Success Story - Boston Scientific

Challenge

Using Excel^® to calculate current E&P adjustments required constant updates with new accounts and new entities. It also took multiple days to maintain the import function and to process the import. It was so large and cumbersome (awful) that we only used it once a year. Importing current E&P adjustments took an entire day.

Solution

We automated many E&P adjustments using Corptax Automated Adjustments, allowing us to post and review all at once.

Results

With the improved process we achieve the following benefits:

• Change process to a more data-driven review and eliminate data manipulation and Excel workpaper formatting.
  • New accounts are automatically added to workpapers
  • As ownership changes are added to Corptax^®, entities are automatically added/removed to the entity group “U.S. Related CFC”
• Eliminate manual data entry by using “Corptax Import Template” to add “Other Workpaper Adjustments” required to calculate the correct values
• Using the Corptax Cart with the “U.S. Related CFC” entity group, adjustments are posted and printed to PDF all at one time
  • Corptax creates a workpaper for each and every entity/adjustment, along with a consolidated workpaper for each adjustment
  • A consolidated trial balance is created from our accounting consolidation software to review against the consolidated workpaper for each E&P adjustment
  • We leverage the beginning balance case override setting in Corptax Cart for balance sheet fluxes

The real pay-off: A smarter role for preparers! When you are done with your preparation and review of these workpapers, you are REALLY DONE! It’s all in Corptax. No more reviewing Excel workbooks and then reviewing the data in Corptax after import/submission. It’s already in the system! This process is so much faster—minutes vs. an entire day—we can use it every quarter.