1、How will GenAI shape tax and finance transformation?ContentsIntroduction .041.How generative AI(GenAI)is changing taxandfinancetransformation.062.Whytransformationdrivesmore effectiveregulatorytaxcompliance.103.Thestruggletoretainanddeploy taxandfinancepeopleispeaking.144.Costpressuresbecomethetoppr

2、iority.185.HowtoapproachtransformationintheGenAIera.20Aboutthesurvey.22IntroductionThefindingsoftheTFOsurveyareamongthemostdramaticinitssixyearhistoryduringwhichlongsimmeringchallengesaroundcost,talent,dataandreportingpressureshaveintensified.GenAImayholdthekeytohelpingresolvethem,addingnewopportuni

3、tiesfortaxandfinancefunctionsthataretransformingtheiroperatingmodels.Thesurveyfinds:Costpressuresarethetopconcernforthefirsttime,ascumulativecostcuttingandinflationhavesignificantlyerodedbudgetsinrealterms.Asaresult,taxandfinanceprofessionalssaymanagingbudgetsistheirhighestpriority,followedbycashtax

4、planning.Fiftyfourpercentsaytheyarerethinkingtheiroperatingmodelsandrespondentssaycosourcingisthemostimportantchange theyre considering.Talentshortagesintaxandfinanceareapproachingcrisislevelsbecausefewerpeopleareenteringtheaccountingprofession,andmanyaccountantsareretiring.Amongoneofthemoresurprisi

5、ngfindings:Amajorityoftaxandfinanceleaderssaythatprofessionalswithoutauniversitydegreeareimportanttotheirtalentstrategy,signalingashifttoskillsversusdegreefocus.Businessesarestrugglingtoimplementtherightdatastrategyandtechnologyneededtocopewiththeemerginglegislativeandregulatoryrequirements.Thisincl

6、udesgreateradoptionbyjurisdictionsaroundtheworldofnewglobalminimumtaxrulesandrealtimefilingrequirements,includingeinvoicing,aswellasnewrulesmandatingdisclosuresoftaxandfinancialinformationtothepublic.The2024EYTFOsurveyfindsGenAImayhelptaxandfinancefunctionswithtalentgaps,budgetcutsandBEPSreporting.G