How On gained full global tax oversight and streamlined filing processes with Loctax
“In the last four years, our compliance obligations have doubled. Loctax made it easy for us to stay on top of everything by centralizing all our tax data and giving us full visibility into our global obligations.”
Summary
As On prepared for their IPO and expanded rapidly into new markets, the company faced the challenge of managing an overwhelming increase in tax compliance obligations. The reliance on spreadsheets and manual processes was unsustainable, and the tax team needed a centralized solution that would provide real-time visibility and automated workflows to handle the complexity of their global operations.
The Challenge. Managing Hyper-Growth and Complex Compliance
In the four years leading up to its IPO, On saw its tax compliance obligations double, creating significant challenges for the tax team. As On expanded into new jurisdictions, they faced the complexities of multiple tax filings, deadlines, and regulations.
Relying on Excel spreadsheets and manual processes, the tax team struggled to keep up with these growing demands, and the system in place was no longer suitable for a company about to go public. On needed a scalable solution that would provide transparency, efficiency, and full control over its global tax obligations.
The Solution. Loctax Centralizes Compliance and Streamlines Processes
Loctax became the centralized platform On needed to manage their increasing tax complexity. The platform allowed On’s tax team to centralize all their tax obligations, automate key processes, and maintain real-time visibility across jurisdictions.
Centralized Tax Data & Compliance Monitoring
Loctax’s Tax Data Repository allowed On’s tax team to store and access all relevant tax documents, filings, and deadlines in one place. This eliminated the need for fragmented systems and manual document tracking, providing version control and easy access to crucial tax data.
“With Loctax’s Tax Data Repository, everything is in one place—filings, deadlines, and documents. It’s two clicks to find the correct information.”
The Loctax platform’s Compliance Monitoring feature offers a global view of On’s tax obligations through a real-time world map, allowing the team to track filings and deadlines across multiple jurisdictions effortlessly.
“What I really like about Loctax is the world map overview. I can immediately see what’s going on with our global compliance.”
Process Automation with Workflows
Loctax’s Workflows automated On’s tax compliance processes, ensuring consistent and repeatable procedures across all jurisdictions. This automation was critical in preparing for SOX compliance as On approached its IPO, allowing the tax team to manage deadlines and filings with ease.
“Loctax Workflows made it easy to adjust tax deadlines and automate the filing processes. We no longer had to manually track every step.”
The Result. Efficiency, Transparency, and Reduced Email Traffic
Since adopting Loctax, On’s tax team has achieved significant gains in efficiency, transparency, and the ability to scale operations globally.
- 50% Reduction in Email Exchanges: Loctax’s centralized platform reduced back-and-forth emails with external advisors by 50%, consolidating communications within the platform.
“We cut our email exchanges with external advisors by 50%. Loctax helped us manage communications directly within the platform, saving a lot of back-and-forth.”
- Real-Time Global Compliance: Loctax’s Compliance Monitoring feature provided On’s tax team with a real-time view of all tax obligations across jurisdictions, ensuring that no deadlines were missed and that the team had full control over their compliance processes.
- Scalability for Future Growth: As On continues to expand into new markets, Loctax allows the tax team to scale efficiently, without the need for a proportional increase in headcount. By automating workflows and centralizing data, On’s tax team can handle increasing complexity with ease.
“We’re expanding fast, but we can’t grow the tax team at the same rate. Loctax allows us to scale our processes without increasing headcount, which is key as we continue to grow.”
Conclusion. Loctax Empowers On’s Tax Team for Global Compliance
Loctax has transformed On’s tax operations by providing a centralized platform to manage their global tax obligations, automate workflows, and improve visibility across jurisdictions. With Loctax, On’s tax team is better equipped to handle the complexities of their growing global operations and meet the stringent requirements of a publicly listed company.