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Blending Longview Tax With External Applications For Operational Synergies & Tactical Benefits

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My presentation @ Longview\'s annual user conference Dialog 2012 pertaining to the implementation and future of Longview Tax in the Co-op tax department.

My presentation @ Longview\'s annual user conference Dialog 2012 pertaining to the implementation and future of Longview Tax in the Co-op tax department.

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Blending Longview Tax With External Applications For Operational Synergies & Tactical Benefits Blending Longview Tax With External Applications For Operational Synergies & Tactical Benefits Presentation Transcript

  • Blending Longview Tax With External ApplicationsFor Operational Synergies & Tactical BenefitsPhil Parkinson, Tax ManagerThe Co-operators Group LimitedWednesday, May 16th, 2012 © Exact International Development B.V., 2012. All rights reserved. All trademarks mentioned herein belong to their respective owners.
  • Morning Tax HumorRandom tax thoughts: Did you ever notice: When you put the 2 words "The" and "IRS" together it spells "THEIRS" Death and taxes are inevitable, but death doesnt repeat itself A harp is a piano after taxes Everything we have is taxed — even our patience. © Exact International Development B.V., 2012. All rights reserved. All trademarks mentioned herein belong to their respective owners. 2
  • Morning Tax Humor © Exact International Development B.V., 2012. All rights reserved. All trademarks mentioned herein belong to their respective owners. 3
  • Phil Parkinson’s Bio Graduated From Wilfrid Laurier University with BBA (2000) / MBA (2005) Worked in public practice for small and big four firms in accounting, tax & IT roles for 8 years Chartered Accountant (2005) Certified Public Accountant (2009) Working for Co-operator’s tax group the past 3 years. In 2010 assigned the task of making Longview a reality. © Exact International Development B.V., 2012. All rights reserved. All trademarks mentioned herein belong to their respective owners. 4
  • AgendaCompany OverviewTopic OverviewBackgroundCurrent State of AffairsFuture (where we want to be)Lessons Learned Success factors Barriers/Challenges/OpportunitiesKey TakeawaysQ&A © Exact International Development B.V., 2012. All rights reserved. All trademarks mentioned herein belong to their respective owners. 5
  • Company OverviewCo-operators Group Limited (Co-operators) 100% Canadian-owned and operated co-operative Insurance products home, auto, commercial, farm, life, group & individual Investment products ~4,000 employees across Canada Listed on Toronto Stock Exchange $7B in assets © Exact International Development B.V., 2012. All rights reserved. All trademarks mentioned herein belong to their respective owners. 6
  • Company OverviewCo-op Tax Department Centralized in one location Operates in somewhat decentralized finance function Five staff & intern Understaffed (like everyone) with limited resources Primarily focused on compliance 80% compliance/20% value add (the fun stuff) © Exact International Development B.V., 2012. All rights reserved. All trademarks mentioned herein belong to their respective owners. 7
  • Topic OverviewOne of the main goals of Longview Tax is toautomate the tax reporting process and helpcustomers focus on value added analysis andactivities. This could be achieved using theLongview Tax platform alone and also viaintegration with 3rd-party applications. This sessionwill cover how The Co-operators Group Limited iscurrently using Longview Tax and its future plans toextend the benefits of Longview Tax, including theco-existence strategy with external complementaryapplications. © Exact International Development B.V., 2012. All rights reserved. All trademarks mentioned herein belong to their respective owners. 8
  • BackgroundDue diligence and biz casing for tax provisionsoftware done in 2010Selected Longview as vendor of choice December2010 IFRS adoption in Canada during 2011 Scalability Ability to handle complexity ReportingProject kicked off in March 2011 Longview Team: Brad Hearn, Benny Isla, Grant Rawluk, Ruth Candler © Exact International Development B.V., 2012. All rights reserved. All trademarks mentioned herein belong to their respective owners. 9
  • BackgroundRoll-out (Longview Tax go-live) late September2011 Other Comprehensive IncomeParallel tested year-end 2010 during end of 2011 Ironing out the kinksParallel testing year-end 2011 now Data extracts Fine tuning Entity nuances © Exact International Development B.V., 2012. All rights reserved. All trademarks mentioned herein belong to their respective owners. 10
  • BackgroundLongview Tax environment Longview 7.0.3 Longview hosted ―cloud‖ solution - why burden/confuse Co-op IT? 20+ legal entitles provisioned Microsoft Office 2010 Microsoft SharePoint 2010 Oracle R12 BPC (SAP) © Exact International Development B.V., 2012. All rights reserved. All trademarks mentioned herein belong to their respective owners. 11
