Driving Tax Process Change with Analytics

Challenge

ITT Inc. grapples with an offline Excel®-based ETR model to process data for analysis. Constant and cumbersome data import, export, and updates limit the ability to perform analysis during tight close windows. Further, the E&P review completed as part of tax reform is entirely manual and requires export from Corptax to Excel and even more data manipulation to understand outliers.

ITT needed a fast and flexible way to view and analyze quarterly provision data, and to readily evaluate tax planning opportunities related to the Tax Cuts and Jobs Act.

Solution

ITT implemented a tax rate analytics solution and an international analytics solution with the assistance of CSC Corptax® Professional Services. Using CSC Corptax® Office Point of View (POV) and standard Excel functionality, the team now:

  • Accesses real-time data with a click through a refreshable, direct connection
  • Eliminates the need to constantly extract data and manipulate it manually
  • Drills down to lowest level of detail to slice and dice data as needed
  • Easily identifies items for further review
  • Visualizes data analytics based on roles and according to preferences

Results

With immediate access to key provision and international data, ITT configures their own analytics and further enhances their tax processes. With a direct connection between Corptax and their analytics programs, data is easily refreshed, giving the team current and trusted data to use for multiple processes and planning.

The tax rate analytics solution:

  • Provides a new analytic with a direct, refreshable data connection to Corptax
  • Makes identifying key tax rate drivers fast and easy
  • Allows comparative analysis to prior period/baseline to highlight abnormal trends

The international analytics solution:

  • Evaluates historical and current year E&P on an entity-by-entity basis
  • Enables historical E&P analysis and helps identify outliers and key drivers for Transition Tax
  • Reveals opportunities for more effective tax planning

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