Take control...reduce
risk...cut costs
Thomson Tax & Accounting provides a comprehensive,
web-enabled solution to the complicated, risky and distracting
process of sales and use tax compliance.
Who Should Hire Us?
It's a New World. Improve
Operations. Squeeze More Out of Less. Reduce Risk.
Improve Controls. Cut Costs. Go Faster.
It's getting tougher and tougher to manage all the business
priorities and initiatives that lie in front of us. Success
requires focus and a purposeful alignment of resources
against your most important corporate priorities. Focusing
on what's important requires that business leaders conscientiously
and intentionally choose what they and their teams will
not do.
Choosing What Not To Do
Many of today's leading companies are turning to business
process outsourcing as a way to shift their focus away
from work that dilutes their organization's effectiveness...
freeing up their resources to focus on more important priorities.
By aligning with specialized outsource service providers
these companies:
- Free-up internal resources to focus on their core business
- Gain access to specialized expertise
- Increase operational and business controls by accessing
a specialized service provider who has the scale, expertise
and technology to perform the outsourced function better
than they could do in-house
- Reduce risk
- Lower costs
Sales Tax Compliance Is A Great Candidate
Certain functions are particularly great candidates for
outsourcing. These functions have the following characteristics:
- Recurring Processes
- High Volume of Transactions
- Complicated Execution Processes
- Complex and Frequently Changing Rules that Impact the
Process
- Easily Measured and Tracked Performance Metrics
It's easy to see
that the monthly data consolidation, return and payment
preparation, remittance, reconciliation and notice management
processes associated with sales & use taxes align perfectly
with the characteristics outlined above. Furthermore,
given the pass-through nature of sales tax, there is little
strategic benefit for a company to dedicate experienced
tax personnel to the recurring monthly compliance process.
Sales tax compliance is simply a great candidate for outsourcing.
Our Dependable Sales Tax Outsourcing Service Enables You
To Refocus
Tax Partners Managed Services has built its business by
providing its clients with a stable, predictable and consistent
sales tax compliance outsourcing service. The foundation
of our service is our proprietary compliance system, TRACS™.
TRACS™ brings high levels of automation to each aspect
of the compliance process, giving our clients access to
technology that improves control, lowers risk and reduces
the cost of sales tax compliance.
Great technology is coupled to tight, consistent processes
that have been developed over 5 years of serving clients.
Technology + process + scale means that our clients realize
the main benefit they sought in pursuing sales tax outsourcing...they
are freed of the distraction and administrative headaches
of sales tax compliance...free to refocus and align towards
more important work like business activity taxes that impact
the bottom line, audit management, tax strategy and other
high leverage activities that tax departments often struggle
to find the time to address.
Managing in Today's Environment
The heightened focus and requirements related to corporate
governance, independence and financial reporting make sales
tax compliance outsourcing particularly relevant in today's
environment. The Sarbanes-Oxley Bill of 2002 requires
that CEO's and CFO's of public companies assert to the
presence and effectiveness of internal controls. While
these requirements have many companies scrambling, they
really represent an opportunity for progressive executives
to evaluate and optimize their business operations and
control structures. Outsourcing back office functions
aligns with this new world in two key ways:
- It frees up resources to perform the documentation
and improvement of controls in other areas
- It realigns resources so that the right people (including
the outsource provider) are focused on their areas of
expertise and value.
In the world of sales tax, outsourcing can help the tax
department to strengthen operations and controls in critical
areas that require tax knowledge. Outsourcing also frees
up tax department personnel to perform the documentation
and control management of other tax functions that materially
impact their company's financial reporting.
Does Sales Tax Outsourcing Make Sense for You?
Companies
like AT&T, Ford, Verizon, Cingular Wireless,
Liz Claiborne and Textron have all made the determination
that their tax and financial operations will run more efficiently,
be more tightly controlled and deliver better bottom line
results if sales tax compliance is shifted to us.
Tax departments at these companies are no longer distracted
by sales tax. They have moved towards the oft
quoted but seldom realized goal of almost every tax department
in America..."our role is to improve the bottom line".
Can outsourcing sales, use and transaction tax help your
tax operations? Contact us at (800) 865-5257 or drop
us a note at salesanduse.tax@thomson.com to
learn more.
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SUCCESS STORY
“We Are Losing Half a Month to Tax
Data Management – Help!”
As a world leading, research – based pharmaceutical company,
this firm devotes its energy and resources to researching,
developing and distributing the vaccines and prescription
medications that improve the quality of human life. Yet
multiple finance personnel found themselves dedicating
two full weeks of every month to readying their sales tax
data in preparation for filing monthly returns. Their core
financial focus was greatly diluted by the administrative
tasks of sales tax data consolidation and clean-up…all
to feed the process of filing sales tax returns!
In order to make outsourcing feasible, this company needed
a service provider with the capability to import, consolidate
and clean-up the different source data files coming from
their billing and AP systems. Tax Partners Managed Services
was the answer. With our proprietary data translation
tools and processes, this company’s complex data input
files and business rules are systematically imported and
consolidated…reducing errors and risk. We also
manage the entire return preparation, remittance and jurisdiction
notice processes. Our end-to-end data management
and compliance service has allowed this company to focus
back on their core business…confident that sales tax compliance
is under control.
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