Reducing risk and reimagining the future through tax transformation

“Art of the Possible” sessions reveal new improved working model

A multinational consumer product corporation worked with the EY Tax and Finance Operate (TFO) team to coordinate its global tax footprint. The EY team achieved the initial goals set by the parties: improve processes, reduce risk and control costs. Yet, legislation and regulations evolved rapidly, along with tax authorities’ technological advancements that increased the risk of controversy.

▉ The issue

The corporation sought to reduce risk while focusing its best talent on high-value work. Tucked within this challenge was an opportunity to take an ambitious leap forward: improved processes to deliver the next generation of tax and statutory compliance. But that meant drastic changes.

▉ The solution

The robust, dedicated EY TFO team presented on the potential future direction of the corporation’s tax and finance function. Through “Art of the Possible” sessions, the EY team demonstrated how teams could improve its working model through a seamless, even stronger end-to-end process enabled by technology. The sessions, including deep dives into specific future transformations, opened doors for sharing the team’s vision for future state processes that would leverage the EY Global Tax Platform (GTP). All of this helped guide conversations and formulate a new direction to take the client.

“The client saw our ability to not only anticipate the rapid changes in tax technology but also our plan to help shape those changes through our own technology advancements,” says Joe Wohlleb, EY Consumer Sector Tax Account Leader. “The fact that EY collaborates with Microsoft and combines our technical experience with the latest enabling Microsoft Cloud technology also showcased the potential to further transform the end-to-end processes. The combination would allow our teams delivering those processes to work together more seamlessly.”

▉ The outcome

By helping to bring the corporation’s vision into being, the EY team enhanced the long-term value of their core business, refocusing indispensable resources toward high-value work. The reimagined operating model will help the client keep ahead of evolving regulatory risks, rapid technological changes and rising talent demands.