Sam Lo Ricco takes us through the benefits of a virtual tax director
With the increased trend in Outsourced or Virtual CFOs, a rise in requests for Virtual Tax Directors has also emerged.
Building an effective, appropriate and reliable in-house tax function is expensive and difficult to achieve. The requirements of tax functions are changing rapidly and often project driven, so recruiting for the requisite skills upfront or on an ongoing basis can be difficult. The experience and skills required to implement tax planning opportunities effectively are different to the skills required for tax compliance.
Have you considered a Virtual Tax Director to help you and your business?
Five reasons to consider it:
- Cost effectiveness –Virtual Tax Directors are flexible and adaptive. They can be brought in when you need to scale up for projects or at critical times of change. This allows a business to streamline their spending on tax services when bringing on a full-time tax director is not justified. With a Virtual Tax Director, you can allocate a smaller portion of your budget to senior-level tax support, leaving the remainder of the resources to the day-by-day tax compliance functions.
- Diverse and superior knowledge – Virtual Tax Directors are experienced senior professionals. They are commercially aware and have worked in-house in businesses like yours (not just as consultants). This experience and the variety of assignments that they have delivered on ensures that your business receives best practice and the latest intelligence on market trends and approaches to tax law and regulatory changes.
- Always available – A Virtual Tax Director is always on call for your business and ready with the appropriate bandwidth to assist in the management of your businesses tax affairs and for tax governance, strategy and risk management.
- Access to the latest technology – A Virtual Tax Director is not tied to specific technology solutions. Working with a variety of clients and technologies, ensures they can identify and work with your business to implement the most appropriate and cost-effective technology solutions.
- No management or guidance required – A Virtual Tax Director only needs instructions on the desired outcomes, they do not need day to day management or guidance on what to do next. A Virtual Tax Director can provide the leadership, work autonomously and/or provide your team with the specialist tax specific mentoring and training they need to support your business in delivering the desired outcomes.
Are you considering engaging a virtual tax director?