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HOW ONESOURCE HELPED A COMPANY SAVE TIME AND MONEY MANAGING VAST AMOUNTS OF DATA

04:17

Anastasia Brady is senior manager of tax for Thryv, a marketing management and
software company based in Dallas, Texas. Brady heavily relies on ONESOURCE to
manage her company’s complex tax footprint, and regularly uses three modules –
Income Tax, Tax Provision, and Checkpoint – to meet her company’s formidable tax
obligations.

Brady’s department must complete its provision process and related valuation
allowance analysis on a state-by-state basis due to a number of tax technical
issues that have to be tracked at the state level. Consequently, her biggest
challenge is efficiently and accurately processing an enormous amount of tax
data in time to meet quarterly reporting and various tax compliance deadlines.

“Since we’re in 48 states and a handful of local jurisdictions, that’s a large
volume of data to work with,” Brady says. “We have a very constrained period of
time in which to book our journal entries on a quarterly basis and during our
year-end provision, and we have to get through all of it accurately, not just
quickly.”


NO COMPROMISES

According to Brady, one of the reasons Thryv chose ONESOURCE was because it
provides the efficiency and accuracy the company needs without sacrificing
quality. “It doesn’t matter how quickly you can get through a process if you
don’t do it correctly,” Brady says — and with ONESOURCE she doesn’t have to
compromise.

In addition to speed and accuracy, Thryv chose ONESOURCE because it is easy to
use and integrates well with other platforms.

“One of the things we really appreciated about ONESOURCE is how intuitive it
is,” Brady says. “The ability to bridge between the provision platform and
compliance platform is also important to us, because it helps us minimize the
duplication of work.”


SAVING TIME AND MONEY

Before using ONESOURCE, Thryv outsourced its federal and state income-tax
compliance work, and the process took anywhere from five to seven months.
ONESOURCE Income Tax allows the company to do all of its income-tax compliance
in-house, and much faster. “We can now get through our federal return in two to
three weeks,” she says, and state returns only take approximately six weeks.  

ONESOURCE’s data analytics capabilities have also saved the company a
significant amount of money.

“With ONESOURCE Tax Provision, we are able to quickly and accurately update our
estimated tax payment projections,” Brady says, which allows the company to “pay
what is required and minimize our tax penalties and interest due to
underpayments.”


ACCURATE AND TIMELY

But what Brady likes best about ONESOURCE is how easy it is to customize the
functionality to fit the company’s needs. She especially likes the smart chart
function in Checkpoint, which allows her to easily track and visualize
regulatory changes from state to state.

The speed, accuracy, and flexibility of the ONESOURCE platform will be even more
important to Thryv in the future, because in 2020 the company re-listed its
shares on NASDAQ. “As a public company, it’s critical for us to have accurate
financial statements and that we get them done in a timely manner,” Brady says –
and ONESOURCE helps make it possible. 

Learn more about ONESOURCE Income Tax

Use our comprehensive corporate income tax software for virtually every type of
return

Learn more

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