Ninth Annual Domestic Tax Conference. 8 May 2014 Chicago
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1 Ninth Annual Domestic Tax Conference 8 May 2014 Chicago
2 Enhancing and integrating technology throughout the tax life cycle
3 IRS Circular 230 disclosure Any US tax advice contained herein was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions. These slides are for educational purposes only and are not intended, and should not be relied upon, as accounting advice. Page 3
4 Disclaimer EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young LLP is a client-serving member firm of Ernst & Young Global Limited located in the US. This presentation is 2014 Ernst & Young LLP. All rights reserved. No part of this document may be reproduced, transmitted or otherwise distributed in any form or by any means, electronic or mechanical, including by photocopying, facsimile transmission, recording, rekeying, or using any information storage and retrieval system, without written permission from Ernst & Young LLP. Any reproduction, transmission or distribution of this form or any of the material herein is prohibited and is in violation of US and international law. Ernst & Young LLP expressly disclaims any liability in connection with use of this presentation or its contents by any third party. Views expressed in this presentation are not necessarily those of Ernst & Young LLP. Page 4
5 Today s presenters Gary Paice Jeff York Daren Campbell Page 5
6 Agenda Introductions and overview Enhancing and integrating technology along three major axes: Across the globe Across the tax functions At the transaction level Questions Wrap-up Page 6
7 Introductions and overview Gary Paice Americas Director of Tax Performance Advisory Jeff York Indirect Tax Technology and Data Analytics Services, Ernst & Young LLP Daren Campbell Tax Technology and Data Analytics Services, Ernst & Young LLP Page 7
8 Across the globe Page 8
9 Globalization Business drivers with globalization Opportunities Challenges Page 9
10 Greater international exposure As the percentage of income and expenses outside of headquarters increases and more elaborate tax planning is implemented: The decentralized nature of non-us data becomes more problematic. Budgeting and forecasting issues with data (not the tools) drive uncertainty. Complexity and timing of calculations create risk. The solution is to focus on areas that improve international reporting organization, process and technology. Why now: the trend is to continue to increase exposure. The value is reducing risk and providing better planning. Example: A company redesigned process/data so international calculations mostly were known in the first two months of the close rather than in six months. Also, there was acceleration of statutory filings. Page 10
11 Globalization: opportunities Improve the data Continuing trend: further standardization of Enterprise Resource Planning systems Growing trend: consolidation tools and forecasting Tackle localization (where appropriate) Indirect tax engines (ONESOURCE, Vertex) more capable Life cycle moving away from decentralized rules and risk management Prepare for processes independent of location Begin thinking even more broadly about the life cycle (e.g., statutory filings influences compliance filings) Page 11
12 Improve the data Key elements of improving data Getting to the root cause determine whether it s the data, the process or the people Building relationships, alliances and business case to improve tax doesn t typically own the more important data Understanding the difference between technology implementation and data improvement; we have seen: Old antiquated technology with very good data quality for Tax Great, new technology with very poor data quality for Tax Recognizing that it is different throughout the life cycle Reporting balance level Compliance near-transaction Audit transaction Page 12
13 Improve the data Insufficiently defined reporting requirements can have significant and unfavorable business implications. Insufficiently defined reporting requirements These typical issues... Ineffective/inefficient business processes Poor business insights Inaccurate financial reporting Suboptimal business decisions Manual and separate reporting cycles lead to master data challenges Poor data capture Duplicate master data Incomplete data Data inconsistencies Inaccurate source data Inappropriate data usage with serious business implications. Litigation/regulatory fines Financial restatements Loss of efficiency/ profitability Loss of stakeholder confidence Page 13
14 Five fundamental questions to develop reporting requirements Who will use the reporting? What is the user s areas of interest? What is the user s business purpose for the reporting? What criteria will the report measure against? What are the report type and distribution method? Direct consumer User entity Business partner Management/Board of Directors User service organization Regulator Other Controls relevant to financial audits Profitability analysis Availability Processing integrity Confidentiality Regulatory/selfregulatory Contractual compliance Privacy Meeting audit needs Governance/risk management Vendor management Management reports Regulatory compliance Contractual compliance Internal report management confidence Financial statement assertions Industry standards Contractually specified Regulatory requirements Other Balance sheet, income statement Statutory and audit report Product and market analysis Master data Process validation Security Tools and accelerators required for requirement gathering and mapping Standard Reporting Matrix Templates Industry standards Mapping accelerator Workshops Surveys Page 14
