This is one of the conclusions from Winmark’s third benchmarking survey of in-house Tax Directors.
Out of over 100 respondents to the Tax Director Network survey, 15% said that they do not currently use corporate tax software and a further 12% said they use such software only to a very limited degree. When asked whether they anticipate that their departments will make greater use of corporate tax software in the coming year, 60% said “yes, due to the new iXBRL efiling obligations”.
The move to iXBRL is clearly fueling greater interest in the benefits of corporate tax software. A surprising number of organisations still seem to rely on spreadsheets although this may be due to perceived constraints in the currently available software.
Clearly the requirement for consistent iXBRL tagging will mean that more organisations will be using corporate tax software by this time next year.
Copies of the executive summary of the survey report are available on request from Winmark Research. The full report will only be available to members of the Tax Director Network and to others who completed the survey.
Good news for the tax software companies then. But do tax directors realise that they will need to file iXBRL accounts as well? - and they may well need accounts production software for that. Producing an iXBRL CT return is a doddle compared with produicing iXBRL-compliant accounts themselves.
ReplyDeleteLooks like an opportunity for these companies' accountants to offer an additional service to their clients.
There will also be the outsourcing option that people are likely to take up. Has anyone tried services such as DataTracks? Do you have any other recommendations?
ReplyDelete