe that their company does not possess an adequate technological, regulatory and control system for handling tax-related hazards, the research shows.
More than half of company heads think that technological improvements are the most urgent for the sustainable and predictable completion of tax and finance tasks. Despite this, the same amount of respondents admitted that they do not spend enough time and money on such solutions.
"In order to step into the digital era successfully, companies have to teach their colleagues the knowledge necessary for carrying out new tasks effectively, which requires the creation of internal training programs and support by an external partner," says Botond Rencz, EYʼs country manager for Hungary.