Mis Project Final

Only available on StudyMode
  • Download(s) : 75
  • Published : November 9, 2012
Open Document
Text Preview
MIS 535 PROJECT PROPOSAL
STAGE: INITIATION
AUTHOR
DATE: September 19, 2012
TWOINONE SALE & USE TAX
Table of Content
Brief Overview of Company 3
Problem to Be Resolved4
Proposed Enterprise Technology 4
Implementation / Timeline 6
Operations Management 7
Risks 8
Benefits 9
How to Measure Success 10
Bibliography11
A.) Brief Overview of the Company or Enterprise
Twoinone Stores, Inc. was founded in 2001 by CEO Billy Yates and it’s based in Dallas Texas Twoinone Stores Inc. operates as a specialty retailer of fine jewelry; they manufacture and import diamonds, gemstones, and gold jewelry mostly from Southern Africa (SADC Countries) and some from South America. The company also offers platinum, silver, titanium, tungsten, cubic zirconium, and pearls. The company operates 200 stores in more than 40 states, and they employ between 500 – 1000 employees. Below is the organization hierarchical:

Revenues and expenses are expected to increase on average by 4% and 3%. Below is the estimated profit for the next four years. B.) Problem to be resolved
Currently we have two full-time accountants that process the sales & use tax returns manually for 43 states and 33 jurisdictions. The problem with a manually system is that its more prone to errors, possibility of more frequent tax audits with a wider scope, filing cabinets full of paper returns and dozens of spreadsheets to get the data needed, and manual process increases the time needed to complete filing. The accountants spend 90% of their time researching the latest tax laws and rates, filing returns, cutting checks and setting up wire payments. To cut cost and move from a manual processing system for reporting sales & use taxes I propose we invest in Twoinone Tax solution by Billy Yates. C.) Describe Proposed Enterprise Technology

Twoinone is a breakthrough tax product platform provided by the Tax & Accounting business of Chings Solutions. It enables tax departments of all sizes to better manage compliance and risk. Twoinone delivers easy access to data, better control of compliance processes, and consistent, streamlined tax practices. The design of our solutions and services are a result of Thomson Reuters global vision. A vision that integrates worldwide corporate tax compliance, combined with the strength of local and international expertise. Twoinone Indirect Tax can accept all tax decision, reporting and filing-relevant data sent from sales or purchasing applications so that tax and finance professionals can accurately determine, calculate and record sales and use taxes. OneSource Sales & Use Tax solution provides up-to-date forms, rates and reports for every state and local jurisdiction. This system stores historical and current sales and used tax information that can be used to conduct tax analyses produce audit data and customize report. This tax solution can automate the sales and use tax return preparation to produce timely and accurate returns. Twoinone sales & use tax product is available in both outsourcing and software solution. It also offers tax rules and algorithms for over 13,000 jurisdictions and a wide range of reporting capabilities, which enable tax professionals to create a documented view of your tax system, policies, and processes - a critical requirement for ensuring compliance. This specific technology was chosen because the software solution is more appropriate for our needs and it’s much cheaper than outsourcing. Our sales data will be exported into their compliance system which then aid in the preparation and filing of the returns. The signing of the return, cutting of the checks and wires will be done in house. OneSource will be used to file the returns and produce signature ready forms. Hardware & Software

Workstation Minimum Needed Recommended |
Operating System | Microsoft Windows XP Professional (SP2 or SP3) | Microsoft Windows...
tracking img