Success Story - Tiptree Inc.
Taking Tax Back!
Challenge
External vendors involved in all of our tax processes left us with high costs and limited control of our own tax function.
Year-end provision:
- Close process took 3 weeks to complete
- Calculations relied on trial balances from multiple ledger systems, dozens of internally/externally managed Excel files, and an entirely manual process to consolidate and prepare footnotes
- Number of parties involved and the manual process exposed us to serious data integrity risks
Compliance:
- Federal and state tax return preparation was fully outsourced at significant cost
- Limited control over timing of return filing: many returns filed close to deadlines, leaving little time for review
- Difficult to provide audit support without additional cost and coordination as ledger mapping and supporting schedules resided with external vendors
Solution
CSC Corptax® Professional Services helped us rapidly implement CSC Corptax® Compliance, Provision, and Office for insurance. With all tax data in one place, we seamlessly consolidate for the provision, fully control federal return preparation, and instantly access our tax data.
- Using Corptax Office, adjustment workpapers are standardized and cleanly calculate and push adjustments into Corptax from the trial balance
- Corptax Compliance combines all subsidiary inputs and deferreds into a consolidated group with consistent presentation of the return across the entire company
- Ability to view RTP in real time because provision and compliance data is all in one place
- Can utilize all provision calculations and copy them over to tax returns in an instant
- International calculations streamlined and organized
Results
Now, we control provision and compliance in-house using the highly scalable and cost-efficient Corptax platform.
- $700,000 annual reduction in outsource fees after software costs
- 1 full week saved on the close process
- 4-month early filing of mixed group return, accelerating refund claims
- One team (us!) manages all of our tax data for faster modelling and footnote preparation and reduced data risks
- Full detail and insight into how our returns are prepared allow for ownership and ease of audit support