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5 Use Cases to Help Tax Professionals Take Back Their Time

Tax apportionment is a complex process that can be time-consuming and complex. Common issues include overthinking apportionment issues, determining what's included in states’ apportionment formulas, not having the correct data for apportionment calculations, and overpaying or underpaying taxes based on current apportionment issues. Alteryx Solution: Quickly and easily brings together multiple data sources, saves on internal labor costs, and increases accuracy. A large global REIT reduced its 100+ hour state apportionment process to 7 minutes, eliminating approximately 90% of quarterly tax underpayments.

Accrual Automation

  • Accrual accounting can be more accurate than cash basis accounting but also more complex. Alteryx Solution: Reduces redundancy in managing accruals and compliance and creates a complete audit trail. A global transportation and logistics company reduced its accrual process from 80 hours to 2.5 seconds to save $32K annually.

Sales and Use Tax Reporting

  • State tax rules are constantly changing, making it difficult for companies to understand their tax obligations on out-of-state activities and transactions. Alteryx Solution: Quickly assess at the transactional level and reconcile the taxes applied to what should’ve been applied based on the rates. A corporate tax services firm reduced manual processes by 50% and is saving time on sales and use tax reporting.

Fixed Asset Depreciation

  • Companies need to ensure their depreciation reporting is both accurate and timely and that they’re using the right calculations. Alteryx Solution: Read, analyze, and wrangle data from multiple sources, such as ERP systems. An industrial corporation that manages hundreds of thousands of rail cars reduced its fixed asset processing time from 5 months to 5 minutes.

Transfer Pricing

  • While transfer pricing can lead to tax savings for companies with divisions, subsidiaries, or affiliates under the same enterprise, it’s also one of the riskiest areas from a compliance standpoint. Alteryx Solution: Determine optimal prices with automated transfer pricing calculations and scenario testing. A multinational accounting firm saved 700-2K hours on transfer pricing processes, transfer pricing studies, scenario planning, and forecasting.

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