GTMpower Automates Various Tax Processes by Cutting Prep Time up to 80% and Creating Meaningful Analytics
“We had been talking about tax data warehouses for years, but GTMpower is an example of how technology has finally caught up with the needs and expectations of a tax department. It has transformed various processes that previously each took weeks into a matter of days. It provides a central point of access for reusing and analyzing data and does so in a practical, easy to understand way.” ~ Director, Global Transfer Pricing
A leading global advisory, broking and solutions company with over 39,000 employees in 120 countries.
GTMpower data management software was implemented to optimize repetitive and time consuming processes executed within the tax and finance departments.
Intercompany transaction data can be cumbersome to work with. This same data was being used to perform various different calculations, including transfer pricing analysis, IRS Form 5471 Schedule M, corporate allocations, and project profitability/loss analysis.
While the volume of transactions definitely proved difficult to manage, accessing and manipulating the data for these various needs further increased the time spent to execute the processes. A significant amount of time was being spent manipulating data. The sheer volume of data regularly caused workpapers and Access databases to crash. The ability to perform analysis was limited because the data was decentralized and key users spent a majority of their time on data preparation.
The various workpapers and databases used were not intuitive to end users or those responsible for reviewing outputs. Only those preparing the calculations could fully understand the nuances within the logic of the calculation, and making any changes to that calculation was very burdensome. In addition, businesses were attributing lack of profitability to transfer pricing adjustments and there was little transparency into the accuracy of those claims.
GTMpower software was implemented to accelerate the process of:
- Collecting and formatting all data
- Analyzing project profitability
- Performing intercompany transaction and transfer pricing analysis
- Allocating and invoicing corporate management fees based on headcount and revenue data
- Initial preparation of 5471 Schedule M
The foundation for many of these calculations was centralized so that data could be reused from one extract. Mappings were configured to instantly transform that extract into meaningful, usable output. Users are now able to adjust for changes in calculation, reporting, or analytical requirements easily through a simple point and click interface.
For the use cases implemented for this client, GTMpower reduced total time spent preparing by 50-80%, turning what used to take weeks and months into just a few days. By saving time and providing more transparency into data, implementing GTMpower has enabled the finance and tax organization at this company to become consumers of financial data rather than reconcilers of it. As such, they are identifying risks and opportunities that add extraordinary value to the organization.
Furthermore, implementing GTMpower removed the burden of dependency on one individual responsible for the complex and fragile Excel workpapers and Access databases previously used. The practical approach to data management that GTMpower provides has reduced risk, improved efficiency, and preserved accuracy