Challenge
Using a patchwork of service providers, an international chemical manufacturer was struggling with a broken tax function. The company’s tax department was facing high rates of turnover coupled with the impending retirement of key staff. These resource constraints drove challenges impacting efficiency as newly hired staff were often unfamiliar with technology, workpapers and processes. Additionally, the manufacturer’s previous provider had acted mainly as a software license leading to manual, time-consuming and labor-intensive data compilation internally.
Solution
Grant Thornton utilized their Rightsourcing methodology to analyze the manufacturer’s current people, processes, and technology to identify pain points. Grant Thornton assembled a team of integrated tax professionals functioning as an extension of the organization providing technology and process recommendations while mapping out the roles and responsibilities in the company’s tax department. Grant Thornton met weekly with the manufacturer to ensure transparency and collaboration to bring the right resources to support the company’s priority areas as well as agility to address any new tax issues that arose heading off challenges and anticipating potential impact.
Results
Through the power of collaboration, the integrated Rightsourcing approach helped the company anticipate issues and apply automation to reduce or eliminate manual data manipulation saving hours of preparation time and improving results. By streamlining the data, it allowed the company to deliver the information earlier in the process so turnaround time wasn’t as compressed. This teaming helped develop a solution that fit the company’s unique tax needs providing greater visibility into insights and gaining a clearer picture of roles and responsibilities within their tax department. The manufacturer continues to work with Grant Thornton and is starting to shift focus from immediate challenges to more long-term objectives.
Contact:
Michael Colagiovanni
Principal, Tax Services
Grant Thornton Advisors LLC
Mike Colagiovanni is a partner in the Tax Services practice of Grant Thornton’s Cleveland office, specializing in corporate taxes, including income tax accounting and financial reporting matters. He is the Central region leader of Tax Accounting and Risk Advisory Services (TARAS).
Cleveland, Ohio
Industries
- Manufacturing, Transportation & Distribution
- Transportation & distribution
- Retail & consumer brands
Service Experience
- Tax
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