ONESOURCE Compliance Tool Implementation

For a Worldwide Broadcasting Network

THE CLIENT

The client is a global entertainment brand for television and motion pictures, as well as online and mobile platforms that accommodate distributing entertainment. Their media networks reach approximately 700 million subscribers through their leading brands. They are also considered a major producer and distributor of filmed entertainment.

 

THE SITUATION

The goal was to implement Thomson Reuters ONESOURCE Compliance Tool and configure the interface with ONESOURCE Reporting. ONESOURCE Determination already had been implemented earlier.

A newly set up shared services center would take over the VAT Compliance during the project implementation.

Analyzing the content of the reports that should be uploaded in the Compliance Tool was a major part of the project. At the point of actual configuration, the transactions behind the data and their circumstances should be absolutely clear to the team as well as the detailed information of the transactions in the backbone system.

After the business requirements gathering and the actual configuration, the Tytho team ran shadow VAT returns. In order to finalize the standardized VAT compliance process, we simultaneously created country by country reconciliation processes and included those in the standardized process manuals.

After testing and before Go-Live, Tytho conducted a 2 day training for the users and a 1 day training for the super users, allowing them to practice and get to know the Compliance Tool inside out. Tytho also provided manuals for all the actions required in the process and the Compliance tool.

 

THE CHALLENGE

The challenge was dual. For one, a shared services finance team completely took over the VAT compliance during the implementation project and simultaneously altered the VAT compliance processes.

Secondly, the Client was still at the point of final adjustments to their implementation of ONESOURCE Determination. As a result, the transactions ended up in the VAT reports with different characteristics with every run. This complicated the reconciliation process with the originally filed VAT returns.

 

THE SOLUTION

Although it seems obvious, direct communication was a very important aspect of a successful implementation. After gathering all the information with the current VAT compliance resource at the different countries, we worked very closely together with the new shared services team in order to make sure that we all knew what exact transactions were behind the data and we were all clear on how these should be reported in the VAT returns. In order to be on the same page face time is required, with an emphasis on the first part of the project – the analysis of the VAT reports.

Secondly, the Tytho team took part in the periodically organized calls of the Client and the log reports on the errors of ONESOURCE Determination in order to keep track of any changes made. This allowed us to track the changes in the VAT reports and save time with testing and error resolution.

 

THE RESULTS

The client was highly satisfied with the implementation and the standardized process that we co-designed with the shared services team. The VAT Compliance team of 5 full time resources were able to prepare, analyze and file all the VAT returns, ESL returns and Intrastat for 18 countries and over 35 entities.

If you are interested in a VAT compliance solution, please contact us to begin the conversation!