Success Story - Baxter

Challenge

Intensive manual work bogged down Baxter International Inc.’s compliance cycle. General ledger data required manipulation in Excel^® before importing to Corptax. It took multiple trial balance loads to post Ms and E&P adjustments. Updating automated adjustments and reconciling data ate up time and introduced risk. To help meet aggressive deadlines, the team brought outside consulting help on board.

This process was especially painful when:

• Reviewing year-over-year adjustments made on Forms 5471 and sourcing foreign and domestic amounts
• Verifying eliminations entries net to 0
• Confirming Corptax book balances tied back to HFM
• Refreshing foreign amounts for all entities when running international calculations
• Printing international reports to support the return

Solution

Baxter leverages automation in complementary Corptax solutions to:

• Create rules with data import to tax sensitize GL data before loading into Corptax
• Post Ms and E&P adjustments when importing trial balances automatically with CSC Corptax^® BOTS
• Package 5471 reports for posting and printing returns automatically with Corptax BOTS
• Create a direct connection to data sources using CSC Corptax^® Office to reconcile book to E&P adjustments for all entities at one time

Results

Corptax automation transformed Baxter’s compliance process and they continue to find new ways to eliminate manual work with Corptax BOTS. Today, Baxter:

• Posts auto-adjustments and prints 200+ international reports in 2 hours vs. 80 hours
• Prepares 5471 returns in 25% less time
• Reconciles data in 1 week vs. 7 months
• Eliminates costs for 1000 hours of outside consulting work
• Spots anomalies and compares data for multiple years quickly
• Frees up time to focus on the Transition Tax calculation and other impacts of tax reform