Automating Tax Adjustments for Speed and Accuracy
Responsible for federal, state, and local reporting for 33 entities, Technicolor’s 5-member compliance staff pushed and pulled data to and from Corptax manually—including book and tax adjustments. To make this laborious and error-prone process even worse, preparers used different adjustment codes for the same adjustment, causing reconciliation problems when consolidating.
With more and more work hitting the tax department due to changes such as tax reform, Technicolor needed to accelerate and standardize the tax adjustment process ASAP.
Using seamless two-way dataflow provided by CSC Corptax® Office, the team now pushes and pulls book and tax adjustments at the touch a button. The Corptax Office template for M adjustments allows Technicolor to standardize Ms for all entities at the same time, and to immediately retrieve data from Corptax to ensure all adjustments are accounted for and correct.
Technicolor’s parent company in France appreciates the tax team’s efficiency gains and the controls in place for entering and retrieving data. Technicolor:
- Takes mere minutes instead of four days to transfer spreadsheet data to Forms 4562 and 4797
- Cuts the overall adjustment process from 2 weeks to under 2 days, and dramatically improves accuracy