Improving the review turnover time of financial and tax reporting process of Okada Manila

• Main Author: Cotiangco, Evan Christopher Y.
• Format: text
• Language: English
• Published: Animo Repository 2018
• Subjects: Financial statements; Tax accounting; Workflow—Management; Accounting
• Online Access: https://animorepository.dlsu.edu.ph/etd_masteral/6443; https://animorepository.dlsu.edu.ph/context/etd_masteral/article/13511/viewcontent/Improving_Review_Turnover_Time_of_Financial_and_Tax_Reporting_Process2.pdf
• Institution: De La Salle University

The objective of this Integrated Action Research was to address the issues on the delay experienced by the Tax and Financial Compliance Departments related to the review of the Financial and Tax Reporting process of the General Ledger Department of Okada Manila. Specifically, it was to minimize the review turnover time of the various reviewers from an average of seven (7) working days to five (5) working days after month-end to meet the government reportorial requirements. In addition, the collaborator and I wanted to improve its review process to be efficient and avoid unnecessary overtime incurred by both the preparer and reviewer of financial and tax reports. The issue was identified through various one-on-one interviews and group formal and informal meetings using first, second and third person data generation practices. Guided by the Inter-organization collaboration teamwork framework by Blomqvist and Levy (2006), we were able to come up with two (2) Action Research Cycle interventions to address the issue. In addition, we used Lewin's Unfreeze-Change-Refreeze Model to facilitate the implementation of change in the organization. During the implementation of first cycle activities, the collaborators were successful to reduce the review process on financial reporting from average of 7 working days to 5 working days. However, it was deemed necessary to undertake cycle 2 to meet the objective of reducing the overtime incurred by the team in the preparation of tax and financial reports. The implementation cycle 2 activities is currently ongoing but partial assessment of mid-month activities suggests that it expects significantly improve the financial reporting process as the transactions for the first half month were recorded and analyzed already earlier. Apart from improving the current review process, the collaborators also recommend to use the chosen framework in addressing process inefficiencies in every departments of the Company.