Streamlining Tax Preparation Process for a Prominent US-based Healthcare Compliance Corporation

The Challenge

The client's business operations were being hindered by various process bottlenecks that resulted in significant challenges. The high number of errors caused delays and additional work for their tax professionals, aggravating the already high overtime costs due to bulk closures during peak hours. Furthermore, the client had strict deadlines to meet, leaving no margin for error. These challenges highlighted a dire need for streamlining, as inefficiencies adversely impacted productivity and the financial health of the organization. To address these issues, our team implemented a comprehensive solution to resolve the bottlenecks and ensure continued success.

Why the Customer Chose Us?

To solve the challenges faced in US tax preparation in bulk closures, the client required support for individual, corporate and final tax returns. The client approached Global Accounting Corp via our website and was quick to identify the opportunity with our expert talent pool of US taxation experts, and global portfolio of handling various accounting and taxation requirements for leaders in the industry.

The Solution

At Global Accounting Corp, we make it our top priority to promptly comprehend our clients' problems and create effective solutions. Our aim is not only to eliminate existing backlogs, but also to optimize processes to ensure fast and error-free future operations.

In the client’s particular case, we were able to quickly grasp the challenges faced by our client and develop effective solutions that not only eliminated current backlogs but also optimized their processes for future use. To achieve this, we brought in additional tax experts to work alongside the client's team and collaboratively define an operating model that would allow for timely tax return preparation. This included creating a comprehensive review checklist to ensure that no errors of omission or commission occurred.

The Results

Our client, a prominent healthcare compliance corporation based in the USA, has successfully achieved on-time filing of its tax returns through our expert assistance. We designed and implemented an optimized review and submission model that streamlined the tax preparation process. As a result, our client gained the following advantages within a week of deployment:

• Reduced TAT for data processing increasing productivity
• Saved time taken in client’s review process by more than 60%
• Reduced internal error rates from 5% to 1%
• Successfully met all deadlines for tax returns preparation and filing
• The client accounting costs were reduced from day 1
• Daily communication through emails and calls reduced the communication and time gap of completing the tasks