Case Study: TVA improves asset and tax accounting with PowerPlan

TVA cuts order close time by 60 days with PowerPlan

TVA, a large United States utility, faced significant challenges in its construction, asset, and tax accounting processes. The company relied on over 200 manually maintained spreadsheets, which introduced high levels of risk, complexity, and inefficiency into its capital accounting operations. To address these issues and prepare for evolving regulatory standards like IFRS, TVA selected PowerPlan's suite of solutions to replace its error-prone, customized legacy processes.

By implementing PowerPlan's software, TVA automated key accounting workflows, eliminating the need for spreadsheets and manual data entry. This solution provided an immediate return on investment of $2.5 million and saves an additional $500,000 annually. The utility also achieved greater efficiency, closing orders up to 60 days faster, significantly reducing accounting risk, and redeploying resources to more critical analytical work. PowerPlan enabled TVA to take more aggressive tax positions and ensured the company is prepared for complex IFRS requirements.

TVA