INDUSTRY WATCH

the shift towards digital processes and have had to radically adapt and enhance their existing technology . Easier said than done , in many cases . We ’ ve felt the global anxiety of traditional jobs being replaced by machines , and many jobs have indeed become more cost and time efficient to be handled autonomously . Oxford Economics predicted 12.5 million manufacturing jobs will be automated in China by 2030 , so a partially automated workforce is indeed on the horizon .

It ’ s clear that for businesses , the only way to thrive in such a digital commercial landscape is to invest in the right technology . Arming the human expertise of teams with tools that will enhance said expertise and allow them to broaden the scope of efficiency means that rather than replacing manual labour , technology will support teams and boost productivity tenfold .

This is of particular importance for organisations operating globally , where an extensive knowledge of governmental financial legislation in each country is required – these laws certainly are not easy to navigate and decipher given the fact they are constantly updating . Real time VAT reporting is increasingly prevalent worldwide , with continuous transaction controls tightly constricting many different jurisdictions . In reality , the hours required to manually keep pace with new rules far exceed realistic workloads without the help of automation .

For global enterprises , manually submitting the paperwork for audits and reports is simply unsustainable . Especially for international businesses operating across a multitude of jurisdictions , the problem is how to keep up with the fast pace of changing rules and government regulations required for business transactions , ensuring everything is in the approved formats .

Governments go digital

With the aim of improving economic standards in their countries , global governments have been reviewing how they measure and collect tax returns . Digitalisation of return processes gives way for a much more forensic and accurate view of a nation ’ s economic health , so it goes without saying that automating invoicing and reporting has increasingly made its way to the top of the agenda in recent years .

How the approach is taken to upgrading many transactions and interactions is contingent on specific country viewpoints – certain jurisdictions enforce varying levels of CTCs ( Continuous Transaction Controls ), real time invoicing , archiving and reporting of trade documentation . For firms with an international presence , this inevitably puts immense pressure on finance teams to accurately track and obey multiple and complex laws www . intelligentcio . com INTELLIGENTCIO

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