  • Current State of Affairs © Exact International Development B.V., 2012. All rights reserved. All trademarks mentioned herein belong to their respective owners. 12
  • Future State - Near Term © Exact International Development B.V., 2012. All rights reserved. All trademarks mentioned herein belong to their respective owners. 13
  • Future State - Final Vision Tax ReturnsThe four elements: Tax returns Shared Longview Workflow Hierarchy Tax Management Shared hierarchy Data management Workflow management Data Management © Exact International Development B.V., 2012. All rights reserved. All trademarks mentioned herein belong to their respective owners. 14
  • Future State – Tax ReturnTax return benefits Reduce the extent of human manual data input Improve accuracy, efficiency and control Longview Tax is the source of the input numbers leaving the return to be the final output Return To Provision (True-up) resides in Longview Tax Avoids importing data from tax return software back into Longview © Exact International Development B.V., 2012. All rights reserved. All trademarks mentioned herein belong to their respective owners. 15
  • Future State – Shared Hierarchy Oracle Shared Hierarchy BPC Longview © Exact International Development B.V., 2012. All rights reserved. All trademarks mentioned herein belong to their respective owners. 16
  • Future State – Shared HierarchyShared Hierarchy benefits Immediate: Utilize the hierarchy contained in Oracle, the original source of the truth Automated update of changes to accounts, segments and structure in the hierarchy Long-term: Send Longview data to Oracle (JEs and other deliverables) Send/receive data between Longview and BPC (budgeting and forecasting data) © Exact International Development B.V., 2012. All rights reserved. All trademarks mentioned herein belong to their respective owners. 17
  • Future State - SharePoint © Exact International Development B.V., 2012. All rights reserved. All trademarks mentioned herein belong to their respective owners. 18
  • Future State - SharePointMicrosoft SharePoint benefits Allows tax department to link Longview Tax into the overall company processes Enterprise-wide users can access Longview content Longview relevant documents will be housed centrally along with other enterprise wide documents Starting point for layering on further Longview integration of bells & whistles Manage/automate the workflow of the department Link status of work to a Longview tax provision report Manage tax department data © Exact International Development B.V., 2012. All rights reserved. All trademarks mentioned herein belong to their respective owners. 19
  • Lessons LearnedSuccess factors Have a roadmap (vision) but allow updating of the GPS to change direction during the journey Maintain continuity by keeping the team in tact Defined roles - know who is doing what & when Constant communication - keep people in the loop Realistically manage expectations This is not a weekend getaway, it is a cross-country journey Buy-in is needed at all levels © Exact International Development B.V., 2012. All rights reserved. All trademarks mentioned herein belong to their respective owners. 20
  • Lessons LearnedBarriers Devoting someone to the project full-time in a small department Completing project vs. completing normal duties ―business as usual‖ Making your Longview priorities, a priority for others Managing change and the fear of the unknown © Exact International Development B.V., 2012. All rights reserved. All trademarks mentioned herein belong to their respective owners. 21
  • Lessons LearnedChallenges Tax always the last to know Doing more with less (resources) The need for speed (time) Longview learning curve What you put in is what you will get out of it Change is constant Employee turnover Accounting policies & tax legislation Increasingly complex business environment © Exact International Development B.V., 2012. All rights reserved. All trademarks mentioned herein belong to their respective owners. 22
  • Lessons LearnedOpportunities Tax is a very high risk area that is gaining attention (30%) Last finance related function to be brought into 21st century technology wise Allow tax departments to focus on more value add (fun) stuff Better manage the data and workflow © Exact International Development B.V., 2012. All rights reserved. All trademarks mentioned herein belong to their respective owners. 23
  • Key TakeawaysHave a roadmap 3-5 year journey – Don’t Stop Believing! Ensure there is time for stabilization after each milestone before moving the vision forward againTax; A finance function overdue for automation Leverage the learnings from other finance (accounting) colleaguesTax return software not integrated Early days Let the provision setup the returnLongview’s technology roadmap provides the toolkitwe need to achieve our tax technology strategy © Exact International Development B.V., 2012. All rights reserved. All trademarks mentioned herein belong to their respective owners. 24
  • Thank You For Investing Yourself In This Presentation!Questions 25