As President-elect Trump prepares to return to the White House alongside a Republican-led Congress, investor-owned utilities (IOUs) are looking at a landscape ripe for transformation. From extensions of his 2017 tax cuts and potential new tariffs to increased focus on energy production, major policy changes that directly impact the utility sector are likely on the horizon. To stay resilient in this evolving environment, IOUs need to act now.
Read MoreIn an era where software powers almost every facet of modern life it can be easy to overlook the critical importance of user interface (UI) design. While sleek interfaces and easy navigation are often touted as the highlights of good design, poor UI can have far-reaching, sometimes disastrous consequences. Lucasys software is built to prevent these risks, offering clear, efficient, and error-proof interfaces. Below, we examine several real-world cases where inadequate UI design led to serious consequences and explain how Lucasys avoids similar pitfalls.
Read MoreOver the course of my career, I’ve had the privilege of working with over 100 enterprise clients in the utility and energy sectors, implementing tax technology systems ranging from business process automation to fixed asset cost recovery and deferred taxes to tax provision solutions. At Lucasys, our goal is to empower the modern finance organization to become industry leaders in the use of tax technology, increasing efficiencies and reducing risk in tax compliance, accounting, forecasting, and regulatory processes. Lucasys provides a suite of integrated tax applications to meet the growing complexities and challenges of today’s business and regulatory climates.
Read MoreAs utility companies face increasing pressures from regulatory demands, shifting energy landscapes, and evolving customer expectations, the importance of digital transformation has never been greater. The intersection of finance and technology is opening new avenues for operational efficiency, data-driven decision-making, and streamlined business processes. For utilities, which operate in complex, highly regulated environments, this presents a unique opportunity to lead the way in digital transformation while securing long-term growth and sustainability.
Read MoreWEC Energy Group has chosen Lucasys Tax to augment its existing tax fixed asset and deferred income tax solution to support Wisconsin regulatory reporting processes and mitigate data integration challenges. This partnership will mitigate risks associated with the retirement of the PowerTax solution and ensure the seamless continuation of critical tax accounting and compliance processes.
Read MoreI’m reading a book, Strategy That Works by Paul Leinwand and Cesare R. Mainardi ], because, of course, that’s what you do when you are semi-retired. As I read, I reflected on how strategy at most utility companies is directed at becoming more efficient and more effective operationally while finding a way to otherwise reduce costs to offset continuing customer rate pressure. The tax department’s role today generally has 2 components both related to cost savings: (1) deliver tax savings that lower tax expense for the company or tax costs recoverable in rates, and (2) deliver costs savings from operating more efficiently.
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