Tax automation and analytics generate time savings and enhance reporting

Man showing dashboardSituation A subsidiary of a large private C corporation 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.

Solution Grant Thornton took a holistic, client-centric approach with an integrated team of tax accounting, tax process improvement and tax technology specialists. After working closely with the client to identify their objectives, risk and controls, broader technology environment and budget, the integrated team designed and implemented flexible / scalable future state processes supported by:

  • An integrated suite of tax calculation and reporting engines that automated and transformed tax data
  • A data analytics tool with visualizations configured for tax calculation preparers / reviewers and management
  • Onboarding and training

Client Benefit 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, have allowed the client's tax team to spend more time on actual decision-making with the confidence of knowing they are focusing on the right information.