A Case Study: How CIGNA Streamlined its Foreign Currency Payments Global Finance CIGNA, an international employee benefits provider, makes cross-border payments by wire, check and ACH to more than 225,000 beneficiaries in over 70 countries. The company wished to simplify and automate its foreign currency payments. Key objectives were to accelerate payment processing time, trim cost and to ensure a superior service to their clients. The Problem: Payment Timing is Critical to Service Quality Typically, producing checks and Explanation of Benefits (EOB) statements (i.e., remittance advices), adds a week or more to processing time in addition to the time for crossborder delivery. But payment timing is of the essence. The payment process …show more content…
Why Deloitte? The tax work was put to tender and we presented a five year view of how the client’s Corporation Tax compliance and accounting processes could be transitioned over to an outsourced arrangement with us in a safe and assured manner. We also gave a clear articulation of the opportunities that existed over the same time period for the client to transform their practice of tax, setting out a strategic and innovative plan to deliver both process efficiencies and better, quicker access to information. Our vision for the client encompassed quality, automation, tax knowledge sharing and organisational change, and detailed how our two organisations could collaborate to secure an eminent future for the client’s tax function. Approach The client picked us as their partner of choice and we are currently undertaking one of the largest projects of its kind in the world, transitioning Corporation Tax compliance and accounting processes from a combination of in-house management and service providers to Deloitte. We will deliver filing of tax returns, management of tax audits, forecast of cash tax outflows, FIN48 compliance, and interim and year-end accounting and disclosures. Deloitte teams in the client’s major locations across the world are also conducting a structured review of tax risks and opportunities to ensure best practices are applied globally. Solution What benefits will the
This report is to illustrate detailed information about the interview that I conducted with Mr. Bob Bahd, a Chartered Professional Accountant (CPA), who had agreed to be interviewed. I was given Mr. Bahd’s name and contact information through a mutual friend and looked up his profile in LinkedIn. I determined that Mr. Bahd would be a good choice for this interview based on his profile and the recommendation of my friend.
The topic of the report is an exploration of a career option and a Tax Auditor at Canada Revenue Agency. The purposes of this report are to not only prepare myself for the position by examining and learning but also introduce a different field of work to colleagues
• In this case Deloitte & Touche Consulting Group was tasked to come in and consult with SKS Manufacturing, an auto supplier, in order to fix their inventory problems along with other issues the company was facing. Maria Chen would lead part of the team for her first time on this 12-week engagement, but would in occur some difficulties throughout the first 6 weeks of the project. The Deloitte team has a lot of work to do before the end of the engagement in order stabilize the company and prepare them for a more radical long term project that plans to “reengineer” their business process. Most of the responsibility for the slow start on the project is resting on Chen’s shoulders due to the choices she has made during the first half
Preferred Consulting will install QuickBooks 2015 Pro software on your computer’s hard drive. Next, we will setup Cutting Edge as a sole proprietor organization that is engaged in service and product sales, so the software knows how to account for all the transactions and taxes your company may incur during the year. Then we will enter your customers, vendors, supplies, and inventory that your business uses to conduct daily operations. Every transaction your business performs will be entered using the appropriate section of QuickBooks Pro 2015, and the amounts are automatically distributed to the selected chart of accounts. The chart of accounts records every transaction that is entered and keeps running totals of revenues, expenses, equity, liabilities and inventory.
Assisting the Tax Director in preparing the tax return wp and reviewing the tax return prepared by Deloitte.
| The firm recommended an aggressive tax position to the client that is more likely than not to be legally allowed.
Will prepare the tax returns based on information and documentation provided by Client. If needed, bookkeeping services are available at our current published rate.
and of society at large. As specific new offerings like online tax consulting, and remote auditing evolve, demand for the electronic version of traditional services, such as accounting/bookkeeping services on the net will follow (Kogan, Sudit,
Customers are seeking the expertise of a tax professional in maximizing the refund or minimizing the debt.
Auditing firms are no longer able to focus primarily on selling additional services. Instead, they are now concerned with providing excellent service to the client. This has resulted in additional tax and financial reporting
Another of my duties at Taxfile was to monitor tax investigations to verify if the client needed to amend any tax income. I achieved this by requesting and researching for supporting documents, such as financial statements, mortgages and certificates of interest through the client or by locating information through third parties. This is evidence of my ability to resolve issues and deal with complex enquires independently.
Later on, I can see that dealing with the different payers can be tedious since there is no standard format for their EOBs. However, that is changing and there is a solution available. There is a software interface that turns EOBs to ERAs (electronic remittance advice). All those mismatched terms are standardized and it takes out the tedious bit where you do the conversions yourself.
The architectural design of a firm varies greatly. In 1950, the business environment of Arthur Andersen included using the computer effectively for automated bookkeeping. Structure and regulation of the markets, helped Arthur Andersen to develop into a well-respected and reputable auditing company. The federal law in the 1930s requiring companies to turn over their financial statements yearly to an independent auditor not only strengthened Arthur Andersen, but also helped with their impeccable reputation. Arthur Andersen’s strategy included quality audits with a well-managed staff and profits. Promotions and rewards were plentiful when auditors made sound auditing decisions. In the 1990s, Arthur Andersen’s organizational architecture and strategy focused on generating new business, cost cutting, and performance evaluations along with decision rights over its business (Brickley, Smith, & Zimmerman, 2009).
We provide Financial Accounting, Book-keeping, Payroll, VAT and Personal Tax services. We also deal with HM Revenue & Customs on your behalf and serve Limited Companies, Sole Traders, Partnerships and Individuals. Our About Us page gives an in-depth introduction to our quality and bespoke service. We also provide offer for our clients’ who are experiencing difficulty in dealing with HMRC compliance and penalties. Our dedicated and experienced staff will advise you on the best approach and take care of your financial
Riggers Inc (“Riggers, “client, or “Company”) is audited by Stone LLC CPA firm (“Stone” or “auditor”). The Compa” ” ny builds and owns offshore drilling rigs. Riggers is a US-based corporation that recently expanded its operations into Brazil (the only foreign-based operations for Riggers). As a result of this expansion, the client has encountered two complex issues related to accounting for income taxes. During the 2012 year-end audit, the auditors must use professional judgment with regard to these two income tax accounting issues. The first issue relates to