15 Have you built a proactive strategy around improving each of these areas? ERP configuration Master data Data feed Procure to pay Transfer pricing AP tax decisions T&E systems Tax accounting and reporting controls Training/guidance for tax users Tax technology solutions (e.g., Onesource, Vertex) Jurisdictional segregation AP tax codes Supplier master data Material master data Base ERP system AR tax codes Segregation of sales and returns Tax depreciation rules Order to cash Third-party logistics AR tax determination International sourcing Customer master data Fixed assets master data Legacy systems Record to report Critical tax sensitive accounts GL account reports Tax fixed asset reports Intercompany and jurisdictional reports Foreign jurisdictional indirect tax reports Middleware solutions The building blocks of a Tax-optimized SAP the tax sensitization of ERP involves building tax requirements into the company s business processes and practices. Optimization of tax processes delivers value such as: Improved visibility into intercompany transactions and transfer pricing issues unlocking and sustaining value Tax department needs captured at right level within source systems (e.g., legal entity, jurisdiction) Improved accuracy and efficiency of tax reporting and planning through working closely with finance to "tax-sensitize" forecasting processes and systems Automated indirect tax decision-making and end-toend process through set-up of supplier/customer/product master data Page 15
16 Tackle localization Indirect tax is becoming more important Page 16 Needs more controls and monitoring to avoid penalties and surprises. Few good tax engines covering non-us taxes Common practice of SAP/Oracle customization What is different now Evolution of indirect tax engines Finance transformations putting past customizations into question Example: client made the following changes in technology Year 1: put in tool and removed custom coding at ERP Year 2: rolled out to US, Australia, Canada, Japan, Netherlands, UK and Italy Year 3: added Brazil, Russia and Mexico; added exemption certificate manager
17 What the client accomplished Less reliance on homegrown rate tables and, hence, more accuracy on transactions Central group for maintaining rates, which improved controls and quality of the rate determinations Improved ability to act quickly to audit requests Fewer transactions that needed manual analysis or correction Page 17
18 Prepare for process independent of location Key elements of getting to location independence Page 18 Well-designed, well-documented processes and roles Regular monitoring that establishes and improves quality Technology that supports standardization Example situation: statutory filings Prior approach: each local country doing its own thing while often working with an outside third party Location independent approach: standardize the most common data preparation process in shared service center/center of excellence and third party doing non-standard Technology s role: Common platform for mapping financials and making adjustments Online workflow for initiating and substantiating adjustments Communication with third party
19 Example of moving into different models leading to location independence Note: We try not to advocate for one approach or another, but the simple truth is that many companies are employing multiple models all of which impact Tax. Country SSC Operations Regional SSC set-up Global SSC/BPO Key: BPO Global SSC Regional SSC Country SSC First generation: Delivering less value to the business Second generation: Delivering more value to the business Page 19
20 Processes once together are now separated and put into different locations Parent Company Local entities Local/strategic knowledge required Accounts payable Request and approval process Manage purchase orders Order mgt and billing Customer inquiries Exception management Manage inbound sales orders AR, deductions and collections General accounting Manual journal calculation Calculation of standard costs Reporting and consolidation Local knowledge for variance analysis and commentary Business Process Management (incl. PBF) Policies and procedures creation and communications Build and review budget details Strategic decisions Profitability analysis Finance management Finance vision and strategy design Interpretation and analysis of operating results Other Local cash management Payroll Non-finance process (HR) Exception handling COE Specialist knowledge Manage and update T&E policies Legal processes for bad debt collections Audit support Review of statutory accounts Technical manual journal entries Cost accounting Variance analysis and commentary Prepare input for planning and forecasting Budget consolidation and review Review meetings Balanced scorecard production key performance indicators, etc. Technical accounting Bank account maintenance Corporate treasury function Cash pooling and management Tax computation Tax submission Benefits accounting Global SSC BPO Provider Transactional processing Master data maintenance Resolve deductions Invoice verification and posting T&E reports audit Payment processing Invoice processing Master data maintenance Resolve deductions Cash collection* Cash allocation Receivables processing Credit and debt notes Debtor report production GL reconciliation Fixed assets Close process Inter-company accounting Standard reporting Report creation and distribution Data maintenance * Global SSC-owned activities physically located in Europe Journal entry Payroll processing Journal entry preparation Report production Page 20
21 Technology combined to create a process across groups and locations Local entities Flexible ledger software Global SSC BPO Provider COE Web workflow Country A Country B Country C Content management Page 21
22 Life cycle broader than in the past Statutory filing example Overlaps on related activities e.g., mapping to chart of accounts, starting point for local tax return Implications on timing Filing requirements often after other life cycle dates (e.g., US Federal return) Companies establishing accelerated internal dates to improve overall timing Page 22
23 Globalization: challenges Multidimensional thinking: no one expert in everything/ every country, so solution requires teaming Lack of dedicated resources The more global the process, the fewer the resources that can be deployed Example: often difficult to take on value-added tax (VAT) New territory base erosion and profit shifting (BEPS), country-by-country reporting, etc. are all new areas without years of solid experiences Few global technology standards outside a few systems Easier: tax provision, indirect tax, data/erp Harder: tax compliance, intercompany Page 23
