Tax Information Management Services

Tax Information Management Services applies WTP’s tax knowledge and tax technology experience to rectify the disconnects and bottlenecks in the manual and electronic processes and procedures of a company’s tax function. These shortcomings typically stem from the inability to effectively link tax and financial systems and/or to manipulate and interface tax data with tax tools for planning, provision, compliance and exams.

Optimal goal is full integration of efficient, timely, accurate, risk managed, versatile and accessible tax function
Solutions to disconnects and bottlenecks can be segmented and prioritized to meet department goals and budgets
Improves users abilities to quickly make strategic, tactical and operational decisions
Promotes timely production of accurate data for planning, tax provision, domestic and international compliance.
Segmented solutions are tailored to a company’s current systems (especially spreadsheets) and are not over engineered
Improves tax staff utilization (and morale) with more time for tax research and less needed for compliance.
Provides additional assurances to management and outside auditors on the quality of procedures and results
Maximizes value of data by formatting for use in subsequent applications or repopulating source data with current information
Provides improved audit trails and historical documentation for potential audits
Provides basis for consideration and selection of vendor software and other enhancements

The implementation of a Tax Information Management project requires the following steps:

Meet with CFO, IT, Finance and Tax Director (and staff) to discuss problems, concerns, frustrations, auditor’s write ups and pending changes (new ERP) on the current Tax Information Management setup.
Perform initial diagnostic analysis of all process components of current modus operandi to identify specific shortcomings compared to best practices for same type and size of company
Prepare and present prioritized list of remedial or enhancement opportunities with estimated cost and benefits in terms of efficiency, accuracy, timeliness, opportunity costs and morale
Include options on timeframes to implement all or segments of the projects
Design, build and execute selected, specifically tailored interfaces, databases, and /or spreadsheet solutions.
Document all efforts particularly any and all changes in or the establishment of new policies and procedures
Assist in initial processing. Set up schedule for quarterly and/or annual support

Download a TIMS process example