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.
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.
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