50% Time-savings + $50K Cost-savings = Huge Success
After being sold by General Electric, GE Appliances had the immediate need to build a tax team from the ground up. All prior tax compliance was performed within General Electric—leaving GE Appliances with no tax team. Their goal: use outside resources with Corptax expertise to meet pressing state and local tax return deadlines – then ultimately bring all work in-house.
In an effort to quarterback many moving pieces, the team initially:
- Manually entered state tax apportionment, modifications, and payments
- Manually prepared and updated combined returns due to complex intercompany eliminations
Often, changes to the federal return with an impact on state modifications or state apportionment required the team to manually update or reallocate amounts across state returns.
GE Appliances elected to use CSC Corptax® Office to automate data import and dataflow from federal to state returns. With initial help from Corptax Professional Services, the team developed simple workpapers to push state apportionment, state modifications, and state payments into Corptax via Corptax Office.
Using Corptax Office in year one allowed the team to:
- Seamlessly prepare and update all state and local tax returns 100% in-house
- Reduce total state compliance hours by approximately 50%
Knowledge gained during year one helped GE Appliances increase efficiencies even more in year two by automating all intercompany eliminations. They have:
- Reduced compliance hours by another 15%
- Cut risk associated with entering amounts manually
- Increased confidence in returns filed
Now, GE Appliances:
- Completes returns 100% in-house
- Saves more than $50K per year on accounting firm help
- Deploys time-savings to focus on specialized projects