>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>Challenge:Improve accuracy and control of fixedassets data while reducing effor...
1801 South Bell Street, Arlington, VA 22202© 2012 BNA Software, a division of Tax Management Inc. All rights reserved.>>>>...
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Customer Success Story: BNA Fixed Assets Software Provides Sinclair Broadcast Group With Greater Accuracy and Control of Fixed Assets Data

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Sinclair Broadcast Group, Inc. is one of the largest and most diversified television broadcasting companies in the country today. Sinclair owns and operates, programs, or provides sales services to 58 television stations
in 35 markets, reaching 22% of U.S. households. Managing more than 69,000 fixed assets throughout the company was a major challenge for Stefan Feinberg, Manager of Finance at Sinclair, and his staff. After evaluating several alternatives, Sinclair selected BNA Fixed Assets Web from Bloomberg BNA for its centralized solution.

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Customer Success Story: BNA Fixed Assets Software Provides Sinclair Broadcast Group With Greater Accuracy and Control of Fixed Assets Data

  1. 1. >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>Challenge:Improve accuracy and control of fixedassets data while reducing effortto consolidate and report on fixedassets across 74 locations.Solution:BNA Fixed Assets WebResults:Condenses the time to close whilereducing headquarter’s workloadby more than 75 percent. Improvesincome statement and balance sheetaccuracy and eliminates after-the-fact adjustments. Enables real-timeaccess to fixed assets data and amore accurate picture of deferredtax liability. Provides precise accesscontrol and enforces corporatedepreciation policies.Sinclair Broadcast Group, Inc. is one of the largest andmost diversified television broadcasting companies inthe country today. Sinclair owns and operates, programs,or provides sales services to 74 television stations in 45markets, reaching 26 percent of U.S. households andincludes FOX, ABC, CBS, and NBC. Managing more than69,000 fixed assets throughout the company was a majorchallenge for Stefan Feinberg, Manager of Finance atSinclair, and his staff.Three Months of Effort toConsolidate and Correct DataThe decentralized software Sinclair was using for fixedassets management and reporting presented a host ofdifficulties. Each of the stations had a copy of Vertex®Fixed Assets Manager software that was used to createand maintain fixed assets data locally. To consolidate thestations’ fixed assets information for the corporate tax return,the data was emailed to headquarters, then painstakinglyreviewed and consolidated. “It took two people threemonths of dedicated work to get this done,” said Feinberg.In addition to the inordinate amount of effort requiredto consolidate the data, the accuracy and timelinessof the data was equally challenging. Having a largenumber of fixed assets databases proved to be toodaunting of a task to manage. “We had two fixed assetsystems; one for GAAP books and one for tax books.We were doing twice the work!” said Feinberg.The Decision to CentralizeAs Sinclair began preparation to move to Oracle®ERP andgeneral ledger systems, the opportunity presented itself tosearch for a better solution to fixed assets management.After evaluating several alternatives, Sinclair selected BNAFixed Assets™ Web for its centralized solution hostedover the web, accurate support of tax laws, immediateCustomer Success StoryBloomberg BNA’s Web-Based Solution Provides Sinclair Broadcast Groupwith a Clear PictureBNA Fixed Assets Web enables greater accuracy and control.--------------------------------------------------------------------“It used to take three months of effort for twopeople just to prepare the corporate taxreturn. Now it takes only a few weeks.”Stefan FeinbergManager of Finance,Sinclair Broadcast Group, Inc.------------------------------------------------------------------------
  2. 2. 1801 South Bell Street, Arlington, VA 22202© 2012 BNA Software, a division of Tax Management Inc. All rights reserved.>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>Customer Success Story1212-JO9353 56-7488For more information call 800.424.2938 (select option 3), contact your local Bloomberg BNA Representative, orvisit www.bnasoftware.com::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::availability of tax changes in the application, OpenTimeline™ capability, and ease of use.BNA Fixed Assets Web ImprovesAccuracy and ControlBy using BNA Fixed Assets Web, Sinclair can centrallyset and control depreciation policies, giving the companybetter control over asset data for both tax and accountingpurposes. “With the decentralized system we had before,a business manager at a station could decide on a certaintax life for an asset without knowing how corporate wouldhandle it. Now asset data is entered correctly at thebeginning, with no duplicate efforts and no adjustmentsafter the fact,” said Feinberg.The additional control enabled by BNA Fixed Assets Webalso helps Sinclair meet Sarbanes-Oxley Section 404regulations ensuring data integrity of reported financialdata for public companies. Feinberg believes that oneof the major advantages of BNA Fixed Assets Web overother systems is the ability to make changes to asset dataat any point in the lifetime of the asset — while preservingthe entire history of that asset. “The BNA Fixed AssetsWeb Open Timeline capability is tremendous. We canmake changes in the past and know those changes areaccurately applied and tracked.”Shortened Closing Time ReducesUncertaintyWith BNA Fixed Assets Web, Sinclair now has fasterreconciliation of book and tax depreciation, enabling thecompany to close its tax books sooner and calculate theincome tax provision more accurately. Previously, therewas some uncertainty about the impact of depreciationon deferred tax liability until the financial statements werereconciled. “Now that we have a real-time, accurate pictureof our depreciation, we no longer have to estimate thiscomponent in calculating our tax provision,” said PaulNesterovsky, Tax Director at Sinclair.Reduced Efforts by More Than 75%Now, with BNA Fixed Assets Web, Sinclair has a centralizedsolution that automatically consolidates fixed assets data,yet provides the stations with decentralized fixed assetsreporting. All stations have direct access to BNA FixedAssets Web, while headquarters is able to maintain completecontrol and enable secure access to each database.Using Bloomberg BNA’s hosted solution also freesSinclair from installation, upgrades, back-up, and supportrequirements across its stations and headquarters, whileenabling compliance with Sinclair’s disaster recoveryrequirements. After a smooth migration to BNA FixedAssets Web, Sinclair achieved the benefits it desired:• Significant reduction in time and labor to close GAAPbooks and to prepare tax returns• Faster, more accurate, and real-time reporting• More accurate, timely picture of deferred tax liability• Little to no after-the-fact adjustments• Controlled access for data integrity and complianceReal-Time Access ProvidesNeeded VisibilityWith real-time access across all stations, Sinclair hasa clearer picture of its fixed assets. “I can go to anylocation and get real-time information about fixed assets.I couldn’t do this before without having a station sendme a file. By the time I’d get the data and create reports,the fixed assets information was out of date,” explainedFeinberg. With BNA Fixed Assets Web, Sinclair now hasa centralized and consolidated solution that provides asignificantly improved level of control and accuracy of fixedassets data.>>>>>>>>>>>>>>>>>>>>>>>>>Sinclair Broadcast Group, Inc.• One of the largest television broadcasting companies inthe U.S.• Owns and operates, programs, or provides salesservices to 74 television stations in 45 markets, reaching26 percent of U.S. households• Gross revenues: $765.5 million• Assets: 69,000+, with an average annual spend of$10-$25 million• Employees: 3,130

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