Deloitte has confirmed that TPbenchmark reduces time spent on benchmark studies by 67% while improving quality and audit trail
TPbenchmark, reduced the time spent on a benchmark study from 60 hours to only 19 hours. That’s more than the 60% time reduction (claimed by TaxModel) for Deloitte’s transfer pricing teams in Brussels, Antwerp, and Ghent.
Much like having to pick up after your beloved dog every morning, the benchmarking process is a necessary evil within the transfer pricing practice. It’s time-consuming, full of repetitive unstimulating activities, and sometimes, it can get a little messy. The more clients you service with transfer pricing documentation and policies, the more benchmarks you need. On top of this, the transfer pricing compliance for multinationals is ever-increasing, so the amount of studies is steadily growing. This is not efficient or attractive when you look at it from a revenue vs. effort perspective.
What problems did Deloitte have?
The Deloitte team is facing problems all Big 4 audit firms currently experience. They told us that; Despite using shared service centers in low-cost countries, the amount of time spent per benchmark makes it a loss-making activity.
Also, highly skilled staff are performing very basic benchmark studies while they should be used for other purposes. This creates an unattractive workload, which has lead to talented people leaving the company.
That’s when Deloitte Belgium decided to research the market and learned about TaxModel’s promise, “TPbenchmark will save you 60 percent of the time on average, with 100 percent of the reporting needs covered”.
After we received a message to demonstrate TPbenchmark, our journey with Deloitte took off.
How this BIG-4 used TPbenchmark to automate their benchmark process
At TaxModel, we practice what we preach. It’s easy to make a promise in the SAAS market, the difficulty comes with fulfilling it. We urged Deloitte Belgium to collate benchmark studies with data about the time spent per study. This way, we could easily compare the success of TPbenchmark and the adaptation of our tool by the team. We divided our hands-on training into two mornings to ensure a proper onboarding (8 hours).
The first training day
After setting up our presentation to kick-start the first training, we learned about the team, their vision at work, and their views on the flaws of the benchmarking process.
The team was frustrated about:
- Using three different screens when performing a study.
- Screenshotting webpages to build an audit trail.
- Manually search the website for hundreds of companies.
Integrating a SAAS solution like TPbenchmark is change management. Therefore, the team is required to adopt a new mindset and behavior when decision-making. We demonstrated how smart parameters help the user in making data-driven decisions.
The team learned the core functionalities of TPbenchmark and uploaded their Bureau van Dijk search strategy to kick-start their homework assignments for the next training.
Screenshot of our 1st half-day hands-on training
Second training day
Two weeks went by, and we met-up again to demonstrate the remainder of the 9-step approach and to discuss and learn how Deloitte perceived the value of TPbenchmark.
Luckily, we received fan-like feedback from the team. The Deloitte team loved the new approach that TPbenchmark provides. We learned that the scraping functionality of the multi-check and single check are the most significant value drivers. These enabled the team to achieve the 60% time-saving promise.
The team shared desired wants that we, on the spot, co-creatively designed into potential features. Our product owner ensured that the elements would be made available during the trial period.
Besides that, Deloitte confirmed the added value of TPbenchmark, relating to their current process. We learned that they also would love to use the tool for junior onboarding. They foresaw a future in onboarding junior talent by sharing TPbenchmark log-in details that automatically enables the junior to learn how to do a benchmark study, with proper video material.
Screenshot of multi-check functionality that enabled the team to multiple rejects or multiple accepts based on data-driven hits.
After the training, we allowed the three teams from Deloitte a full month trial to fully assess the potential of TPbenchmark.
How a team was able to perform an average benchmark study while saving 67% time
During the one-month trial period, we connected with the leader of the team to discuss progress and feedback.
The new features requested by Deloitte were tested by the team and perceived very well by the organization. Deloitte performed several benchmark studies during the trial period without any struggles.
The Deloitte team, consisting of senior transfer pricing professionals and benchmark experts, loved the multi-check and website crawl functionality. Due to the legacy timesheet data per benchmark study, the team was able to confirm the 67% time saving per average benchmark study to its partners. They advised their partners to integrate TPbenchmark in its Transfer Pricing workstreams.
Besides Deloitte Belgium, we have trained Deloitte teams in Spain, PwC in Singapore, Grant Thornton member firms in Europe, multiple Dentons firms in Europe, and South America as well as various smaller law firms and boutique firms.