PowerPlan announces its 20th Tax Fixed Assets customer, managing $500 billion in fixed assets for major utility companies.
Quiver AI Summary
PowerPlan has announced the acquisition of its 20th customer for its Tax Fixed Assets (TFA) product, a leading cloud solution for managing tax depreciation and deferred tax processes in the utility sector. This milestone signifies the management of $500 billion in fixed assets by major utility companies such as Duke Energy and Exelon. TFA is designed to streamline tax management, helping professionals forecast strategies efficiently in uncertain tax environments. Joe Gomes, CEO of PowerPlan, highlighted the ease and user-friendliness of TFA in simplifying complex processes. The solution also offers robust security and rapid migration from PowerPlan's legacy system, PowerTax, which can be completed in 6-12 weeks with minimal customer effort. PowerPlan has been a key player in the utility and energy industry for over three decades, focusing on helping organizations make informed financial decisions.
Potential Positives
- PowerPlan signed its 20th customer for the Tax Fixed Assets (TFA) product, showcasing significant industry momentum and adoption of its cloud solution.
- The TFA product is now handling a total of $500 billion in fixed assets, indicating strong market demand and trust in the solution among major utilities.
- Industry leaders such as Duke Energy and Exelon are utilizing TFA, enhancing PowerPlan’s reputation and credibility within the sector.
- The migration process from PowerTax to TFA is efficient, taking only 6-12 weeks, demonstrating PowerPlan’s commitment to customer service and ease of transition.
Potential Negatives
- The press release emphasizes the migration from PowerPlan's legacy solution, PowerTax, which may suggest that the previous product was inadequate or outdated, raising concerns about the company’s software evolution.
- The statement regarding the "uncertainty around corporate tax rate changes" could imply that there are challenges or instability in the regulatory environment which may impact the business and its clientele.
- PowerPlan's explicit mention of needing to simplify complicated tax processes could indicate that the current tax management practices are overly complex or challenging for users, potentially highlighting past shortcomings in service delivery.
FAQ
What is PowerPlan's Tax Fixed Assets (TFA) product?
PowerPlan's TFA is a cloud solution for managing tax depreciation and deferred tax processes for utility companies.
How many customers are using TFA?
TFA has signed its 20th customer, indicating strong industry adoption among North America's largest utilities.
What benefits does TFA provide to tax professionals?
TFA simplifies tax processes, enables easy forecasting, and helps organizations manage tax strategies amidst changing corporate tax rates.
How quickly can organizations migrate to TFA?
Migrations from PowerTax to TFA can be completed in just 6-12 weeks with minimal effort required from the customer team.
Who are some key clients using TFA?
Key clients include Duke Energy, Exelon, Oncor, and American Water, showcasing TFA's use by industry leaders.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
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Full Release
ATLANTA, Jan. 29, 2025 (GLOBE NEWSWIRE) -- In a show of continued industry momentum, PowerPlan today announced it has signed the 20th customer to use its Tax Fixed Assets (TFA) product, the industry-leading cloud solution for tax depreciation and deferred tax processes. Currently in use by some of North America’s largest utilities, TFA enables organizations to manage processes efficiently, unlock insights from data, and confidently forecast tax strategies. This milestone represents a total of $500 billion in fixed assets that are accounted for with TFA, with industry leaders such as Duke Energy, Exelon, Oncor, and American Water choosing the solution for their tax needs.
“TFA reimagines how tax professionals manage their work, with a forward-looking, easy-to-use product that simplifies complicated tax processes,” said Joe Gomes, CEO, PowerPlan. “In a period of uncertainty around corporate tax rate changes, our customers love TFA because it’s easy to forecast and quickly plan for multiple scenarios, helping drive accurate cost recovery.”
With enterprise-grade security and support, backed by the industry’s largest utility-focused team who knows what it takes to securely deliver enterprise cloud software, TFA is designed to meet the evolving needs of today’s utility tax professionals. The next-generation income tax depreciation and deferred tax solution is purpose-built for the demanding reporting requirements that utility and energy companies face in meeting regulatory requirements and business planning. TFA provides a modernized user experience with streamlined workflows, time-saving data validations, and curated insights to surface vital information quickly.
When organizations choose to migrate to TFA from PowerTax, PowerPlan’s legacy on-premises tax solution, the project is completed in just 6-12 weeks. PowerPlan designed the move from PowerTax to be as efficient as possible, with minimal effort from the customer team beyond data validation and system training.
For more information on Tax Fixed Assets, visit www.powerplan.com/tfa .
About PowerPlan
For more than 30 years, PowerPlan has helped utility and energy companies make the right financial decisions to improve lives and power the world. Through our industry-leading expertise, innovative technology, and vast experience listening to and working in tandem with our clients, PowerPlan software sets the standard that CFOs can count on for financial clarity. PowerPlan operates as an independent subsidiary of Roper Technologies (Nasdaq: ROP). For more information, visit www.powerplan.com .