Dealing With the Rapid Growth of a Taxpayer.

This is the fifth installment of our Tax Technology Corner. As a corporate tax professional, you know how important technology is and how it's evolving at warp speed. With new regulatory and compliance initiatives in the federal, state, and international areas, landmark tax reform legislation, and globalization of tax monitoring and enforcement, keeping up with tax technology is not a luxury--it's a necessity. Each installment of this column will pair a taxpayer with a service provider. Together, in Q&A format, they'll tell a story about how they have worked together to solve a specific tax problem, implement a better solution, cut costs, or improve productivity. In this installment, Justin Gilmartin, JD, director of tax services at The Colony Group, and Mike Sabbatis, CEO of XCM Solutions, discuss how they dealt with the rapid growth of The Colony Group. Michael Levin-Epstein, senior editor of Tax Executive, moderated the discussion.

Michael Levin-Epstein: Please describe your companies.

Justin Gilmartin: The Colony Group is a nationally recognized fee-only wealth management firm. We manage approximately $10 billion in assets for our clients. We have fifteen offices in eight states serving executives, entrepreneurs, professionals, athletes, entertainers, family office clients, institutions, and nonprofit organizations. We have a deep expertise that goes beyond just investment management; it can encompass tax, estate, retirement and philanthropic planning, asset allocation, and cash and risk management, as well as life-enrichment solutions.

Mike Sabbatis: XCM is a business process, workflow, and resource management platform that improves process efficiency, increases capacity, and drives productivity in businesses and professional service firms. We focus on four key areas--visibility, flexibility, controls, and accountability--that enable increased productivity in your people and processes in any business. XCM also provides realtime actionable data and insights of key performance indicators to measure against the prior year [and] forecast future resource needs and actions and tracks these indicators to optimally manage a tax function.

Levin-Epstein: Justin, what issues did you want solved by a technology company like XCM?

Gilmartin: Our biggest challenge, and it's a good problem to have, is that we have been growing so quickly. We now prepare nearly two thousand tax returns. We've grown past the point where all of our tax workflow could be...

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