A large national automotive repair company wanted to create efficiencies throughout their direct tax lifecycle by combining the use of technology with Grant Thornton’s tax provision and compliance services. They were working exclusively in Excel, often spending three-plus days each month manually manipulating data to file their sales and use tax returns. Given the time constraints and manual process, the final sales and use tax amounts for each jurisdiction were susceptible to over/under collections with little visibility into the source of the issue.
Utilizing Grant Thornton’s Rightsourcing methodology, coupled with leading tax engine tools created efficiencies in process and automated steps that might otherwise be manual and time consuming. This model enabled the company to maintain software solution licenses and own the technology suite while Grant Thornton professionals built an efficient tax process to deliver optimal outsourced provision and compliance services.
The Rightsourcing approach delivered a more efficient tax process by automating the trial balance and state apportionment load into the ONESOURCE modules, leveraging provision data for the return and allowing for push-and-pull functionality through the use of custom workpapers. Enhanced reporting was recognized via Domo's data visualization spotlighting new insights to tax-affected data. Recognizing the benefits of the custom configured technology solution, the company sought additional process enhancement applications for their indirect tax processes. The Grant Thornton team created a new Domo process that replaced the Excel process and reduced the monthly three-plus day process down to 30 minutes with increased accuracy due to the repetitive steps now being automated and enhanced insight into past over/under collections via data visualizations. The implementation of Domo enhanced project management, giving the company a deliverable status dashboard to easily view an accurate, up-to-date picture of where deliverables stand, with the ability to send alerts notifying a user about upcoming or overdue tasks.
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