Tax & Accounting Blog

Year-End Success Story #2: How to Produce Better Quality Reports For Year-End

Audit Assistance, Best Practices, Compliance, Forecasting, Global Tax Compliance, ONESOURCE, Risk Assessment, Tax Provision, Transfer Pricing, Uncertain Tax Positions, US Income Tax Compliance, WorkFlow Manager, Year End April 24, 2012

 Does this scenario sound familiar? Not enough time, limited capacity amongst staff; but still tasked with improving the quality of financial information in a shorter amount of time?  This is exactly what one global hospitality company’s tax department  faced when using spreadsheets to calculate their provision.

Monique Smith explains why her her progressive tax department turned to automation and how they are now creating more accurate reports for both  executives and auditors by using ONESOURCE Tax Provision.

“I’ve been using ONESOURCE products since 2007. Currently we use ONESOURCE Tax Provision and I’m really impressed with all of the enhancements, especially the state reports. Using the provision software has helped us take a step back and really do a detailed scrub-analysis, helping us be more in line with where we should be. Monique Smith – Senior Tax Analyst

Monique’s Year End Best Practice Tip of the Day:

“We realized that doing the whole provision in excel is the old way. After using the tax provision software for a few closes, we tried to see where the key areas of improvement were, so that we could use the software in the best possible way.”

Hear more by watching her story.  Like her story? Vote by clicking “Like” on her story (log in to your Google account) and help her win an iPad.

Have your own year-end best practice tips? Tell us your year-end success story today  by emailing: werelisteningonesource@thomsonreuters.com.   The best stories will be highlighted in the showcase!