How A Tax Department Automated 70% of Their Tax Adjustments
Imagine eliminating the risk and time-consuming processes of using Microsoft® Office Excel during your income tax filings and year-end financial close.
As part of the latest story in our Data Management Podcast Series, Chip Gooding, Director, Tax Accounting and Reporting at Commercial Metals Company (CMC), shares how transitioning to standardized workpapers helped his tax team automate 70% of their tax adjustments and speed up everything…from adjusting their U.S. deferreds in only three days to being on track to a faster close. Tune in to hear about this dramatic transformation.
Similar to many tax departments today, the tax department staff at CMC found themselves spending too much time on tedious tasks surrounding tax data management, taking away from the time they had available for real value-add work. With over 15 years of experience, Chip faced pressure to complete a faster close, stressing the need for automation. He led CMC’s tax department on a mission to lock down and take full control of everything in their tax department, starting with data.
“Now, we’re calculating our deferreds in ONESOURCE WorkFlow Manager and we’re using ONESOURCE Tax Provision as a reporting tool. That has really sped up our process, so that we can have our U.S. deferreds adjusted in about 3 days once I have a final trial balance.”
CMC eliminated the stress of everyday details by optimizing and simplifying daily processes, which ultimately allowed the focus to shift to value-add work. The tax department saw direct results from the newly automated processes.
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This post originally ran on our ONESOURCE Blog.