2024: A Pivotal Year for Finance and Compliance – Insights from FUSE Avalara

Finance and Compliance

Navigating 2024: My Avalara Conference Takeaways

This past week, I had the pleasure of attending FUSE, Avalara’s first-ever partner conference. It was three days of discussing the future of finance and tax compliance and honing into what 2024 holds for us in terms of tax management and sales tax compliance. I’m excited to share insights and predictions that resonated with me as a business decision-maker, and which I believe will be crucial for my team and our clients.

Emerging Trends and Forecasts for 2024

  • Accelerating Towards Real-Time Tax Compliance with ERP Integration: One of the most talked-about topics at the conference was the shift to near real-time tax submission. The year 2024 is expected to bring transformative changes in this sector, posing unique challenges for accounting teams, especially in the realm of tax management and ERP systems. This is disrupting the way we’ve traditionally approached tax compliance. This could mean additional challenges for accounting teams who are already juggling multiple responsibilities.
  • Addressing the Talent Shortage with Automated Tax Solutions: The noticeable talent shortage in accounting, particularly in roles like analysts for sales and use tax compliance, is impacting businesses globally. This makes the adoption of automated tax compliance and tax automation tools more vital. The emphasis is on how technology, including Avalara tax automation, can streamline processes and fill talent gaps.

Critical Questions for Business Decision-Makers

As we navigate these impending changes, consider these pivotal points:

  • Audit Preparedness and Tax Compliance Checklist: With rising national debt, 2024 is likely to be a year marked by rigorous audits. Are you ready? Ensuring your financial records are in order is crucial. A comprehensive tax compliance checklist, integrated with ERP tax compliance strategies, is essential.
  • Transitioning to Automated Sales Tax Processing: If you’re still handling sales taxes manually, it’s time to evolve. Manual processes are becoming obsolete. The move to sales tax automation software and services is not just about keeping up with government standards but also about staying ahead of the curve.
  • Keeping Abreast of Tax Regulations with Automation: Tax laws are constantly changing, making it tough to stay informed. Leveraging tax automation software for real-time updates and easy access to tax information is crucial for maintaining compliance.
  • Enhancing Sales Tax Management: Assess how you manage sales tax. Is there an opportunity for technology to reduce manual labor and increase efficiency? Implementing automated tax solutions can streamline sales tax compliance and free up your team to focus on building client relationships and strategic growth.

Embracing Change in Taxation and Compliance

The landscape of business taxation and compliance is rapidly evolving, with 2024 set to bring significant shifts. Staying informed, adaptable, and proactive is essential. By embracing new technologies, preparing for audits, and enhancing processes through sales tax automation and ERP tax compliance solutions, businesses can not only survive but thrive.

I’m eager to hear how your business is preparing for these challenges and how my team at Crestwood can help. Please feel free to reach out and let’s exchange ideas and strategies for a successful journey through the changing world of finance and compliance. Remember, our team of ERP consultants, many of whom are CPAs, is always ready to support your needs in this transformative era.

In the meantime, and if you want to get up to speed on the latest on tax compliance, here’s a great resource: Tax Compliance Guide for Businesses.

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