When it comes to data collection, many tax leaders say the process is one of their biggest challenges. Without the right data in the right format, everything else — including technology, processes, and people — cannot perform as expected. Yet, some tax leaders are paving the ways for their companies to speed up the data collection process, get more visibility into their numbers and make the audit process simpler and quicker.
Looking to keep your finger on the pulse of the latest data management initiatives? As part of the latest story in our Data Management Podcast Series, Adrian Hioe, Director of Tax Process & Technology, at AECOM Technology reveals how utilizing data management solutions has sped up the tedious data collection process by 2-3 weeks, taking some stress out of the provision and return process.
You’ll discover how AECOM changed their tax department including creating Tax Technology Director positions in Asia, Europe, and Canada and implementing this three-part initiative, including: (more…)
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. (more…)
What if you could improve visibility into — and control over — your company’s tax data and tax-related systems and processes? Overall, how could you benefit from standardizing calculations?
A year and a half ago, these are the questions that one global tax department looked into. Challenged with a material weakness and improving their spreadsheet-based tax process, they were forced to re-evaluate their data management strategy worldwide. I sat down with Elaine Lundin, Manager, Global Tax Accounting at a global automotive manufacturer to hear what steps her company took to eliminate error, accelerate tax cycles and improve data collection and integration between their global return and provision process. Tune into our Data Management Podcast Series to hear about this dramatic transformation.
You’ll hear Elaine’s step-by-step account retooling their data management processes by first developing an intimate knowledge of their processes and then identifying who was going to be in the process. They then embarked on a plan to explore tax technology to see what innovative solutions could help expedite their process, as well as ensure accuracy in their calculations. Ultimately, they chose to leverage ONESOURCE Tax Provision for non-U.S. entities and the ONESOURCE provision and return solution for U.S. entities. This process was divided into three major areas: (more…)
How Saving 20 Hours During Their 7-Day Close is Getting the Tax Team More Exposure
When the US tax department of AstraZeneca was under the microscope of new management, they knew that incorporating software into their tax processses would help to gain effiencies around data managment and reporting out globally.
In our recent Data Management Podcast series, Linda Peoples, CPA tax manager, Tax Accounting and Reporting, shares how tax data management is on management’s radar and how they are in favor of using software to gain efficiencies wherever possible. In her podcast, Peoples provides insights into her company’s experience, so that others facing similar challenges can gain a new perspective on data management strategies.
Peoples shares how her 24-person tax team is seeing the benefits of automating their calculations and moving towards a paperless provision. They are currently gathering all of their data for their book-tax adjustments for provision and return and are bringing it all into a database using ONESOURCE DataFlow. As a result of easier collection and computation of adjustments, the global biopharmaceutical company’s tax team has been able to automatically compute about 75% of their book tax adjustments, which is a huge change from years prior with manual data entry.
Peoples estimates about 20 hours of time saved during the one week they take to calculate their provision.“This change helped my group so they don’t need to work overtime.” Peoples expects the same type of time savings during the compliance process since there are so many more adjustments that the group needs to prepare. Next year, the team expects to save more time by automatically calculating adjustments for their M&E accounts.
With this type of progress, her team’s efficiencies are not going unnoticed. They have been receiving kudos from upper management and gaining attention from the UK team, which is also evaluating ONESOURCE as well.
We’ve got a great episode for you this month, kicking off with our “Chaos in the Courts” segment that, believe it or not, is yet another story about the Heart Attack Grill in Las Vegas. Since our March podcast, another person has fallen victim to the establishment’s trademark bypass burger.
Then in our “On the Blawgs” segment we feature a blog post on millennial jurors and how to hold their attention in the courtroom.
Our interview segment is with Ferd Mitchell, an author and healthcare expert who joins us to discuss President Obama’s healthcare law. A more detailed version of Ferd’s perspective on the law can be found in his new book, Legal Practice Implications of the New U.S. National Health Care Plan.
We also have our “In the News” segment, featuring a story from Thomson Reuters News & Insight on how to avoid the controversy surrounding social media policies in the workplace. To learn more about this topic, check-out our interview segment with Robert Brownstone from our April podcast.
You can listen to the episode now by clicking the Play button on the built-in player below, or listen later. (more…)
We’ve got an entertaining and informative episode for you this month kicking off with our “Chaos in the Courts” story highlighting the unique way a drug smuggler got nabbed just south of the Canadian border.
