Tax season is a great time to review your international business operations and leverage annual information-gathering efforts to connect with foreign staff, improve productivity, and mitigate risk. Read more in CFO Magazine.
Rather than just a box-checking exercise, tax reporting should be treated as an annual chance to ask high impact questions of your global business and to help you come to smarter strategic decisions. Your team is going to be gathering the information anyway, so why not use it in a more systematic way and make it an annual ritual that drills deeper into all aspects of your business?
One benefit of this approach is to help curtail international risks. We’ve all heard horror stories about how things can go dramatically wrong in foreign jurisdictions, from natural disasters to costly legal misunderstandings and disputes. The tax reporting process should be a means to ensure that you and your foreign operations are prepared for the unexpected.