Jones Lang LaSalle was able to meet their goal of mitigating the risk of transfer pricing penalties and adjustments through a solution which enabled them to streamline the information gathering process for its transfer pricing reports.
Similar to many tax departments today, Jones Lang LaSalle, a financial and professional services firm, specializing in real estate services and investment management, had major tax departments located globally, with multiple managers in each location, and numerous employees in each which proved a challenge when gathering information effectively and efficiently from its tax departments worldwide.
Because these pain points were a result of transfer pricing issues including: backlog from previous years with reports not being prepared and frequent audits in non-U.S. countries, the financial and professional services firm desired to begin creating transfer pricing studies immediately.
Ultimately, the team turned to ONESOURCE Transfer Pricing because of the capabilities found in their award winning, web-based software. Using the solution for their intercompany service transactions, they are able to prepare over 25 transfer pricing reports annually.
“If I didn’t have the software, I would have to prepare everything from scratch or find everything in different (Microsoft Office) Excel or Word documents. The software makes it very easy to create studies especially on an ongoing basis. That’s a major time savings.”
Emily Barnard, Tax Manager-Jones Lang LaSalle