3 tips to prepare you for the future of tax

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It’s no secret that the tax profession is changing rapidly. How do you future-proof your career?While tax professionals are used to the constant uncertainty that arises from legislative changes, there are more factors at play.

Robotics, artificial intelligence, and machine learning are automating compliance work in tax. The rise of the peer-to-peer economy (where a third-party, like a tax adviser, is no longer part of the transaction) will also challenge the nature of all professions, including the tax profession.

What’s more, the globalisation of business is blurring the lines of which country’s tax laws apply and when within a transaction.

Clearly, there’s a lot of disruption going on in tax.

Here are 3 ways to manage it like a pro.

1. Be aware and prepare for automation

A common question about automation and digitisation is “will it replace the tax professional”?

It’s no surprise that some tax work will be fundamentally transformed because knowledge is more widely shared and available to individuals. Systems have increasingly become capable of delivering what tax professionals have traditionally been engaged to do, especially compliance work.

While compliance tasks may see automation take over, tax advisory is less likely to do so.

This is because many transactions can raise unique issues which require a tax professional to identify and resolve. In that regard, technology is a partner for the tax professional who then becomes more of a ‘concierge’.

A concierge is one who can ask great questions (as opposed to having all the answers) and can deliver the right solutions using the right tools and the right people at the right time.

At The Tax Institute, we know the tax landscape is changing. We are combining our two flagship events into what will become the most significant tax program for tax and accounting professionals in the region. Find out more.

2. Keep up to date

As mentioned earlier, the law is continually changing. This is why tax professionals need to be on top of recent developments within legislative requirements and case law.

Clients expect more and more from tax advisers, so you are expected to demonstrate a suite of tax skills.

By maintaining a commitment to lifelong learning, you bring your best to your clients. It keeps you at the top of your game throughout your career.

Furthermore, keeping learning front and centre are integral for career success and overall job satisfaction.

3. Become a specialist

Following on the importance of keeping up to date and adding value to clients, tax professionals should consider specialising in an area of tax.

We need to recognise that clients are far more empowered and armed with a much higher level of knowledge than they were previously. Clients are becoming increasingly demanding and prepared to pay considerably less for provisional services.

With that said, tax professionals are still intermediaries between tax legislation and their clients.

This is why digesting and regurgitating the technical tax content in a way that clients can understand is imperative. Well-developed interpersonal or “soft skills” are the key to building trust with clients.

If you are known for being a tax expert, there will always be a demand for your work. And most importantly; if the customer experience is exceptional.

Kick start your prep for the future with The Tax Institute.

The Tax Summit 2020 combines the best of National Convention and The Tax Summit and will focus on specific happenings, challenges, reports and events within the tax and accounting landscape. The event’s theme, ‘Now & When’, will explore what our profession stands for now while thinking ahead to the future.

There will be more than 60 sessions delivered by local and global tax experts, across SME, Corporate and Hot Topic streams. The Tax Summit also includes keynote sessions and four new streams: Professional Practice, Emerging Leaders, International and Technology.

Register now.

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