A STUDY ON MAJOR ASPECTS OF FINTECH AND TAXTECH USED AND ADAPTED BY COMPANIES

Commerce and Management

In the field of taxation and finance, technology plays a major role in improving the streamline of financial processes, enhancing efficiency, improving compliance and reducing costs. The term ‘Fintech’ derived from Finance and Technology, which has seen a significant increase in recent years and Taxtech in combination with technology and professional tax services which helps to fulfil the taxpayer’s reporting and planning needs. Due to technological, cultural, societal (including the impact of COVID- 19) and business dynamics, taxes have undergone remarkable and disruptive transformation, similar to other fields of fintech. Fintech and Taxtech are highly connected and the Fintech trend is driving Taxtech innovation. Fintech helps the Companies in achieving Automated accounting and Bookkeeping, Expense management, payment processing, digital invoicing, financial analytics, etc. On the other hand, Taxtech helps the Companies with Tax compliance and reporting, Transfer pricing software, Regulatory reporting, Robotic process automation, etc. The Big four accounting firms ( Deloitte, PwC, E&Y and KPMG) have adopted Fintech and Taxtech Solutions to improve the quality and efficiency of their services. The Big four accounting firms also have integrated technology into services through Audit and Assurance, Tax compliance and consulting, Transfer pricing, Advisory services, Blockchain and Cryptocurrency, Data analytics, Client portals, etc.

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