Helping a global industrial company meet exploding regulatory demands
Streamlining tax filing for 70 entities in 33 countries
CASE STUDY |
After a significant acquisition, an industrial services company with only two global locations expanded to more than 70 foreign entities in 33 different countries. They turned to RSM’s Global Compliance and Reporting Services team for help navigating their explosion in regulatory compliance demands as a result of recent acquisitions.
Overnight, the client’s global tax compliance demands went from two annual filings and eight quarterly provisions to 33 annual filings and 132 quarterly provisions. Improved visibility and heightened awareness rapidly moved up as a priorities for this client. The client wanted an effective, streamlined solution that would allow them to accurately meet their filing deadlines in a timely fashion across their global organization with minimal demands on their own personnel. The client needed its people focused on their global strategy without diverting resources to address back-office compliance demands.
Through our global project management office, and a dedicated partner with global engagement experience, RSM led the centralized coordination efforts across 33 RSM International firms to address all of our client’s global tax compliance challenges. We provided the depth of resources necessary to meet quarterly provisioning and annual filing demands in each jurisdiction by leveraging the capabilities and global engagement experience of a dedicated partner and a strong connection to our RSM International network. Because the entire operation was managed seamlessly through a single point of contact in our global project management office, the client was able to access the resources they required, access historical documentation and address any questions they had—more timely than they had in prior compliance cycles—through one skilled global compliance professional, instead of coordinating efforts individually across 33 different firms. Additionally, through the use of RSM’s Global Tracker, our proprietary global compliance management system, the client with online, real-time access to the status of every aspect of their global compliance requirements, providing complete transparency and accountability across every aspect of their organization.
By using RSM’s proven methodologies and project management technology, stakeholders around the world could easily report their progress, monitor milestones and check the overall status of their global compliance and documentation. RSM provided the client with a single point of contact for all global issues and managed the process effectively, focused on timely delivery and made sure no element was overlooked. With the plan fully implemented, the engagement team set up quarterly U.S. tax reviews and a recurring feedback processes to ensure continual compliance. In the first year, the client improved on-time quarterly provision filings by more than 250 percent.
With its immediate compliance challenges improved and an accurate, reliable long-term solution in place, the client was able to focus on executing its global strategy without having to divert resources to deal with its rapidly expanding compliance challenge.