Hospitality Company Upgrades Tax Modeling & Reporting with deFacto Power Planning
Overview
This well-established US-based gaming and hospitality company owns and operates casinos, hotels, restaurants, and entertainment venues.
Challenges
Based on the growing number and diversity of properties, this customer’s tax provisioning and reporting processes grew increasingly complex and difficult to manage. Far too many Excel sheets with broken links have been contributing to delays, and the integrity and security surrounding the company’s data was inadequate by their standards.
dF Solution Statement/Results
deFacto Global developed a tax model that included specific business rules to allow for on-demand execution of key components of tax accounting, including carryforward schedules, apportionment, and highly specific state tax calculations. Additionally, input schedules were also introduced for carryforward schedules and apportionment, allowing for timely data entry in these areas.
For the tax reporting process, customized input schedules designed to help the firm collect and enter data in a timely and accurate manner were also developed. In addition, deFacto Global also developed customized reports, designed to provide the firm with a clear and concise view of their tax reporting data, allowing them to quickly identify areas of concern and take corrective action as needed.
As a result of the powerful tax model, the firm saw their capability to perform complex tax operations increase significantly. The new business rules also made it easier and faster to prepare tax returns due to a number of factors, including the introduction of new calculations, the ability to easily access relevant information, and the improved accuracy of data.