Eagle Materials’ Tips for Successful Tax Transformation
Tax departments considering a revamp to their provisioning software may feel overwhelmed for different reasons. We understand the sentiment. No matter how enticing the promise of improved efficiency may be, the process of digital transformation can be long and beset by growing pains. However, with the right partners and the right approach, it may not be as difficult as you originally thought.
Eagle Materials is the perfect example. This billion-dollar construction company with 38 autonomously run entities had a tax team of two. Their provisioning files in 2016 were nearly identical to the layouts from 1996, and their deferred accounts were rolled over in an Access database that was set up by a previous holding company in 1994. Feeding these systems was a series of Excel workbooks comprising 25,000 general ledger accounts. While this setup got the job done, they knew their business had evolved and required greater efficiency.
Watch this on-demand webinar to hear from BJ Fogle, Vice President Tax at Eagle Materials, and Chris Hearn, Senior Manager, Tax Transformation at KPMG. Discover how Eagle Materials elevated tax to a strategic asset for their organization, enabling the tax team to now spend the bulk of their time on value-added activities including forecasting and better internal reporting to management.
In this webinar, you’ll learn:
- Why it’s important to update all tax activities at once, rather than implementing separate, siloed solutions for provisions and returns at different times
- Why most tax departments considering digital transformation have a data problem, rather than a provisioning problem
- How the Director of Tax successfully pitched his case internally to secure funds for digital transformation
- How Eagle Materials condensed 25,000 GL accounts into one 750-line balance sheet and P&L combined
- Why their tax team only needs to spend 30 minutes tops per entity for year-end provisioning, with reports that their auditors love to read