WTP Advisors Launches New Tax Service Line

WHITE PLAINS, N.Y., Sept. 13 /PRNewswire/ -- In a novel move that weds business operations with tax functions, WTP Advisors, a global tax and business advisory consultancy, has launched a new service line called "Optimized Tax Operations" (OTO) which will help organizations add to the bottom line by improving the way they do taxes.

"One of the greatest opportunities for process improvement is in the tax arena," says Yair Holtzman, Director at WTP Advisors, who pioneered the concept of Optimized Tax Operations. "Tax departments that do a better job aligning and integrating their processes and technology can spend less time on data processing and more time on tax analyses that can actually drive revenue."

The Optimized Tax Operations (OTO) program at WTP Advisors shows businesses how to unveil unprecedented value from their tax functions by combining operations management and operations research, process optimization, and technological expertise with federal, state and  local, and international tax consulting service offerings.

"This new offering distinguishes WTP Advisors from our competitors because few other consultancies join two discrete areas – business advisory and tax services – into one offering that combines the best of both worlds," explains Michael Minihan, Partner and Co-Founder of WTP Advisors.  "Many firms have both service offerings, but none have been able to successfully integrate them."  

Organizations employ a number of formulas to improve their business operations and get the best value for the money.  While many businesses will invest in business advisory services to help them improve certain operations (like supply chains), few apply the same type of rigorous analysis to their tax departments.  

"The tax department rarely has been charged with looking inside itself with regard to the efficiency and effectiveness of its internal operations; yet in any organization, tax can turn out to be an untapped area of extraordinary value," says Holtzman.

The tide is changing, he believes, because today's corporate tax function faces substantial challenges, including lower risk tolerance, a shortage of tax talent, higher expectations for transparency, more stringent regulations, and a demand for the tax function to play a more central role within its respective enterprise.

For many companies, the inability to meet these challenges has resulted in internal control deficiencies, challenges in external reporting, financial restatements, and in some cases a general lack of confidence in their internal tax function. To fix some of these broken processes, organizations are taking a fresh look at their operating strategies and seeking innovative solutions to transform their tax operations to meet and exceed the expectations of their stakeholders.

"Based on conversations I have had with senior leadership in the tax departments of many of the  Fortune 500 over the past few years, there is a significant interest and focus on improving upon processes within the tax function," says Holtzman. "An organization that boosts performance in its tax department can reduce the cost and time it takes to perform the requisite tax function, as well as improve quality, improve year-end metrics, and reduce risks."

For example, on the technology side, manual processes are taking place where there is a huge opportunity for automation. One department's system may not be linked to another's, so helping all facilities within an organization align with the same tax-connected system eliminates redundancies, reduces human error and speeds up the process and makes for a better tax deliverable.

"Organizations are continually reminded of the need to understand and improve their business processes. Governments demand it. Certification Agencies demand it. Auditors demand it. Competition demands it," says Holtzman.

WTP Advisors is a leader in tax and business advisory services for a global marketplace. Our highly skilled professionals equipped with years of industry experience, coupled with our cutting-edge technologies, make substantive and long-term differences to an organization's profitability. WTP Advisors is headquartered in White Plains, New York, with offices across North America, Asia and Europe.

SOURCE WTP Advisors