Vistra Energy is an integrated retail and generation company, with a strong balance sheet, positive cash flows and a strategy for growth.
Vistra Energy, formerly Energy Future Holdings (EFH), is a premier Texas-based energy company focused on the competitive energy and power generation markets through operation as one of the largest retailers of electricity in the growing Texas market and the largest generator in Texas. Vistra Energy’s integrated portfolio of competitive businesses consists primarily of TXU Energy and Luminant.
Part of being a successful, analysis-driven culture and maintaining their edge means looking inward for process improvements and cost savings. When Vistra looked at their internally developed property tax system, they found it was creating inefficiencies that increased cost and no longer met their needs. “Our old system was creating a lot of manual work,” says Shannon Carter, Non-Income Tax Manager for Vistra.
The existing system had no capability to import large amounts of data and lacked sufficient reporting functionality. Since the system could not interface with other systems in the business, collaboration between departments was difficult.
According to Shannon, “one of the drivers to move to a web-based system,” was to provide a new, scalable solution to their growing business.
For Vistra, their needs came down to several key requirements.
Having a scalable solution for their growing business was one of the primary drivers to searching for a web-based product, according to Shannon. In Rethink Solutions’ itamlink, they found that, and more.
A critical part of the workflow was ensuring updates to key information are automatically and seamlessly transferred between itamlink and their existing accounting software.
With itamlink, Vistra implemented an automated tax approval workflow and payment processing. Integrating with the Accounts Payable system, itamlink makes processing and mailing of checks e-friendly. Payment data is easily accessible by multiple departments, reducing late payment penalties.
itamlink’s direct import of market value and property assessment data from third-party sources, enables Vistra to reap time and cost-saving benefits. The previous system required months of manual data entry, slowing progress and delaying access to detailed information necessary to run the business and be competitive.
The reporting module and dashboard provide immediate access to all tax and expense data, assessment and values, appeals and tax savings, budgets, variances and accruals. Critical data becomes business intelligence with the itamlink easy-to-understand, comprehensive reporting tool.
“Rethink Solutions listened carefully to all our questions and clearly demonstrated how itamlink could be customized to work specifically for us,” says Shannon.
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