Ninth Annual Domestic Tax Conference. 24 April 2014 New York City

Transcription

1 Ninth Annual Domestic Tax Conference 24 April 2014 New York City

2 Leveraging content management for more effective tax processes

3 Today s presenters David Kovar Mindy McGlaughlin James Wolfrom Page 3

4 Agenda Introductions Overview of Ernst & Young LLP Tax Performance Advisory What is content management? Case studies Page 4

5 We help companies improve end-to-end business processes that drive tax performance Efficiencies with tax-related technology Effective and controlled processes Value and quality of tax data in financial systems Aligned strategy, operating model and metrics Effective and controlled processes Income tax Statutory reporting Indirect tax Transfer pricing Information reporting Income tax and withholding Statutory reporting Indirect tax Transfer pricing Efficiencies through automation Responsive operating models and metrics Value and quality of tax data in financial systems Enable change Page 5

6 What is content management Content management is the organizing and storing of documents and other content that relate to the organization's processes. It is includes strategies, methods and tools used throughout the life cycle of the content. It is primarily aimed at managing the life cycle of information from initial publication or creation all the way through archival and eventually disposal. Page 6

7 Issues facing tax departments Collaboration Decentralized workforce as companies expand their global or domestic footprint, employees may not be in the same location Respond to information requests Ability to find content quickly Versioning audit trail to understand changes Record retention keeping content for the requisite amount of time and not beyond Security and access rights the correct people see the correct content Workflow automate processes, reviews and approvals Status percent completion on a project Calendaring avoid missing due dates Page 7

8 Our view on leading practices: Content management system (CMS) A portal/workflow/document management system (DMS) for content management provides a foundational building block that enables risk management, more efficiency and increased value and provides the following: More standardization Review online Geographical independence Easy tracking with less administration Greater efficiency in finding and distributing information More information practically available Enables Risk management More efficiency Increased value Document management Portal Workflow Calendars Data collection Project management Search Content management system (portal/workflow/dms) Page 8

9 Content management enablers Microsoft SharePoint Thomson Reuters OneSource Workflow Manager CCH Integrator-Red Moon Solutions etax Portal and etax Audit Room"; see cchintegrator.com/redmoonsolutions Hybrid approach of above enablers Page 9

10 Leading-practices continuum Leading practices for content management for tax includes both SharePoint and third party systems. Examples: US tax compliance and tax accounting Non-US tax compliance and statutory Archive SharePoint Other, including GI Third party X (internal) Audit/controversy X X Planning Portal/intranet sites X X X X X (outsourced) X Page 10

11 Leading-practices continuum Your design needs to factor in the integration among different tax functions, tax tools and the level of document interchange. Planning US tax compliance and tax accounting Non-US tax compliance and statutory Small number of total documents, maybe 20% shared with others Few systems act as sources (e.g., Word, ) Extremely large number of documents. Anticipate documents moved to archive possibly before audit completed Regularly reused and shared extensively; many source systems Archive Audit/controversy Portal/intranet sites Page 11

12 Case study #1 disconnected tax eco-system Page 12

13 Case study #1 disconnected tax eco-system Issues Client is a large multinational. The tax functions within the tax department were not collaborating or communicating with one another. Disconnection between tax functions very little communication and/or collaboration Very manual processes very few or no work flows Approach We delivered a content management road map strategy using Thomson Reuters OneSource Workflow Manager (OWM) as the enabler. EY Tax Performance Advisory mapped out how the tax functions in the life cycle could connect via workflow in OWM. We worked with the vendor to implement OWM. Page 13

14 Case study #1 disconnected tax eco-system Value Increased communication and collaboration between tax functions Increased efficiencies less duplication of tasks Process automation Easier to see and understand status of tasks and projects Page 14

15 Case study #2 compliance management Page 15

16 Case study #2 compliance management Issues Client is a large multinational corporation. It wanted to reduce or eliminate paper files while having proper document retention for audit management. Among the problems were: A poor implementation of SharePoint for managing documents Poor user acceptance of the SharePoint solution No plan in place for managing the site across multiple years of data User interface that was purely based on browsing files, with people struggling to find their file among the tens of thousands in the library Page 16

17 Case study #2 compliance management Approach Revamped user interface to focus on searching for what you needed rather than hunting for it Created web parts for documents created by me and documents assigned to me to facilitate working in the tools Implemented document sets to provide the users with a more familiar binder concept to managing files Created a workflow- and meta-data-driven record center for storing compliance-related documents for long-term retention Value Reduced the number of clicks needed to upload or retrieve a file by over 75% Made documents easier to find Increased adoptions of SharePoint Created five-year road map to bring on additional tax functions Page 17

18 Case study #3 notice management Page 18

19 Case study #3 notice management Issues Client is a large multistate corporation that received hundreds of notices from tax agencies for numerous tax types. Among the business problems this presented: Labor-intensive process around routing the notice to the proper responsible party No visibility into how many notices existed and which have been addressed Multiple notices for one issue, with process not making that evident Poor control over timeliness of responses Page 19

20 Case study #3 notice management Approach Created a simple form for an administrator to key information about a notice and attach a scanned image Created rule-based workflows to route the notice to the appropriate party based on tax type, entity, jurisdiction and notice amount Created a dashboard to monitor the number of notices, how long they have been in process and whom they are assigned to Value Improved the process and improved operational effectiveness while reducing risk and using SharePoint Made the number and status of notices more transparent Page 20

21 Thank you! Page 21

22 Ninth Annual Domestic Tax Conference 24 April 2014 New York City