Advancements in technology are redefining tax advisory by optimizing financial strategies and maximizing business profitability. Leveraging innovations, tax advisors are delivering more strategic and efficient guidance to help enterprises streamline tax planning and filing and minimize errors.
According to the latest reports, the global tax advisory services market is projected to soar, reaching an estimated valuation of $97.1 billion by 2031 at a CAGR of 11.2 percent.
Artificial intelligence and machine learning technologies automate complex tax calculations, analyze large volumes of data for insights and predict tax outcomes based on various scenarios, improving accuracy and efficiency.
Facilitating real-time collaboration, data sharing and accessibility, cloud technology allows tax advisors to manage documents and perform tasks from anywhere, while ensuring secure and scalable storage of tax-related data.
Blockchain technology is also gaining immense traction owing to its potential to enhance transparency and security in tax reporting and compliance. It provides a tamper-proof ledger of transactions, which helps track and verify financial activities and mitigate fraud.
This edition of Financial Services Review Canada offers a comprehensive view of the latest developments in the tax advisory sector. It features insights from Sergio Vazquez, Transfer Pricing Director at CEMEX, who highlights the increasing importance of transfer pricing for regulatory compliance, intercompany transaction management and efficiency improvements through technology. Julie Ellsworth-Enman, Director of Finance at Sofina Foods, addresses the challenges of rising costs and labor shortages in manufacturing, emphasizing the importance of advanced maintenance and precise cost accounting to manage expenses and boost efficiency.
In this edition highlighting the Top Tax Advisory Services Providers in Canada in 2024, we hope you find the best partner to address your tax advisory needs and combat the changes in tax regulations.
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