With Longview Tax we have achieved our project objectives and now have the added benefit of more time to focus on strategic activities such as tax analysis and planning.
Toronti, ON (PRWEB) August 11, 2009
Longview Solutions today announced that Imperial Tobacco Group PLC (ITG) has successfully implemented Longview Tax to streamline its global tax reporting process. With 2008 revenues of more than £20 Billion (US$ 27 Billion) and a presence in more than 160 countries, ITG is one of the largest tobacco groups in the world. Following the acquisition of Altadis, and the greater tax reporting burden associated with it, the limitations and lack of scalability of ITG's tax reporting process became apparent. After a formal review of the tax reporting function and related technology, ITG embarked on an initiative to automate data processing, improve reporting capabilities and create a significantly streamlined tax reporting process.
With Longview Tax, ITG is able to improve its overall accounting for income tax process, dramatically reducing its reliance on spreadsheets while, at the same time, taking advantage of Longview's powerful reporting and analysis capabilities. The improvements to the process brought about by tax automation have been immediate. For example, the effort to produce tax notes has been reduced more than 75% during the first cycle of use and ITG can now drill down through the results from the group position all the way to individual entities.
"Longview Tax was the only solution that could meet our global tax reporting and IFRS requirements," said Mark Voice, Senior Tax Manager with ITG. "With Longview Tax we have achieved our project objectives and now have the added benefit of more time to focus on strategic activities such as tax analysis and planning."
"We are pleased to welcome ITG to the growing list of global enterprises that have seen dramatic improvements in their tax function since deploying Longview Tax," said John Power, President of Longview Solutions. "Risk mitigation, compliance, improved efficiencies and strategic finance all point to a clear, definitive market need for enterprise-class tax technology. Longview is very excited to have a leadership position in this emerging market both in North America and Europe."
About Longview Solutions
Longview Solutions is a division of Exact Software and helps companies manage the business of finance with speed, visibility and financial integrity. Since 1995, hundreds of the world's most respected companies including Boeing, Royal Bank of Scotland, GE Healthcare, Home Depot, Ingersoll Rand, JC Penney and many other industry leaders have used our software to create a single repository of financial truth from which Consolidation, Management Reporting, Corporate Planning, Modeling, Analysis, Budgeting, Forecasting, and Tax processes can be performed simultaneously, enterprise wide. For more information please visit http://www.longview.com.
About Longview Tax
Longview Tax streamlines and automates tax data collection, tax provisioning and tax planning for today's global organizations, employing best-of-breed data management and global collaboration capabilities. Using Longview's open technology, information is automatically collected from any source system, in any currency creating a single repository of financial information. For more information please visit http://tax.longview.com.
About Imperial Tobacco
Imperial Tobacco Group PLC is the world's fourth largest international tobacco company. The Group manufactures and sells a comprehensive range of cigarettes, tobaccos, rolling papers, filter tubes and cigars in over 160 countries worldwide. Imperial Tobacco Group PLC is not related in any way to Imperial Tobacco Canada.
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