Retailer leverages data visualizations to streamline processes
2 weeks
Time saved on data aggregation and consolidation
At a glance
Client
Sports apparel retailer
Industry
Retail
Our role
Clear up data file errors
Our solution
Automate sales tax compliance
Sports apparel retailer needed to fix data mismatches
Scenario
Data aggregation time consuming to M&A activity.
Approach
Automated indirect tax data aggregation and upskilled staff data accuracy.
Result
Two weeks saved on data aggregation and consolidation
Scenario
Sports retailer needed sales tax compliance
Grant Thornton was initially engaged to perform sales tax compliance for a multi-billion-dollar online retailer of sports apparel. The monthly source data files provided by the client for the engagement were fragmented, non-structured and in need of cleansing. Mismatches in the city, state and ZIP Code entries resulted in a number of transactions being rejected from the tax return prep software, causing additional time incurred related to the compliance process. Furthermore, the tax engine being utilized by the retailer was generating many inaccurate tax calls, resulting in incorrect sales tax collections. The incorrect sales tax calculations were causing large audit assessments throughout many states, resulting in large expenses being taken on the P&L.
Approach
Consolidating data files helps recalculate sales taxes
Our team initially worked to consolidate the source data files and built a tool to merge the formatting so only two source data files would be needed to prepare the returns. Through the use of DOMO, a business intelligence and data visualization tool, Grant Thornton developed an application to cleanse the data and recalculate sales taxes for upwards of 15 million lines of data each month.
Result
Monthly compliance decreased 60%
Robust DOMO visualizations allowed the retailer to decrease the retailer’s hours spent on the monthly compliance process by 60%. The retailer was now able to fully reconcile the sales tax payments to the general ledger, something that wasn’t previously possible.
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This Grant Thornton Advisors LLC content provides information and comments on current issues and developments. It is not a comprehensive analysis of the subject matter covered. It is not, and should not be construed as, accounting, legal, tax, or professional advice provided by Grant Thornton Advisors LLC. All relevant facts and circumstances, including the pertinent authoritative literature, need to be considered to arrive at conclusions that comply with matters addressed in this content.
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