Organisations are under increasing pressure to deliver accurate, timely, and transparent financial and tax reporting. Despite shared goals, data and timelines, finance and tax teams can often be disconnected, creating process inefficiencies, compliance risks and missed opportunities. Aligning both functions can drive better business outcomes, but integrating them remains a complex challenge for many organisations for the following reasons.
1. Data Silos and System Fragmentation
Many organisations still operate with separate systems and teams for financial and tax reporting.
This siloed approach results in:
- Manual data transfers increasing the risk of errors
- Inconsistent data definitions leading to reconciliation issues
- Limited visibility across functions, hampering strategic decision-making
2. Regulatory Complexity and Change
Regulations are constantly evolving, organisations need to be coordinated and agile to ensure systems can support:
- Global tax reforms
- Country-specific compliance requirements
- Real-time reporting mandates
3. Resource Constraints and Skill Gaps
Integrated reporting demands cross-functional expertise in accounting, tax and technology.
However:
- Training gaps hinder collaboration between finance and tax teams
- Time pressures during reporting cycles limit opportunities for integration and development
4. Technology and Automation Challenges
While standardised systems offer potential solutions, implementation is rarely straightforward:
- Data quality issues undermine automation benefits
- Integration with legacy systems is often costly and complex
- Customisation needs can delay deployment
5. Process and Workflow Challenges
An often-overlooked barrier to integrating systems is how teams work together day-to-day. Disparate processes amplify the technical challenges outlined above through:
- Unclear ownership, meaning work is duplicated or missed entirely
- Misaligned calendars, leading to friction and last-minute reconciliations
- Weak change control, meaning process changes aren’t communicated across teams
Strategies for Success
While these challenges can be significant, they can be overcome. Organisations should consider:
- Investing in unified platforms that support both financial and tax reporting
- Enhancing collaboration and integration between finance, tax and IT teams
- Leveraging automation and AI to streamline reconciliations and compliance
- Building a culture of continuous learning to bridge skill gaps
Integrated reporting isn’t just a compliance exercise; it can be a strategic advantage. By aligning financial and tax reporting, organisations can unlock deeper insights, improve risk management, and drive better business outcomes.
See This Approach in Action
If you want to see practical, hands-on examples of integrated finance and tax reporting, join our one-day oracle EPM event. Through live demos, interactive labs and expert-led workshops, you’ll explore how a unified EPM can streamline reporting, reduce risks and unlock strategic value. You’ll also be able to connect with peers, share challenges with experts and leave with actionable insights to improve your reporting processes.