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1 | TAX TRANSFORMATION AND TECHNOLOGY
Tax Third-Party SoftwareImproving the Tax Function with ONESOURCE Third-Party Tax Software
Tax Transformation and TechnologyTax
Tax departments invest in tax technology to address issues of accuracy, speed and controls in tax processes and help increase the efficiency and value of the tax group’s effort. Investments in tax technologies yield the greatest returns when the technology is closely aligned with an organization’s tax processes, people and technical tax requirements.
KPMG’s Tax Transformation and Technology practice can help envision the end-state and work towards a highly effective implementation. Our TTT professionals are tax people that have a deep understanding of technology and technical tax issues, and their impact on reporting, compliance requirements
and internal controls across the tax lifecycle. We draw on our significant experience in the field to understand tax department operations and the market-leading practices that help drive process improvements and add value.
How Can KPMG Help?KPMG’s team of Thomson Reuters ONESOURCE certified implementers focus exclusively on our clients’ operational needs, understanding that one size does not fit all. Our professionals bring a practical eye with a leading-practice approach to the tax processes of our clients who currently use ONESOURCE, or are looking to increase the value added by ONESOURCE tax software to their organizations.
We can help our clients implement, customize and integrate any or all of the ONESOURCE suite of tools within existing tax and financial operating systems to; save time, reduce costs, improve resource utilization and enable faster cycle and close times. An implementation can include ONESOURCE Income Tax (OIT), ONSOURCE Tax Provision (OTP), ONESOURCE WorkFlow Manager (OWM) and other software to:
• Standardize and centralize tax process, document, data, due date and entity management
• Implement a real-time dashboard tracking and reporting process
• Utilize OWM’s DataFlow module to create standardized, secure and dynamic web-based Excel© tax workpaper and data packages
– Automate distribution/tracking to data providers (internal and external) and storage/extraction of collected data from a centralized data repository
– Share a common set of collected tax data across the entire tax lifecycle – utilizing DataFlow and ONESOURCE applications/tools (with 3rd party tax, financial, and general ledger source systems integration capability)
• Set up consistent data and calculation methodologies for both tax provision and tax return processes
• Utilize ONESOURCE ‘enhanced integration’ for the 2-way transfer of data between OIT and OTP
• Design efficient, effective, and measurable processes customized to a specific tax environment and integrated with ONESOURCE tools
• Help with change management, reduce risk of errors in tax reporting, and improve controls and governance
• Increase efficiency and productivity of the overall tax function by reducing manual efforts and duplication of tasks
Why KPMG?Our experience shows that successful implementations include:
• A holistic view of how technology can be used to add value to the whole organization, identifying opportunities and executing on them across the entire tax lifecycle
• A practical approach to effectively implement technology with tailored processes and controls for client-specific requirements
2 | TAX TRANSFORMATION AND TECHNOLOGY
3 | TAX TRANSFORMATION AND TECHNOLOGY
EXAMPLES OF HOW WE’VE HELPED OUR CLIENTS
A media and entertainment company had a very time consuming Excel based tax provision process involving more than 600 business units. The process to reconcile profit before taxes to the financial statement amount was particularly time-consuming and it took approximately two weeks to review the provision. We helped our client redesign its tax provision, estimated payment, and compliance process. They are now able to reconcile pretax book income, automatically calculate book-tax differences, and generate a state tax provision using ONESOURCE Tax Provision combined with a tax data-mart. Cycle time to prepare, make changes and recalculate the tax provision was significantly reduced while overall precision and accuracy increased.
A large global construction company with almost 100 domestic entities needed help automating their tax compliance and estimated payment processes. KPMG partnered with the client to significantly improve inefficient, manual, spreadsheet-based processes through a customized implementation of ONESOURCE Workflow Manager. The implementation created standardized workflow processes and workpaper packages, and a centralized document storage and retrieval process across all entities. KPMG also designed DataFlow packages to automatically integrate with tax compliance and estimated payments source systems, along with the provision process, allowing for the same set of collected data to be shared across the entire tax lifecycle. Customized dashboards and reports provided real time visibility into specific tax information and key metrics. The transformed tax environment has resulted in faster cycle times, enhanced efficiency and productivity, stronger internal controls, improved accuracy and reduced risks.
• A vision of the end-state – defining ‘what good looks like’ to produce measurable results
• Creativity to challenge and customize ‘out of the box’ functionality and increase the opportunity for a better result
• Years of working in the field to develop deep knowledge and experience with tax content, technology, process improvements, and tax resource challenges
Our methodology is customizable and scalable, allowing for the gradual, separate implementation of ONESOURCE tax software to meet specific objectives and help ensure a seamless “go-live” each time. Our approach is:
• Process focused, taking into account existing tax and financial software eco-systems and processes to create best-practices while minimizing business disruptions
• Provides extensive end to end support throughout the end-to-end financial reporting process
• Provides targeted and meaningful training and ongoing client support for continuous improvement
We can work with our clients’ auditors to tailor processes and deliverables to help produce audit ready results and documentation.
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The information contained herein is general in nature and based on authorities that are subject to change. Applicability of the information to specific situations should be determined through consultation with your tax adviser.
© 2015 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in the U.S.A. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International. NDPPS 334950
Contact us
To learn more about KPMG’s Tax Transformation and Technology, please contact:
Brad BrownPartner, [email protected]
Scott WeisbeckerPartner, [email protected]
Irene ShenPartner, [email protected]
