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"We Are Losing Half a Month to Tax Data Management – Help!"

As a world-leading, research-based pharmaceutical company, this firm devotes its energy and resources to researching, developing and distributing the vaccines and prescription medications that improve our quality of life. Yet multiple finance personnel found themselves dedicating two full weeks of every month to readying their sales tax data in preparation for filing monthly returns. Their core financial focus was greatly diluted by the administrative tasks of sales tax data consolidation and clean-up…all to feed the process of filing sales tax returns!

To make outsourcing feasible, this company needed a service provider with the capability to import, consolidate, and clean up the different source data files coming from its billing and AP systems. ONESOURCE Sales & Use Tax managed services was the answer. With our proprietary data translation tools and processes, this company’s complex data input files and business rules are systematically imported and consolidated…reducing errors and risk. We also manage the entire return preparation, remittance, and jurisdiction notice processes. Our end-to-end data management and compliance service has enabled this company to refocus on its core business, confident that sales tax compliance is under control.

Telecom Tax Compliance Services

"We want to focus on planning…not compliance"

This large Southeast-based telecom company’s tax department constantly struggled with keeping its focus on the more important, strategic facets of tax. After the departure of one of the tax department’s key employees, they took the opportunity to re-think the focus of the tax team. As they assessed their options, they talked to Thomson Reuters to see if we could help. It concluded that ousing managed services for its sales and telecom tax would enable it to refocus their team, allowing them to rise above the data and deadlines and spend their time and energy on things that have a bottom line impact like planning and audits.

With ONESOURCE Sales & Use handling the compliance work, this tax department is able to manage the state and local tax function from a very strategic level. Armed with our web based management and GL reconciliation reports and kept out of the day-to-day fray of tax returns, it devotes its resources towards the tax matrix, state and local tax strategy, planning and minimization. To make the strategic shift, it took taking control of the complex compliance process by bringing in the experts.

Leasing Tax Compliance

Transforming the tax department from "tactical" to "strategic"

A major vehicle leasing firm identified an opportunity to optimize its internal resources, focusing its sales and use tax compliance operation away from inherently administrative work (tax rate research, rate maintenance, tax calculation management, data consolidation, return preparation, copying, stuffing envelopes, applying postage, journal entry preparation, etc) and directing its efforts toward more strategic work. The tax department was facing several issues that were undermining its effectiveness. Excessive time spent on administrative compliance tasks was depleting resources for planning, tax minimization and risk reduction projects. Excessive manual intervention in the compliance process was increasing risk and hurting efficiency. Compliance systems were depleting scarce IT resources and budgets instead of enabling more tax data analysis and projects that strengthen the bottom line.

After analysis of its tax function and resource allocation, the firm chose to engage the sales and use tax compliance services of ONESOURCE Sales & Use Tax. Shifting the administrative compliance work has created capacity in the tax department for more planning, audit management and tax strategy. A cleaner, web-accessible image library makes its audit management function more efficient and effective. The web reporting and tax analysis tools enable better, faster decision making. IT resources are steered away from sales tax compliance, enabling more IT projects that directly impact the bottom line. ONESOURCE Sales & Use Tax managed services provided its tax department valuable peace of mind by significantly reducing the distraction of compliance. The team is now free to focus energies on projects more closely aligned with results oriented, bottom line work.

Retail Tax Compliance

"Dedicate Internal Resources or Use Service Provider?"

This large home-furnishings provider was experiencing several problems with proper calculation and filing of sales tax. With almost 100 store locations, it wanted to maintain accurate tax rates while keeping a lean finance function focused on core activities like planning and financial reporting. It also wanted easy access to historical information for the sales tax purpose process. The dilemma was whether or not to continue dedicating internal resources, or look to outsource.

After analyzing its accounting and finance functions, this retailer chose ONESOURCE Sales & Use Tax managed services to handle the compliance process. In addition, we compute the monthly tax liability for each store location, looking to identify tax rate issues in the POS system. To make the audit process more effective, a web-accessible image library is available for their needs. By outsourcing the compliance process to us, the finance team can now focus on core financial projects that will bring results to the bottom line.

Manufacturing Tax Compliance

"We Are Pursuing A Total Tax Compliance Solution – What Is Our Best Option?"

This world-class manufacturer of innovative equipment to the semiconductor industry was undertaking a re-engineering of its overall business structure with the goals of remaining competitive and fostering continued fast growth within the high-tech business market. With this in mind, the CFO set his sights on a lean and focused financial structure where resources and personnel are optimally aligned against core business processes. The decision was made to pursue a comprehensive shift of this company's tax function to take advantage of the available expertise, lower costs, and streamlined operations gained by using managed services.

As this CFO approached several Big 4 firms as possible total tax solutions, ONESOURCE Sales & Use Tax was presented as an integral component of their comprehensive tax offering. Recognizing the fundamental differences between sales tax and the rest of business tax, this corporation realized that we could offer the strong technology and sales tax expertise required. Today, this manufacturer is served well by the peace of mind and efficient business structure that managed services provide for the entire sales & use tax process.