Case study
Thryv's Tax Department Success Story
See how ONESOURCE helped Thryv enhance tax department performance, reduce risk, and increase efficiency in a rapidly changing business environment.
Introduction : Automate manual tasks
Thryv’s software helps thousands of small companies automate and manage essential business operations including marketing, business development, client engagement, and online payment processing. The Dallas-based company has earned a steady stream of industry awards with annual revenues exceeding $1 billion.
As the company has quickly grown, evolved, and adapted, its tax department has done the same — automating operations and streamlining processes to manage regulatory requirements, ensure compliance, reduce risk, increase efficiency, and enhance performance.
“There’s always something happening within our company and our department that requires our attention because we are always changing and evolving,” says Anastasia Brady, Director of Tax at Thryv. Anastasia oversees tax accounting, financial reporting, compliance, planning, and tax controversies related to Thryv’s indirect, income, and private foundation tax obligations. She has more than 10 years of experience in public accounting across various industries, with a focus on corporate income tax.
“We love ONESOURCE. I’ve worked with other solutions and, although I like some, they don’t offer income tax compliance and provision or it can be a challenge to find talent in the market trained to use them.”
Anastasia Brady
Director of Tax at Thryv
Solution: Increasing efficiency during compliance process
Working with Deloitte Tax LLP (“Deloitte Tax”) and Thomson Reuters®, Anastasia and her team have overhauled their tax department operations to increase the efficiency and effectiveness of accounting and compliance processes.
Thryv’s tax program is built on the ONESOURCE® tax software suite, specifically its Tax Provision and Income Tax applications. Deloitte Tax helped Thryv’s tax department develop its operational and technological roadmap, implement and configure ONESOURCE solutions, and fill staffing gaps — and they continue to provide guidance, support, and training.
Anastasia works with advisor Brad Ford, Principal in Deloitte Tax’s Tax Management Consulting Practice. He has more than 15 years of experience providing corporate tax compliance and consulting services focused on process improvement, tax planning, and tax technology software integration.
“Brad and his team’s experience is based on what they’ve seen at other companies — what has worked and what has not. It’s invaluable,” she says.
Deloitte Tax is a diamond-tier member of the ONESOURCE Certified Implementer Program (CIP), a group of global, enterprise-wide firms certified across the complete ONESOURCE product suite.
“We love ONESOURCE,” Anastasia says. “I’ve worked with other solutions and, although I like some, they don’t offer income tax compliance and provision, or it can be a challenge to find talent in the market trained to use them.”
Many corporate tax specialists across various industries are experienced working with ONESOURCE. Anastasia also appreciates Thomson Reuters’ ongoing effort to enhance its software solutions to address tax departments’ evolving challenges. “ONESOURCE continues to develop over time,” she says.
Anastasia and Brad are both winners of the Thomson Reuters Taxologist Award, which recognizes tax professionals who excel in using technology to maximize tax function effectiveness.
Outcomes : Manual entry to digital transformation
Anastasia describes Thryv’s journey in four phases, from tax data being entered manually and siloed in spreadsheets — to a tech-enabled, staff-driven operation intensely focused on continuous improvement.
Phase 1: Manual data entry
At this stage, work was completed in spreadsheets, so data was entered manually and siloed. “That’s how most companies start out,” Brad said. “It makes it hard to determine what’s going on from one tax period to the next, and there’s little or no ability to adapt to changing tax regulations or changing business conditions, structure, or operations. Energy and effort are focused on meeting deadlines and compliance obligations. These manual processes make it difficult to produce business intelligence or insights.”
Phase 2: Software adoption
Thryv implemented ONESOURCE Income Tax and ONESOURCE Tax Provision to improve timeliness, accuracy, control considerations, data integration, and business units’ ability to leverage tax information in their analyses and planning. “With ONESOURCE, we could tweak certain things for the provision,” Anastasia explains, “and then use it for cash flow projections, estimated payments, and compliance.”
“We’ve been through so many changes over the past couple of years — if we didn’t have an effective ONESOURCE technology solution and the assistance of Brad’s team, there’s no way that we could do what we did over the past three years and effectively operate as a public company.”
Phase 3: Optimization
Next, Anastasia worked with Deloitte Tax to ensure her team members were trained across tax types and streamlining processes to gain greater value from their ONESOURCE software. “Brad’s team was highly involved in training our team in best practices such as using dataset export and import functionality instead of keying adjustments into ONESOURCE directly, and implementing the work papers add-in,” she says. “We continue to have trainings every few months.”
Phase 4: Continual improvement
This is the next stop for the Thryv tax team. It includes the use of data analytics and visualization, artificial intelligence, robotic process automation, and application programming interfaces.
Technology is not static and neither are tax reporting requirements or business operations. The team at Thryv will continue to seek technology and processes — and build a team — that can help their tax department become more efficient and an even better partner to the business.
At a glance
Industry
Technology (Software & Services)
HQ region
Dallas, Texas, United States
Year founded
2013
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