How Buckeye Automated Tax Compliance

The challenge

As one of the largest independent liquid petroleum products pipeline and terminal/storage operators, Buckeye Partners, L.P. understands the value of finding efficiencies in every aspect of its operation.

With over 6,000 miles of pipeline and more than 120 terminals, Buckeye is able to deliver superior services to its customers in major markets throughout the United States and the Caribbean.

The vast amount of data generated from both the pipeline and terminal systems makes it essential that Buckeye has a software solution to efficiently and effectively merge the transactions to meet customer and statutory requirements.

The solution

In order to better serve their customers, Buckeye selected our software to automate and simplify the reconciliation of their pipeline receipts and disbursements with their terminal receipts and disbursements. Buckeye is also leveraging our excise tax compliance software for statutory reporting.

Developed with the goal of improving efficiency, our reconciliation tools are flexible and configurable to your data. Usability is also a key focus, allowing tax department members to use and maintain the system without the need for IT knowledge and experience. With the reconciliation and compliance data in one system, all reconciliation work directly feeds the compliance workflows for more efficient processing.

The results

Buckeye can import data in multiple formats into the software, which lets them use all necessary transactions, in their chosen formats, within the reconciliation process.

User-friendly functionality puts control of the process into the hands of Buckeye’s tax team, allowing them to maintain the data and tax rules without relying on IT or vendors.

With both reconciliation and compliance being done in the same system, all data can be shared as needed to improve efficiencies and reduce process complexity.

Automating the matching of receipts and disbursements from their pipeline and terminal systems saves Buckeye’s tax department significant time that was previously spent on a tedious manual matching process.

The improved reconciliation process provides more accurate and timely information to Buckeye’s clients and filing jurisdictions.

Entity and company master data management tools in ComplyIQ allows Buckeye to quickly identify and group entities and companies that have multiple versions of the same company name in the source data.

ComplyIQ by IGEN has allowed Buckeye to:

• Prepare, cleanse and maintain all compliance transaction data from multiple sources in one location
• Reduce dependence on IT and vendors by using IGEN’s user-friendly tools
• Save time by using IGEN to automate a complex, multi-system reconciliation process
• Automate entity and company master data management