How Saving 20 Hours During Their 7-Day Close is Getting the Tax Team More Exposure
When the US tax department of AstraZeneca was under the microscope of new management, they knew that incorporating software into their tax processes would help to gain efficiencies around data management and reporting out globally.
In our recent Data Management Podcast series, Linda Peoples, CPA tax manager, Tax Accounting and Reporting, shares how tax data management is on management’s radar and how they are in favor of using software to gain efficiencies wherever possible. In her podcast, Peoples provides insights into her company’s experience, so that others facing similar challenges can gain a new perspective on data management strategies.
Peoples shares how her 24-person tax team is seeing the benefits of automating their calculations and moving towards a paperless provision. They are currently gathering all of their data for their book-tax adjustments for provision and return and are bringing it all into a database using ONESOURCE DataFlow. As a result of easier collection and computation of adjustments, the global biopharmaceutical company’s tax team has been able to automatically compute about 75% of their book tax adjustments, which is a huge change from years prior with manual data entry.
Peoples estimates about 20 hours of time saved during the one week they take to calculate their provision. “This change helped my group so they don’t need to work overtime.” Peoples expects the same type of time savings during the compliance process since there are so many more adjustments that the group needs to prepare. Next year, the team expects to save more time by automatically calculating adjustments for their M&E accounts.
With this type of progress, her team’s efficiencies are not going unnoticed. They’ve been receiving kudos from upper management and gaining attention from the UK team, which is also evaluating ONESOURCE as well.
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