Tax & Accounting Blog

Data Management Podcast Series: Advice on Speeding Up Data Collection by 2-3 weeks

Forecasting, ONESOURCE, Tax Provision, US Income Tax Compliance, Year End August 21, 2012

When it comes to data collection, many tax leaders say the process is one of their biggest challenges. Without the right data in the right format, everything else — including technology, processes, and people — cannot perform as expected. Yet, some tax leaders are paving the ways for their companies to speed up the data collection process, get more visibility into their numbers and make the audit process simpler and quicker.

Looking to keep your finger on the pulse of the latest data management initiatives? As part of the latest story in our Data Management Podcast Series, Adrian Hioe, Director of Tax Process & Technology, at AECOM Technology reveals how utilizing data management solutions has sped up the tedious data collection process by 2-3 weeks, taking some stress out of the provision and return process.

You’ll discover how AECOM changed their tax department including creating Tax Technology Director positions in Asia, Europe, and Canada and implementing this three-part initiative, including: 

  1. Creating a multi-year road map that implemented key processes and systems
  2. Automating the ending balance reconciliation of the key tax accounts between their GL and ONESOURCE
  3. Building several maintenance programs to manage the ONESOURCE Tax Provision system data

“For complex systems like worldwide provision, you should be using commercial software instead of a home grown custom system. You don’t need to reinvent the wheel, and it’s not worth your time and effort when vendors have already tested and validated their systems over time, and have a proven track record.”

 

Tune in to hear more advice.