Year End Success Story #3: How Intermec Sped Up Their Provision By 2 Weeks
In case you missed the first two success stories, check them out here.
Looking to free up time during your busiest season for more sleep, a vacation or to be with family more? Kim Gill, Sr. Tax Manager at Intermec shares (in the video below) how she’s spending her free time now that her tax department is experiencing significant time savings on their provision.
“Before we started using ONESOURCE Tax Provision, one of the biggest challenges that we faced was the big time crunch because the tax department is always the last one to get the data in. There’s always a big pressure to get the tax provision turned around as quickly as possible. Using an Excel-based provision, like we used before, made it very difficult for us to turn things around quickly.” – Kim Gill, Sr. Tax Manager, Intermec
Besides recently implementing ONESOURCE Tax Provision, this tax department has also upgraded their financial reporting system. This enabled them to have a single chart of accounts making it easier to import information into ONESOURCE Tax Provision.“ONESOURCE Tax Provision enabled us to turn deliverables around more quickly and analyze the data better. The software has also definitely helped us in improving our forecasting capabilities as it relates to taxes.”
Kim’s Year-End Best Practice Tip of the Day:
“I would recommend utilizing all of the available features of the software. For example, in the provision software we use the bridge feature and automated any notes of our tax adjustments so when we imported the trial balance into the system, and most of our tax adjustments were automatically there. In addition we used the categories grouping to make our 10K reporting much faster. We probably cut off about 2 weeks of time in our preparation of our 10K footnote by using the groupings that were set up in the system as part of the implementation.”
Like her story? Vote by clicking “Like” on her story (log in to your Google account) and help her win an iPad.
This post originally ran on our ONESOURCE blog.