6OCTOBER 2023Editor's NoteTax Advisors Taking the Path of Technology Companies can reduce their tax burden by leveraging advanced technology involving intricate business models, intellectual property, and international operations through tax advisors. Combining tax advisory with cutting-edge technologies like AI, ML, and IoT can significantly improve the efficiency, accuracy, and scope of tax-related services. AI-powered tools can extract relevant financial data from invoices, receipts, and financial statements. ML algorithms can accurately categorize expenses, incomes, and assets, ensuring compliance with tax codes and regulations. Tax advisors navigate the complexities of tax laws across different jurisdictions, helping companies minimize tax liabilities while staying compliant. The global tax advisory services market generated $34.6 bn in 2021 and is forecasted to reach $97.1 bn by 2031, growing at a CAGR of 11.2 percent from 2022 to 2031. Digital transformation systems have become increasingly crucial in tax advisory services, fueling the market's growth. Technology-driven tax advisory services start-ups rapidly offer clients digitized and long-term tax filing services through robo-advisors, boosting market growth. Advanced technologies like AI analyze financial data to identify potential deductions and credits, leading to client tax savings and market growth. This edition of the Financial Services Review Canada provides ways to help businesses with tax advisory services to identify unusual patterns in financial data that may indicate fraudulent activities, helping to protect clients from potential financial loss. It features a thought leadership article from Douglas Maxwell, Chief Financial Officer at American First Finance, who sheds light on how CFOs can effectively implement strategies to assist in helping the firm navigate successfully through challenging economic times. It also features an article from Melissa Hall, Senior Vice President of Global Tax at Assurant, who emphasizes how financial teams adopt new technologies and transform their operations by implementing strategies that should address team members' natural resistance to change. In this edition, we also bring stories of top tax advisory services providers who ensure their advice remains up-to-date and compliant. One of them is B. Hoffmann & Associates, which takes a customized approach to address the business' indirect tax issues. Its approach is tailored to match each company's objectives, whether to boost revenue, lower expenses, or mitigate risks. This edition, featuring Top Tax Advisory Services Providers in Canada 2023, facilitates personalized tax strategies and recommendations based on specific financial situations and goals. We hope you find the right partner to meet your business needs. Let us know your thoughts!Copyright © 2023 ValleyMedia, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.Managing EditorJeff RodriguezVisualizerRonald Donovan*Some of the Insights are based on the interviews with respective CIOs and CXOs to our editorial staffEmail:sales@financialservicesreview.comeditor@financialservicesreview.commarketing@financialservicesreview.com October - 2023, Vol 04- 38, ISSN 2835-9771Published by ValleyMedia, Inc. To subscribe to Financial Services ReviewVisit www.financialservicesreview.com Jeff RodriguezManaging Editoreditor@financialservicesreview.comChris LynnEditorial StaffAaron Pierce Ashik Jain Ancel Castelino Ava GarciaGilbert Hoover Joshua Parker
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