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Asciano Turns to CCH to Streamline Tax Accounting and Compliance
 
CCH Tax Integrator automates and consolidates data across multiple entities, central resource improves decision making

Sydney, 20 August 2013 - CCH, a Wolters Kluwer business and global leader in tax, accounting and audit information, software and services for professionals has implemented its web-based solution CCH Tax Integrator into Asciano (ASX: AIO), Australia's leading transport infrastructure and operations company. With the Asciano tax team located in multiple locations, managing 80 entity-based tax calculations including 40 non-trading entities annually, CCH Tax Integrator delivered an online central resource to drive tax reporting and improve decision making company-wide.

An initial reliance on financial spreadsheets and manual collection of data greatly limited Asciano’s tax team when they needed to produce a tailored internal report or consolidated view across multiple entities. Different accounting platforms were in place, historical information was difficult to locate and manual inputs and double handling were commonplace.

Today with the implementation of a fully-integrated, tax effect accounting solution that rolls over and reuses data from tax provision to tax return function has significantly improved the quality and diversity of tax reporting for Asciano.

“The business case for CCH Tax Integrator has proved self-evident,” outlined Anne Richardson, Head of Tax for Asciano. “CCH Tax Integrator proved a professional turning point for the Asciano tax team - changing the way we think on tax reporting.

“CCH Tax Integrator really is the source of all tax truth for us in terms of compliance. It has streamlined our tax compliance processes and made the tax accounting function more responsive to corporate needs. It certainly makes you more accountable,” Ms Richardson said.

Since implementing CCH Tax Integrator, the Asciano tax team has improved the quality of its work. According to Ms Richardson all data is captured and nothing gets lost. “All the data is there to roll forward. Everyone knows where to go to gain the tax reporting information they need. There is no hidden information anywhere.”

Given its success, Asciano plans to further its use of CCH Tax Integrator to load trial balances and fixed asset information automatically allowing them to move to quarterly-based provision calculations.

Managing Director of CCH Corporate Reporting Solutions Peter Boyle said the benefits for the Asciano tax team, its external auditors and other stakeholders in relying on a central system include minimising the time spent gathering, analysing and interpreting tax-sensitive data to meet compliance and reporting demands.

“With CCH Tax Integrator, the Asciano tax  team has the resources to take its tax reporting function to higher levels of professional excellence.”

/Ends

Note to editors - photographs available on request.

For more information, please contact:
Greg Conway
Senior Communications Coordinator, Wolters Kluwer Asia Pacific
T: +61 2 9857 1886 | Mb. +61 (0)408 290 412 | greg.conway@cch.com.au
 
Cathryn van der Walt
12 Worlds on behalf of CCH
T: +61 (0) 402 327 633 | cathryn@12worlds.com
 
About CCH, a Wolters Kluwer business
CCH (www.cch.com.au) is part of Wolters Kluwer, a market-leading global information services company focused on professionals with annual revenues of (2012) €3.6 billion ($4.7 billion) and approximately 19,000 employees worldwide. Please visit our website or follow us on Twitter, LinkedIn or Facebook for more information.
 
Forward-looking Statements
This press release contains forward-looking statements. These statements may be identified by words such as “expect,” “should,” “could,” “shall,” and similar expressions. Wolters Kluwer cautions that such forward-looking statements are qualified by certain risks and uncertainties that could cause actual results and events to differ materially from what is contemplated by the forward-looking statements. Factors which could cause actual results to differ from these forward-looking statements may include, without limitation, general economic conditions; conditions in the markets in which Wolters Kluwer is engaged; behaviour of customers, suppliers, and competitors; technological developments; the implementation and execution of new ICT systems or outsourcing; and legal, tax, and regulatory rules affecting Wolters Kluwer’s businesses, as well as risks related to mergers, acquisitions, and divestments. In addition, financial risks such as currency movements, interest rate fluctuations, liquidity, and credit risks could influence future results. The foregoing list of factors should not be construed as exhaustive. Wolters Kluwer disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
 
 
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