A healthcare provider optimizes their tax department
2-3 weeks
Time saved throughout tax life cycle
At a glance
Client
Healthcare corporation
Industry
Healthcare
Our role
To help create a tax center after a PE spin-off
Our solution
Automating workflows into appropriate formats
Building a tax center for a healthcare organization
Scenario
A future tax department needed to be optimized
Approach
Grant Thornton streamlined processes and implemented a data visualization tool
Result
The result saved two to three weeks of time across the tax life cycle
Scenario
PE spinoff creates need for new tax department
A subsidiary of a large, private C corporation in the healthcare industry was tasked with establishing a new, comprehensive tax department as a result of a private equity spinoff. Grant Thornton was brought in to collaborate with the vice president of Tax in order to identify four pillars of optimization for the future tax department: data management, process automation, analytics and integration.
Approach
Designing and implementing future-state processes
Using a holistic, client-centric approach, Grant Thornton worked closely with the client to identify objectives, risks and controls, while assessing the broader technology environment and the company's budget capabilities. After developing the objectives and the scope, the team designed and implemented scalable future-state processes supported by an integrated suite of tax calculation and reporting engines, which created automated, repeatable workflows to pull source data and combine/cleanse/transform the data into appropriate formats. The newly configured engines seamlessly leveraged data between processes and deliverables in areas such as key tax adjustments, intercompany allocations, state apportionment calculation and return-to-provision true-ups. Leveraging DOMO, a business intelligence and data visualization tool, the client was able to identify anomalies in their data and exception reporting, pull key tax metrics in a digestible format for leadership discussion, and streamline onboarding and training.
Result
Efficiency increased, adding more decision-making time
The optimized processes and technology have generated at least two to three weeks of time savings across the entire tax life cycle. This increased operational efficiency, along with the data visualizations, allow the client's tax team to spend more time on actual decision-making with the confidence of knowing that they are focusing on the right information.
Related resources
Content disclaimer
This Grant Thornton Advisors LLC content provides information and comments on current issues and developments. It is not a comprehensive analysis of the subject matter covered. It is not, and should not be construed as, accounting, legal, tax, or professional advice provided by Grant Thornton Advisors LLC. All relevant facts and circumstances, including the pertinent authoritative literature, need to be considered to arrive at conclusions that comply with matters addressed in this content.
Grant Thornton Advisors LLC and its subsidiary entities are not licensed CPA firms.
For additional information on topics covered in this content, contact a Grant Thornton Advisors LLC professional.
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