TX: Dealing with Dragons

The old mapmakers, when they reached the edge of the known world, used to write, “Beyond here, there be dragons!“. Today, true tax transformation (TX)―see TX vs Tax IT. Which are you?―is often treated the same way as unfamiliar waters and a risk to avoid. 

However, this is false reasoning. Greater risk lies in an incorrect response to the inevitable march of tech, especially when TX offers buried treasure and tax is already a latecomer to transformation in general―see TX: What Tax Needs to Know. 

So, what does the TX journey of discovery look like? Here is the tried & trusted path laid down by those who went before and were successful (many others were not): 

1. Educate – Learn from the early navigators and create a low-cost, low-risk, no lock-in plan of your own 
2. Engage – Socialize, share, enroll, influence, and persuade stakeholders of the value of your plan  
3. Execute – Build an early track record of success in tax tech via transparent methods that achieve transformed outcomes in ways not seen before, making the unfamiliar feel familiar and safe.

The 3-Step Xyto TX Framework

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Christopher Columbus, the 15th-century explorer, despite visiting new lands four times, never acknowledged the failure of his original goal to reach the East Indies. It was Amerigo Vespucci, several years later, who showed that a new continent had been “discovered”, one that now bears his name―America. Tax professionals can ill-afford such missteps.