Recent Release | 24 Jul 2023
Why five years of transforming tax and finance functions is paying off
Thought Leadership Team
Oxford Economics
New tax operating models in the last five years delivered value to businesses, our survey shows. The next five years will add even more.
With budgets tightening, rapid legislative change, and talent management difficulties, tax and finance functions are dealing with a confluence of pressures inhibiting them from delivering value. To explore how tax and finance functions are tackling these challenges and can transform to success, EY commissioned Oxford Economics to survey 1,600 tax and finance professionals, with the findings underpinning this report.
What defines a leading tax and finance function succeeding in the face of today’s confluence of pressures? With budgets tightening, rapid legislative change, endlessly accelerating data and technology developments and a radically shifting talent environment, including a continued shortage of accounting and tax professionals, tax and finance divisions across the globe face significant turbulence.
To uncover how they are adapting to these pressures and understand leaders best practices, Oxford Economics worked with EY in surveying 1,600 tax and finance professionals across 32 jurisdictions and 18 industries.
The report breaks down the survey findings into four main areas:
- The rise of co-sourcing and the benefits it poses for tax and finance functions
- How transformed tax and finance function operating models manage ongoing pressures
- The impact of complying with increasing ESG requirements and changing tax legislation
- Recommendations on five year plans, specifically on talent, technology strategy, and regulatory changes
The experts behind the research
Our Thought Leadership team produces original, evidence-based research made accessible to decision-makers and opinion leaders. Principals for this project included:
John Reiners
Managing Editor, UK & EMEA, Thought Leadership
Jamie Snowdon
Senior Research Analyst, Thought Leadership
James Pendlington
Research Manager, Thought Leadership
Maximilian Vickers
Research Associate, Thought Leadership
Read the report
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