Enhanced automation and reporting leads to efficiencies and time savings

 

30 minutes

 

The time it now takes to process and file sales and use tax returns each month – down from three days.

 
 

At a glance

 

Client

National automotive repair company

 

Industry

Transportation

 

Our role

Solving sales and use tax inconsistencies

 

Our solution

Building an efficient tax processing system

 
 
 

Automating processes reduced errors and time

 
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Scenario

Discrepancies in sales and use tax amounts due to manual processes and time constraints

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Approach

Design a future state model that focused on process automation, enhanced insights via data visualizations

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Result

New tax technology solutions reduced monthly processes and provided real-time data visualizations

 
 

Scenario

 
 

Sales and use tax process was slow, error-prone

 

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.

 
 
 

Approach

 
 

Tax engine tools create faster, efficient model

 

Utilizing leading tax engine tools created efficiencies in process and automated steps that might otherwise be manual and time consuming. This 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.

 
 

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Result

 
 

Data visualization enhances work flow and accuracy

 

This 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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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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