Success Story - Farmers Insurance Group
From Provision to Estimated Payments – Corptax Does It All
Challenge
Like many corporate tax departments, Farmers Insurance Group produced high-quality quarterly provisions with limited time and resources. The team performed both the provision and quarterly estimated payment calculations in Excel®, while working overtime for three weeks during the close. Other challenges included:
- Ensuring Excel-based formulas and data flow were consistent and correct
- Dealing with corrupted files
- Trouble-shooting and manually analyzing data sources through formulas and links
- Limited ability to cross-train due to inconsistent file set up
Farmers Insurance wanted a streamlined, structured, and controlled environment to help provide a high-quality outcome to management and a better work-life balance to the provision team.
Solution
Using Corptax single system automation, Farmers Group not only calculates their provision, but they also use the results to calculate taxable income, including both federal and state estimated payments.
- Automates trial balance loads using CSC Corptax® Data Exchange, ensuring accurate reporting to fulfill requirements
- Posts hundreds of automated adjustment workpapers in a single click through Corptax Cart
- Pushes and pulls data with Corptax Office to validate and load manual adjustments
- Reuses Corptax provision data to compute federal quarterly estimated payments and breaks out book income adjustments into “annualized” and “non-annualized” categories through a custom domestic calculation
- Automatically calculates the state estimated payments using CSC Corptax® State Planner
- Pushes data to the payment voucher by account-association using CSC Corptax® Calendar
Results
- Spends 50% less overtime during every quarterly close, boosting job satisfaction
- Satisfies management and auditors with neat and consistent Corptax reports
- Quickly accesses underlying data for support and validation
- Cross-trains easily with all provisions using the same platform
- Gets time back to analyze results vs. maintain Excel model
- Eliminates human error and lowers risk with automation