Then in our “On the Blawgs” segment we feature a blog post with advice for lawyers who are looking to purchase an iPad.
Our interview segment is once again with Robert Brownstone, technology and e-Discovery counsel for Fenwick & West LLP, this time Robert talks to us about how social media is blurring the line between our personal and professional lives and how this impacts workplace privacy.
We then wrap-up with our “In the News” segment featuring a story from Thomson Reuters News & Insight about what U.S. corporate governance challenges we might expect to see throughout the remainder of 2012.
Listen to the episode now by clicking the Play button on the built-in player below, or listen later.
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This post originally ran on our Legal Current blog.
We’ve got a great episode for you this month, with several segments highlighting the legal aspects of some major news stories. To kick things off, our “Chaos in the Courts” segment features a story about the infamous Las Vegas restaurant, Heart Attack Grill, and one man’s unfortunate experience with the “Triple Bypass Burger.”
Then in our “On the Blawgs” segment we feature a blog post about the new social media platform, Pinterest, and why it is a treasure trove for marketers.
Our interview segment is with Robert Brownstone, Technology and E-Discovery Counsel at Fenwick & West LLP where we learn more about what could happen to companies who illegally destroy electronic evidence.
We also have our “In the News” segment, featuring another story from Thomson Reuters News & Insight about the latest legal developments relating to the Italian cruise ship disaster.
You can listen to the episode now by clicking the Play button on the built-in player below, or listen later. (more…)
As we move into the New Year, many people are looking back on 2011 and beginning to make predictions for what might happen in 2012. We’ve decided to jump on the bandwagon and examine different areas of legal practice, how they’ve evolved in the past year and things to look for in 2012.
To kick-off the series, we are examining the IPO (initial public offering) landscape, first as a whole and then focused specifically on the energy sector.
Overall, the end of year rush for IPOs didn’t go as expected and investors are eyeing the market with caution going into the New Year. But with several high-profile internet companies announcing plans for IPOs in the near future, 2012 could start out with a lot more action than you may think.
To learn more the current IPO market and what we can expect to see happening over the coming months, we are turning to Tom Murphy, a partner at the Chicago office ofMcDermott Will & Emery and head of the Securities & Capital Markets Affinity group.
Listen to the full interview with Tom by clicking on the player below or downloading it on iTunes.
2011 might have ended on a bit of a low note for IPOs in many industries, but the energy sector isn’t one of them. To learn more about why this industry is barreling forward with stock offerings when others are pulling back, we are speaking with Rob Reedy, managing partner at Porter Hedges in Houston to talk about how the energy sector is uniquely positioned for success.
Listen to Rob’s full interview by clicking on the player below or by downloading it on iTunes, just search Legal Current.
With the launch of the Thomson Reuters 2011 Top 100 Global InnovatorSM program, Thomson Reuters has recognized the companies and institutions that lead the world in innovation activity.
The 100 global innovator companies are geographically dispersed, with representation from the U.S., Asia, and Europe. The methodology for choosing the global innovators is based on four principle criteria: patent approval success rate, global reach of patent portfolio, patent influence in terms of citations and overall patent volume.
David Brown, president of the IP Solutions business of Thomson Reuters defines innovation as “a means of growth and prosperity for companies and nations seeking to overcome sluggish economies and achieve competitive advantage.”
The launch of the program has received much deserved attention from various media sources around the country, including the Economist, The New York Times, and USA Today, to name just a few.
To learn more about the program, tune in to the podcast below where we speak with Bob Stembridge, Intellectual Property analyst at Thomson Reuters to learn more about the program.
Our last Legal Current podcast of 2011 has a bit of a political twist as we feature two segments that take a closer look at the constitutionality of President Barack Obama’s healthcare reform.
In our interview segment, we talk with Andrew Selesnick, a partner at Michelman & Robinson LLP, about the proposed healthcare bill and its impact on the 2012 presidential election.
Along those same lines, our “In the News” segment features a story from Thomson Reuters News & Insight about the Supreme Court’s recent agreement to decide the fate of Obama’s healthcare law.
Then in our “On the Blawgs” segment, we learn more about the latest and greatest social networking platform, Google+, and how some companies are finding creative ways to use the new business pages.
In our “Chaos in the Courts” segment, we feature a bizarre story about an angry wife who threatened to blow up ten planes in order to get her husband’s work schedule changed.
You can listen to the episode now by clicking the Play button on the built-in player below, or listen later.