The better the question
How can technology-led transformation unlock cost savings for a multi-location business?
The company saw that technology can help leverage efficiencies in processes such as accounting and taxation from different locations.
One of the world’s most recognized telecom giants was looking to create synergies amongst multiple business units across 127 countries. The organization’s business units were running standalone processes, but not leveraging strong expertise present in specific locations, many of those that were doing excellent work in various functions, including accounting and statutory compliances, taxation and co-ordination.
After a large acquisition, the organization faced the challenge of eliminating duplication in almost every function. The organization was committed to unlocking cost savings and was assessing the potential to access new technology without sizeable up-front investments. With growing digitalization of tax and finance compliances across the globe, the company wanted to leverage efficiencies through a digital tax solution and ensure preparedness. At the same time, the organization faced two significant challenges. Growing cost pressures and challenges with respect to upskilling of talent to manage in the evolving tax and finance landscape threatened its ability to roll out changes which could potentially bring long-term efficiencies.
The better the answer
EY integrated multiple processes into a single finance-tax offering
The company transformed its tax and finance functions through process consolidation and EY’s wavespace sessions.
The telecom company was looking at employing a solution which could help them with the following:
- Support them across 127 countries and specifically mine those with strong expertise in accounting and statutory compliances, taxation and excellent co-ordination skills, with a scalable route-to-market model to deliver best-in-class sales and distribution.
- Deliver tax and finance compliance efficiencies through a digital solution and ensure that the organization was prepared to respond to the digitalization of administrations.
- Create a future-ready tax and finance function without large up-front investments.
EY helped the organization reimagine the future of its tax and finance function via numerous Wavespace sessions. Wavespace sessions are immersive programs designed to bring together people from different mindsets to think collaboratively and build a culture of teamwork. Based on the identified themes, EY worked on a transformation journey which significantly changed the way the company functioned. The changes covered the following:
- EY supported the organization across the spectrum of their accounting and tax requirements, including corporate tax, indirect tax compliances, routine tax audit support, local statutory reporting, local GAAP bookkeeping, statutory audits, IFRS tax reporting support and tax advisory work.
- We managed the seamless re-badging transition of over 70 employees.
- EY provided an integrated finance-tax offering as a single service provider.
- We ensured accurate group reporting, which provides insights on financial performance, budgeting and forecasting.
Related case study
The better the world works
The transformation is helping navigate the dynamic tax and regulatory environment
With better visibility and control, the company realized more efficient tax and finance processes.
With EY managing different aspects of the post-merger operations related to accounting and tax, the organization now could focus on strategic initiatives. The organization realized that it could effectively navigate change in the highly dynamic tax and regulatory environment, including matters such as the rapidly emerging digital tax filing requirements in many countries. Following are the most-notable benefits the organisation realized after working with EY:
- Operational efficiency realized through reduction of costs in managed services scope and technology
- Full visibility and control of end to end tax and finance process performance.
- Global visibility of tax data with the help of the EY platform.
- Elimination of expensive technology investments for multi-country tax management.