Corporate Tax Rate Changes Are on The Horizon: What Utilities Need to Know

As the landscape of corporate tax rates remains uncertain, one thing is crystal clear: utilities must be prepared to adapt swiftly when change inevitably arrives. The timing and specifics of these rate adjustments may be hazy, but one proactive step utilities can take is investing in modern tax software that offers flexibility and functionality. Adaptable tax software can empower tax departments to adjust their computations quickly and efficiently in response to evolving tax regulations, ensuring compliance and accurate financial reporting in a dynamic tax environment.

Empowering Modern Utilities: The Essential Investment in High-Performance Accounting Software

In an era where technological advancements are reshaping industries and redefining the very essence of efficiency, utilities find themselves at a crucial crossroads. Ever-growing demand for reliable energy services has placed an enormous burden on rate-regulated utilities to streamline their operations and optimize every facet of their business. However, many utilities continue to rely on outdated accounting systems and processes that limit their ability to adapt to an evolving landscape. Investment in high-performance computing is becoming critical for operational success, and utilities need a viable plan for transitioning to the best available accounting technology in order to drive sustainable growth in a competitive market.

Digital Technologies Propel Utilities to Transform Workforce

Utilities are bracing for a digital revolution, though according to a recent report most executives in the sector agree that their businesses are not prepared for it.

In the Digital Transformation and the Workforce Survey commissioned by EY Power & Utilities, nearly 90% of executives report having too few digitally savvy workers is frustrating their ability to adopt digital technologies. Not only is the problem of an insufficient workforce staring them in the face, by most of the respondents surveyed are lacking a plan on how to proceed. With near-universal agreement (94%) on the need for direct investment in technology and the workforce, utilities are soon to be left scrambling for solutions. The transformation of the power industry will be based on technology, but it will be driven by people.