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Finance

Automating Tax Compliance and Optimizing Processes for a Financial Services Firm

Visualization depicting the automation of tax document creation, review, and submission processes

Focus Areas

Automation

Process Optimization

Digital Transformation

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Business Problem

A tax compliance and advisory company used manual processes, which were slow and prone to error, for managing tax credit studies, invoice reviews, and tax returns for its corporate clients. This delayed client service delivery and introduced compliance risks

Key challenges:

  • Manual Processes: Tax credit studies and invoice reviews were highly manual processes for the firm. Without automation, teams had to spend more time verifying data and ensuring compliance. It also increased the risk of errors and expensive compliance issues.

  • Slow Tax Return Preparation: The company’s use of manual workflows delayed the preparation of corporate tax returns, made it difficult to meet deadlines during peak tax seasons, and limited their ability to scale operations or take on new clients.

  • Compliance Risks: TErrors in tax credit calculations or missing invoice reviews could result in fines for the company and its clients. This could increase operational costs and destroy trust.

  • Delayed Service: The firm was often late to deliver tax filings and expense reports to clients. This frustrated corporate clients and impacted client satisfaction.

The Approach

Curate’s consultants collaborated with the firm’s internal teams and designed a solution that would standardize and streamline the firm’s core processes using advanced software and process optimization. The goal was to improve tax compliance, scalability, and client service as well as reduce operational costs.

Key components of the solution:

  • Discovery and Requirements Gathering: The Curate team identified the following key areas for improvement based on a thorough analysis of the firm’s tax compliance and invoice review process and discussions with the company’s internal tax, compliance, and IT teams:

    • Automate the tax credit study process to improve accuracy and reduce manual data entry.

    • Streamline invoice reviews by deploying tools that would automate the verification and validation of expense reports.

    • Decrease the time spent on tax return preparation through automation and process optimization.

    • Make sure all automated workflows meet the required compliance standards for corporate tax filings.

  • Automation of Tax Credit Studies and Invoice Reviews: Curate’s consultants implemented advanced tax software and automation tools to optimize the firm’s core processes, making the way for faster and more accurate tax filings.

    • Tax Credit Review: The new tax software was integrated with the company’s existing tax platforms to automate the extraction of client financial records, calculation of eligible tax credits, and generation of detailed reports. This reduced the time spent on tax credit studies by half and minimized calculation errors.

    • Invoice Review: An automated invoice verification tool was implemented to scan and validate client invoices as well as flag inconsistencies and non-compliant expenses. This improved the accuracy and speed of the invoice and expense report reviews.

      Process Optimization for Tax Return Preparation

      Partnering with the firm’s tax teams, Curate’s consultants introduced automation tools and standardized workflows to optimize the tax return preparation process.

    • Tax Return Preparation Process: A workflow automation system was introduced to standardize and automate repetitive tasks such as data entry and form generation for the process of gathering client financial data, verifying tax forms, and preparing tax returns. The firm could now complete filings faster and more accurately.

    • Compliance Monitoring: To ensure live monitoring and adherence to local, state, and federal regulations of the tax filings, the tax software was integrated with the firm’s compliance system.

  • Process Optimization for Tax Return Preparation: Partnering with the firm’s tax teams, Curate’s consultants introduced automation tools and standardized workflows to optimize the tax return preparation process.

    • Tax Return Preparation Process: A workflow automation system was introduced to standardize and automate repetitive tasks such as data entry and form generation for the process of gathering client financial data, verifying tax forms, and preparing tax returns. The firm could now complete filings faster and more accurately.

    • Compliance Monitoring: To ensure live monitoring and adherence to local, state, and federal regulations of the tax filings, the tax software was integrated with the firm’s compliance system.

  • Stakeholder Engagement and Change Management:
    • Internal Teams: Curate’s team worked closely with the firm’s internal teams throughout the project to ensure the alignment of the tools and process with their operational needs. Our consultants also continuously refined the solution through frequent feedback sessions. 

    • Vendors: Curate’s consultants collaborated with the company’s existing tax software vendors to integrate the new tools with their systems while ensuring seamless data flow.

    • Training and Change Management: Curate’s team provided thorough training and change management sessions to the firm’s teams so that they could independently handle the new systems.

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Business Outcomes

Reduced Operational Costs


Automating the firm’s key processes helped it cut its operational costs by 40%, and free up its staff to focus on strategic tax planning and advisory for their clients.

Enhanced Compliance


The automation and proactive monitoring of tax compliance tasks decreased the risk of errors and fines.

Increased Scalability


The automated workflows allowed the company to scale its operations and handle more corporate clients without bringing in additional resources. This paved the way for future growth, ensuring a high level of service quality.

Sample KPIs

Here’s a quick summary of the kinds of KPI’s and goals teams were working towards**:

Metric Before After Improvement
Time spent on tax credit studies 20 hours/client 10 hours/client 50% reduction
Invoice review accuracy 85% 98% 13% improvement
Time to prepare tax returns 5 days 2 days 60% reduction
Operational costs (compliance tasks) $500,000/year $300,000/year 40% reduction
Client satisfaction (survey score) 7/10 9/10 2-point improvement
**Disclaimer: The set of KPI’s are for illustration only and do not reference any specific client data or actual results – they have been modified and anonymized to protect confidentiality and avoid disclosing client data.

Customer Value

Improved Client Satisfaction


The automation of core processes reduced the time required to complete key processes and improved client satisfaction and trust with 60% faster service delivery to clients.

Illustration of financial operations with automated tax filing, validation, and process optimization components.

Conclusion

Curate’s ability to deliver tailored IT automation and process optimization solutions helped the firm decrease operational costs, improve compliance, and provide faster service to its corporate clients. The team automated tax credit studies, invoice reviews, and tax return preparation, allowing the company to scale operations without increasing labor costs. Standardized workflows and real-time compliance monitoring ensured the timeliness and accuracy of the filings.

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