24 Bottom line on globalization Except for a few leading practice companies, few clients are proactively thinking about global processes and technology Why? Because it requires: Different thinking and approach Resources who are willing to think creatively about the process Applying technology in ways that are not necessarily out of the box At the same time, thinking and managing globally will be one of the defining elements of the new tax professional Page 24
25 Across the tax functions Page 25
26 Co-presenter/panelist Jeffrey York National Tax Indirect Tax Technology and Data Analytics Services, Ernst & Young LLP Page 26
27 Functional teaming The need for functional teaming Challenges Opportunities Page 27
28 Need for functional teaming Globalization means growth, but also complexity across tax functions, even domestically Risk management and capitalizing on opportunities Functional silos = reactive, not proactive Geographic separation of tax teams and data/information Federal International Better functional teaming Technology State and local Headquarters/ regulatory Page 28
29 Need for functional teaming Even without globalization, US domestic tax departments can be more proactive throughout the tax life cycle Improved communications and data/information sharing Multifaceted risks and opportunities Like global tax teams, domestic tax teams and data/information spread across domestic geographies Functional teaming Page 29
30 Functional teaming: challenges Empowering multidimensional thinking Breaking down silos Determining whether teaming creates additional work Letting technology work for you Technology systems not connected or interrelated Examples: ERP, HR, payroll, fixed assets, real estate Potential technology solutions Data warehousing Workflow management Collaboration tools Page 30
31 Functional teaming: opportunities Improve flow of data and information Communication Addressing tax life cycle needs at one time Cross-functional awareness Proactive, cross-functional planning and modeling Early identification Work to avoid surprises Page 31
32 Functional teaming: tax life cycle example Corporate leadership decides to build a new facility Types of spend data Building and real property Machinery and equipment Workforce training Labor investments Mergers and acquisitions Health care and child care Import and export Tax credits Low-income communities IT and software infrastructure Research and development Sustainability and renewable energy/efficiency Security (transportation, chemical) Data drives multiple tax liabilities but also opportunities Tax implications Federal income tax Excise tax Property tax Sales and use VAT Global trade Employment tax State income tax State franchise tax Foreign income tax Other foreign tax Credits and Incentives Page 32
33 Functional teaming: tax life cycle example Impact of building a new facility Planning Disseminating information to identify opportunities Tax modeling and risk analysis $70m $170m -$36m $144m $100m Total taxes incurred (federal, state, local, other) Total tax reductions through exemptions, abatements, planning, filing positions, etc. Budgeted investment Total investment cost Tax-effective investment Page 33
34 Functional teaming: tax life cycle example Impact of building a new facility Accounting Tax provision impacts Compliance New filings Estimated payments Credits and net operating losses Controversy Create and store required support in advance of audits Page 34
35 At the transaction level Page 35
36 Co-presenter/panelist Daren Campbell Tax Technology and Data Analytics Services, Ernst & Young LLP Page 36
37 Transaction detail Business drivers for transactional detail Challenges Opportunities Page 37
38 Why does tax need to think about transactional-level detail? Rapidly changing and expanding federal, state and local tax laws and increasing volumes of data have pressured tax departments like never before. The following four changes in the business landscape are driving the need to utilize transactional-level detail: Globalization of companies Functional teaming Tax authority sophistication Requirements of new regulations Page 38
39 Key challenges tax departments face in utilizing transactional data Tax has not had access to key processes and systems. Tax has limited resources and increasing responsibilities. Tax does not have resources trained in the transactional systems. Page 39
40 Options for utilizing transactional-level detail for tax determinations Tax sensitize business processes Gather information in a tax data warehouse Page 40
41 Tax sensitizing business process Benefits Leveraging non-tax resources Minimal manipulation required on received data Early notification of events affecting tax Challenges Buy-in Training and education of non-tax resources Page 41
42 Tax data warehouse Benefits Requires minimal buy-in from data providers Ability to use standard data feeds and reports Allows tax to run ad hoc queries Challenges Initial design and configuration Training and education of tax resources Page 42
43 Case study: transactional data and the tangible property regulations Project request Work order/ PO/invoice systems Close out form Book fixed asset ledger Tax fixed asset ledger Reports People Process Technology Page 43
44 Utilizing transactional-level detail improves accuracy and efficiency Interpretations are made by people understanding the transactions. Near-time decisions can be made as triggering events occur. Tax can readily respond to audit requests with appropriate supporting detail. Tax resources can focus on applying the law instead of collecting information. Page 44
45 Thank you! Page 45 Enhancing and integrating technology throughout the tax life cycle
46 Ninth Annual Domestic Tax Conference 8 May 2014 Chicago
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