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To keep pace with the changing business scenarios, many FORTUNE 500? energy companies wanted to develop and maintain new processes by transforming how they create and maintain tax-basis balance sheets and deferred tax balances. These companies also sought to improve data integrity across their financial systems. Deloitte Tax LLP came to assistance of these companies by helping them select and implement a powerful new software platform, cleanse their enterprise and tax data, automate core processes and thereby reduce costs. The resulting improvements in tax reporting were tuned to assist the companies maintain tax-basis balance sheets into the future. However, this task was not easy to accomplish as it involved addressing two pressing tax challenges. The first was to establish solid processes to ensure Sarbanes-Oxley (SOX) compliance, specifically processes related to the business' tax-basis balance sheet and deferred tax balances. Second, the companies needed to deploy a financial software system that could create and maintain more accurate tax-basis balance sheets. Deloitte professionals worked with the clients to design a software application around four key dimensions: people, process, data and technology. First, they mapped the current state of the organizations and then developed detailed work plans to create and maintain a validated tax-basis balance sheet. In addition, Deloitte also provided these companies with change-management support, technical and process training and software implementation services.
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