Our goal at Liquid Engines is to deliver value to our customers as quickly as possible. With our Compliance Insight service–phase two of our standard implementation process–our customers start to see value immediately following the Project Kickoff.

Constant Changes Wreak Havoc on Tax Compliance Processes

Accuracy, visibility, and efficiency are critical in tax today. Unfortunately, even with the most diligent attention to detail, constant organizational changes along with an ever-changing legislative environment wreak havoc on the already complex compliance process. Consequently, these tax impacts, combined with the demands of the compliance process can lead to improperly filed returns, inconsistent filings, ineffective use of credits, inconsistent use of data, and loss of valuable time. The problem is further exacerbated because errors from one year’s filings can create a multiplier effect that compounds from year to year. This oftentimes chaotic process not only leads to unwanted surprises, risk, and exposure items, but also buries refund opportunities and puts a drag on department resources to keep up. In addition, not having an accurate, reconciled database of tax information makes it virtually impossible to accurately model and forecast tax impact as changes occur over time.

Compliance Insight Delivers Visibility, Confidence, and Control

To address this challenge, Liquid Engines software is implemented through a process called Compliance Insight. With Compliance Insight, we apply the power of our software technology to deliver an independent, highly automated review of tax returns to ensure consistency of tax rules, filing positions, and the processes surrounding the data used for compliance–across all entities and jurisdictions. Through this highly automated process, Liquid Engines software creates a solid foundation of standardized, fully reconciled multi-state, multi-year tax data against which accurate modeling and scenarios can then be run.

Liquid Engines’ Compliance Insight delivers visibility, control, and confidence in the underlying tax data that is used for real-time analysis and forecasting, driving business value in three key ways:

• Reduces risk by surfacing exposure items that can occur from failure to file a return, using only prior-year information, not including modifications, and so on.
• Uncovers tax savings opportunities that go undiscovered because of small data errors, incorrect entity classifications, and so on.
• Increases efficiencies by streamlining data processes and eliminating redundancies.