Stevi Frooninckx, our guest for this episode, worked in tax, in-house, for many years, experiencing first-hand the type of challenges and pressures that in-house tax teams face.
He felt strongly that technology would help and make the running of in-house tax functions much more effective.
He moved from working in-house in December 2020, to work fully in tax technology. He moved from an employee to being a business owner of LocTax, a tax technology business that he co-founded.
LocTax is now 4 years old, and whilst they have their specific products, Stevi has in-depth knowledge of tax tech more widely, including the type of technology that exists and how in-house tax teams can use tax tech to relieve the pressures and be more effective.
Stevi shares what he knows in this episode, with the main aim of helping in-house tax teams know how they can relieve pressures and be better with the use of tax tech, and since most of you are external tax advisors (like I am) Stevi shares paid-for workstreams that we can get involved in.
Click the play button above to listen, or search for “The Tax Professionals Podcast” in your podcast player of choice.
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Guest – Stevi Frooninckx
Website: https://www.loctax.com/
LinkedIn: https://www.linkedin.com/in/stevifrooninckx/
Timings
- Overview of Stevi and his career
- (16:30) The pressures on in-house tax teams & how technology can help
- (30:30) Can you have one piece of tax tech that deals with all taxes and does everything?
- (34:15) Why is using OneDrive/Sharepoint and Excel alone not good enough in today’s world for in-house tax functions?
- (42:30) Where should in-house tax teams start when improving their use of tax tech? What’s the best first step?
- (47:15) How to identify the right tax-tech software you need once you’ve identified the problem/areas of improvement
- (50:30) How external advisors can support in-house tax teams to use tax tech to improve the team?
- (55:00) Should small businesses invest in tax tech or is it limited to large multinationals currently?
Resources
Other tax tech episodes:
- TTPP81: Tax Technology Director Shares What It’s Like to Work in Tax Tech with Alexander Kobakhidze [Tax Role Insights, Episode 3]
- TTPP90: Improve Your Tax Research and Save Hours of Time with AI with Nick Stobbs from Tax on Demand
Master Using Tax Legislation
I know first-hand that using and interpreting legislation can be challenging – even more so where there are ambiguities. And I think this scares people from learning how to use it.
To me, that’s a huge shame and a mistake. And it’s why I cover tax legislation in detail in the Tax Research Masterclass.
I want you to able to find, use and interpret relevant tax legislation at work.
I want you to be confident in using legislation and get the huge benefits that using legislation brings.
Details for the masterclass can be found here. Within the details, you will find a business case, summarising the benefits to your employer and you, to help convince your employer to cover the costs.
The next one is scheduled for May 2024.