Is “Co-Sourcing” the future of Indirect tax return filing?
December 13th, 2023 | 4:00PM GMT | 11:00AM EST | 08:00AM PST
Being part of an exponentially expanding business is a great place to be …unless you are a tax manager trying to cope with this “hockey-stick” growth and its impact on your VAT/GST compliance.
Balancing tax compliance with other critical tasks is a constant struggle for many tax teams, especially those with headcount constraints. To handle this, some do insource the work; others outsource it completely.
However, more recently, a third alternative has been gaining traction - co-sourcing.
What is co-sourcing?
Co-sourcing is a collaborative approach, where the company retains some in-house functions while outsourcing others. This strategy provides a balance between control and external expertise.
The heart of co-sourcing is having a software tool that can be used to automate tasks like data ingestion, data enrichment, and data validation. The data is then used to generate things like returns/reports. Responsibility for certain tasks is split between internal and external teams.
Until recently, co-sourcing was not a viable option because the practicality of the arrangement was not feasible or cost-effective. However, today it is emerging as not only a viable alternative to the traditional options, but offering an outstanding level of control and value to scaling businesses.
Join the webinar to learn about co-sourcing, how it is changing the landscape and if you can level up how you handle global indirect tax compliance.