Case study
Tax efficiency with ONESOURCE
Learn how Pyxus simplified tax preparation, increased quality, and ensured timely submissions with ONESOURCE solutions
Challenge
Facing an increasingly complex global tax environment, Pyxus wanted to simplify and streamline its tax preparation processes and establish a digital foundation to enable the department to innovate more easily. This included bringing the tax provisioning process back in-house, minimizing manual inputs, standardizing data management and workflow, and identifying possibilities for automation.
Approach and solutions
With guidance from GTM, Pyxus began its tax technology journey by finding which parts of its processes could benefit from simplification, efficiency, and innovation. GTM designed a strategic solution and implementation roadmap combining Thomson Reuters ONESOURCETM capabilities with additional solutions from Orbitax. This approach addressed Pyxus’ immediate needs around streamlining and efficiency, while also setting up the tax preparation department to continually evolve and optimize.
The Thomson Reuters ONESOURCE suite’s out-of-the-box functionality provided an easy starting point for GTM to add additional tools to customize the solution to Pyxus’ specific needs.
“The need for high-quality tax data is increasing exponentially. Tax departments are one of the largest consumers of data across the company, yet departments often struggle with data gathering and sensitization. Transitioning to an inhouse Thomson Reuters suite of products allowed us to tackle this head on. Our partnership with GTM allows us to continuously evolve our processes in response to shifts in business processes and an ever-changing tax landscape.”
Ashley Bristow
Sr. Tax Director Pyxus International, Inc.
Outcomes
Increased automation and efficient processes have enabled the Pyxus tax preparation teams to absorb new legislation and processes related to Pillar 2 without increasing the close cycle. Internal audit teams have reported that they have more clarity and definition across processes, as well as more visibility and control for reducing risk, such as increased audit traceability of inputs and outputs across provision calculations. Local teams have fewer questions surrounding the close process, can submit more timely and the quality of the local team’s submissions have increased.
Using their consolidated tax tools, teams can more efficiently review and update data and processes outside busy closing periods. Benefitting from seamless data sharing, higher data consistency and accuracy, and automated compliance calculations, Pyxus tax teams have been able to shift their time and focus to reviewing more meaningful and strategic tax inputs and calculations.
Executive summary
Pyxus International, a global agricultural enterprise operating across 30 countries, transformed its tax accounting and reporting processes with Thomson Reuters ONESOURCE solutions and implementation guidance from GTM, a Thomson Reuters Certified Implementation Partner and an Orbitax Certified Partner. Valuing the seamless integration of tools across the Thomson Reuters ONESOURCE suite, Pyxus wanted to centralize its tax preparation processes further. The company worked with GTM to build a solution to maximize the value of the tools they were already using and create a more comprehensive suite of capabilities with additional ONESOURCE tools and products such as Alteryx and Orbitax.
At a glance
Industry
Agriculture
HQ region
Morrisville, North Carolina, United States
Solutions
ONESOURCE
Year founded
1873
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