In order for tax teams to place more focus on strategic activities that benefit companies as a whole, they require an automated, centralized and standardized data collection process. Read this whitepaper to learn how a publicly traded global financial services company worked in order to convert a manual data reconciliation and collection process to a systematic, fully integrated approach. The company in question implemented the Thomson Reuters ONESOURCE DataFlow and integrated it with their existing ONESOURCE software.
Overview: Challenges Faced by CorporationsWith the technology takeover spreading across all sectors, companies are keen on transforming their spreadsheet-driven and highly manual tax processes. A few of the challenges they face include:
- Redundant processes with limited integration capabilities
- Inability to interface with upstream and downstream systems
- Heavy reliance on manually calculated MS Excel spreadsheets and ad hoc reports
- Multiple data gathering activities for different uses
Benefits of Partnering with a Certified ImplementerIn order to overhaul their tax processes, the company decided to partner with a Certified ONESOURCE Implementer. Together the duo implemented the ONESOURCE DataFlow. This included the provision and compliance workpapers as well as the development of a simplified data collection process. These were all integrated with the following software:
- ONESOURCE Income Tax
- ONESOURCE Tax Provision
- ONESOURCE State Apportionment
How to Achieve ResultsHence, the implementation of ONESOURCE helped the organization in the following ways:
- It saved an estimated 600-650 hours of review and preparation duration
- It saved an approximate 2-3 weeks of work through the centralization of data collection files
- It saved 2-3 work days through the centralization of financial work information
- It eliminated the need for data collection using email through better version control
What the Future Holds in StoreAs a result of all the benefits availed, the company sees ONESOURCE playing a key role in the future of its tax department. The organization's tax team recognizes the many benefits offered by automation that help removes manual output, reduces risk, improves data integrity and much more. Moreover, the company is now able to focus on value-added activities that have a positive impact on the business's bottom line.
Key Takeaways from the Whitepaper "Success Story: Replacing Manual Processes with Cross-Section, Automated Tax Solutions"
- Automated tax solutions help companies centralize and standardize their data collection processes
- The use of tax software solutions can help benefit the business as a whole
- By partnering with a Certified Implementer, companies can overhaul their tax processes
- The integration of offerings enables companies to streamline processes and leverage data across tax provision and compliance procedure.