This global chemical manufacturer was looking to advance their provision process from a laborious manual approach to a streamlined automated process. And in automating the process, Koppers wanted to integrate reporting from 20 U.S. locations and 60 foreign entities into a single worldwide provision. Overall, the company wanted to improve the efficiency, accuracy, and processes for data preparation and provision reporting for a clearer global view.
By implementing Vertex Tax Accounting, Koppers streamlined the whole income tax close process. They reduced the time spent manipulating data, accelerated processes, and freed up more time to proactively analyze data prior to audit. They integrated reporting from all global entities into a single worldwide provision. They can more easily identify errors to tax accounts throughout the financial close process (i.e., foreign currency translation errors, tax jurisdiction allocations). And monthly entries of current adjustments save time at year-end financial reconciliation. Even audit performance saw gains as the solution enables quick turnaround of reports after late entries and changes, and read-only access for auditors.
In summary, Koppers eliminated manual calculations, and integrated foreign tax reporting into a single worldwide provision reporting utilizing a single comprehensive set of workpapers.
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