Simplify tax basis balance sheets (TBBS) generation and support
Our solution alleviates the complexity of utility customers’ federal and state tax basis balance sheet requirements by streamlining tax item maintenance and account mapping, ensuring effortless generation and clear support of tax basis balance sheets. Integrated with SAP S/4HANA Finance for Utilities, it reduces manual effort, enhances accuracy, and provides transparent, compliant reporting tailored to your needs.
By Lucasys Inc
Benefits
Ensure accuracy and simplify multi-jurisdictional compliance
Track tax basis values accurately and in real time, maintain compliance across jurisdictions, and provides clear audit trails—empowering utilities with precise financial insights and streamlined reporting.
Simplify maintenance of tax items and account mappings
Our solution streamlines the management of tax items and account mappings through intuitive, user-friendly tools, enabling easy updates, ensuring consistency across financial systems, and reducing manual errors to help utilities stay compliant and maintain timing difference accuracy with confidence.
Eliminate data silos and ensure data continuity
Integrates with any tax provision, tax compliance, and general ledger system, ensuring smooth data flow and consistency. This flexibility enhances accuracy, streamlines reporting, and eliminates stranded information—empowering utilities to manage tax processes efficiently across their entire financial ecosystem.
Support ASC 740 and ASC 980 requirements
Our platform empowers rate-regulated utilities with accurate tax provision calculations, including deferred tax assets and liabilities, ensuring seamless compliance with ASC 740 and ASC 980 standards. By leveraging automated workflows and real-time data, it eliminates manual complexity, enhances financial accuracy, and accelerates regulatory reporting, enabling your business to focus on strategic growth with confidence.
Features
Supports property, plant, and equipment with robust controls
Our solution provides robust supporting controls for property, plant, and equipment (PP&E), enabling utilities to efficiently manage the reconciliation of property-related timing differences for both in-service assets and construction work in progress.
Facilitate audit requirements and internal control objectives
With built-in controls and documentation, the platform ensures compliance with audit standards, streamlines reporting, and supports internal controls, making it easier for organizations to meet regulatory and financial oversight demands.
Maintain tax regulatory assets and liabilities
Efficiently maintain tax regulatory assets and liabilities by automating the tracking and management of these complex accounts. Our solution ensures compliance with regulatory requirements while providing accurate and up-to-date data for financial reporting.
Plans and pricing
Enterprise Edition
Deliverables: functional solution design
Kickoff: develop process flow
Data Files: collect all data files
Design: property, jurisdiction, rates, provision query, property mods, and reg asset and liability
- Minimum contract 1 year
Deliverables: functional solution design
Kickoff: develop process flow
Data Files: collect all data files
Design: property, jurisdiction, rates, provision query, property mods, and reg asset and liability
