Almatis
Transforming Tax Management: A Success Story at Almatis
For this article, we had the pleasure of interviewing Evelien de Kruijff, Global Tax Manager, at Almatis. Evelien plays a pivotal role in navigating the complex world of taxation. For the past eight years, she has been the sole guardian of Almatis' tax affairs, overseeing everything from transfer pricing to tax positions across the globe. With Almatis operating internationally across various time zones, Evelien's role is as diverse as it is demanding.
Why Almatis Choose OneStream
Before implementing OneStream, Almatis relied heavily on manual processes, primarily using Excel as their main tool. Evelien recalls their challenges, particularly with tasks like currency conversion and tracking the expiration years of losses carried forward for each entity, which were both time-consuming and prone to errors. The transition to the OneStream Tax Management Tool has revolutionized their approach, offering a centralized platform that ensures accuracy and efficiency in their tax processes.
So, why did Almatis choose OneStream? In 2020, facing the imminent discontinuation of their previous consolidation system, Almatis embarked on a quest for a suitable replacement. After evaluating multiple options, OneStream emerged as the preferred choice due to its integrated platform, offering a single source of truth—a crucial factor for a company like Almatis with diverse operations.
Prior to the transfer of Tax Management to OneStream with the help of Taxvibes and AIQOS, Almatis had already implemented the Consolidation and Planning modules.
Consolidation Features:
- Automatic calculation of Balance Sheet, Profit & Loss and Cash Flow, by entity & consolidated, in local currency and reporting currency.
- Automatic preparation of year-end tables for Group IFRS Financial Statements.
- Automatic preparation of standard month-end reporting.
Planning Features:
- Forecast Balance Sheet, Profit & Loss and Cash Flow, by entity & consolidated.
- 5-year plan (besides monthly rolling forecast & yearly budget).
- Planning by key value drivers: Volume, Sales Price, Raw Material index, FX rate, Inflation.
- Make a sensitivity analysis.
- Easily compare versions.
The Benefits of OneStream Tax Management
The benefits of the OneStream Tax Management Tool became evident almost immediately. Evelien vividly remembers the days when auditors and plant controllers spent endless hours scrutinizing manual records. “With OneStream, those days are long gone. Now, tasks that used to require extensive explanations are streamlined, thanks to clear instructions and automated processes.”
Since implementing OneStream, Almatis has witnessed significant improvements in its tax management processes. “Updating the monthly reports in a couple of minutes has become the norm, replacing the time-consuming manual routine we previously followed. Thanks to the OneStream refresh button within Excel, all detailed quarterly tax reports are finished within one hour instead of two working days.” With the ability to generate accurate reports and dashboards promptly and easily, Almatis now has its compliance work in control and can focus on what really matters: analyzing their tax positions, enabling better forecasting and decision-making.
“With OneStream, those days are long gone. Now, tasks that used to require extensive explanations are streamlined, thanks to clear instructions and automated processes.”
Previously, Foreign Exchange (FX) rates for Profit & Loss accounts and timing differences were converted against one annual average rate, leading to substantial variances at year-end, necessitating clarifications to the auditors. Now, OneStream IFRS consolidation, with its monthly FX rates, forms the basis for the Tax Management solution and Almatis is enhancing the precision of the data. Last but not least, the track & trace option with its green tick marks is reliable for Almatis and is a need for internal and auditors’ purposes. It shows when a monthly tax pack is completed and reviewed and by whom.
The transition hasn't been without challenges, particularly in customizing the system to suit Almatis' specific tax requirements. However, with dedication and perseverance, Evelien and her team have overcome these obstacles, leveraging OneStream’s flexibility to tailor solutions to their needs. The rollout of entering the tax data by the plant locations itself was started in China and Brazil. Handbook instructions were written and instruction videos were recorded to support the transition. Fortunately, that expectation also became a reality and helped all other entities connect without any problems. “Within three months plant controllers were able to enter and complete their own OneStream tax package within 5 to 15 minutes.”
The impact of OneStream Tax Management Tool extends beyond just efficiency gains. Evelien emphasizes the newfound flexibility in handling different time zones, a crucial aspect for a global company like Almatis. “With OneStream, tasks that once seemed daunting are now manageable, empowering Almatis to meet deadlines and generating management data with ease.”
Future Steps in Tax Management
Looking ahead, Evelien is excited about the possibilities that OneStream offers. With plans to integrate dashboards for quick access to information and further customization to address specific tax needs, Almatis is poised for continued success in tax management. Effectively 1 January 2024, a global minimum tax is delivered to our doorstep by the OECD, mostly known as “Pillar Two/ Global Minimum Tax”. The new regulations also apply to Almatis, and Evelien is working hard to delve into the matter so that her department can deliver this mandatory report efficiently and on time.
In conclusion, the journey from manual processes to streamlined tax management with OneStream has been transformative for Almatis. With improved accuracy, efficiency, and flexibility, Almatis is well-positioned to navigate the complexities of taxation in today's global landscape.
About Almatis
With more than 100 years of alumina expertise, Almatis is one of the world leaders in the development, manufacture, and supply of premium alumina and alumina-based products.
As a world leading supplier of specialty alumina solutions, Almatis serves its customers with around 1.000 employees from 14 strategically located sales, research and manufacturing sites. Almatis offers a comprehensive alumina product portfolio, including tabular aluminas, calcined and reactive aluminas, polishing aluminas, calcium aluminate cement, brown sintered alumina, alumina- and magnesia-rich spinels, and others.
Across their core markets—refractories, ceramics, and polishing – their products are used in a wide variety of industries including iron and steel, non-ferrous metals, technical ceramics, automotive, semiconductor, electronics, glass, building chemistry, and polishing.
Since September 2015, Almatis has been an OYAK Group Company, the first and largest private pension fund in Turkey.
More information?
Would you like to know more about optimizing the Tax Management process for your organization?
Please contact Roy Piek at roy.piek@aiqos.io
