Compliance Model Development
Execs get better and more predictable data for financial reporting and Sarbanes-Oxley compliance.
The Business Need
The Client’s executive team required better information flow and predictability with respect to financial reporting, in large part driven by Sarbanes-Oxley compliance requirements. Specifically, the client outlined the following objectives:
- Complete the Federal tax return by April 15th
- Provide more precise information and forecasts in management reporting
- Improve communication and relationships with business units and other internal departments
- Meet aggressive deadlines for complete and full reporting to taxing authorities
- Improve overall tax compliance and accounting processes
- Identify key information sources and improve the information flow into the tax process
Centric’s High-Impact Approach
The client engaged Centric to provide project management and process improvement expertise to:
- Document the current tax operations
- Develop a future state operating model looking at the organization, processes and technology
- Serve as a bridge between the business and another outside consultancy to craft an operating model that will accomplish the overall vision without sacrificing quality and efficiency
Centric delivered the assessment and “to be” recommendations for the Tax Department with specific initiatives to successfully transition the Tax Department to the new operating model.
Utilizing the improved processes and new operating model, the client was successful in meeting all accelerated tax deadlines. The new operating model enabled the client to improve communications across various departments which resulted in increased overall sharing of information and improved efficiencies in the accounting and financial processes. The new processes allowed the client to reduce redundancies, improve accuracy of information and decrease delivery time of key financial and other reports. The revised organization structure enabled a more collaborative team environment, which in turn increased their ability to cross-train employees, and to better plan, budget, staff and deliver compliance related projects.