When it comes to finishing your financial close, do you ever think, there must be a better way? Jason Hamil, Sr. Tax Accounting Mgr, A Global Logistics & Transportation Company reveals four tips for getting ahead during year-end. Hear his year-end success story!
“Our biggest year-end challenges were being able to complete the financial close as quickly as we needed, as well as getting the quality of financial information used for tax compliance and analysis purposes.”
In late 2010, this global logistics and transportation company enlisted the help of ONESOURCE Income Tax as their primary tax compliance solution. At the same time, they were using ONESOURCE Tax Provision and had initiated a number of tax transformation initiatives, designed to take full advantage of the integration between the ONESOURCE return and provision solution on a single platform.
“By pushing the federal return data into ONESOURCE Income Tax from ONESOURCE Tax Provision, we were able to complete our annual provision approximately one week or about 30% faster and we’re on track to accelerating our Federal and State compliance cycles by about 90 days over 3 years.”
Jason’s 4-Step Plan to Automating Tax Processes:
1. Think critically about the entire tax lifecycle: This includes the provision, your estimated payments, compliance and planning processes and focus on how the different functional responsibilities and the end of the line deliverables interact with each other.
2. Focus on the people and process improvements: And, let the tax technology create efficiency.
3. Build a consensus on change initiatives: Make sure that everyone’s a stakeholder and everyone’s on board.
4. Define a multi-year plan and re-evaluate that regularly: Communicate success and failures to everyone’s that involved so that they stay involved and are interested in and vested in the projects.
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Have your own year-end best practice tips? Tell us your year-end success story today by emailing: firstname.lastname@example.org. The best stories will be highlighted in the showcase!