Lucasys Completes Two Phases in AEP’s Tax Technology Transformation, Building on Past Successes with Lucasys-led Solutions
Lucasys has successfully completed Phases 1 and 2 of American Electric Power’s (AEP) ongoing tax technology transformation initiative in partnership with Lucasys, a leading software and consulting firm specializing in the utility sector. These milestones mark significant progress in AEP’s journey toward modernizing and optimizing their tax function to manage the complexities of their dynamic operations.
Phase 1: State Deferred Income Tax Automation
In Phase 1, Lucasys focused on the automation of the state deferred income tax calculation across AEP’s diverse service territories. This configuration ensured that AEP’s tax calculations are automated, accurate, compliant, and aligned with the specific requirements of each state in which they operate. The successful completion of this phase provided AEP with a solid foundation for addressing the unique tax challenges that arise from operating in multiple jurisdictions
Phase 2: Continued Implementation of Best Practices and Automation
Building on the success of Phase 1, Phase 2 involved the continued implementation of best practices aimed at configuring data structures in AEP’s existing software to assist with future automation and system usability. Lucasys worked closely with AEP’s tax and IT departments to ensure all new data structures aligned with the company’s accounting framework. This meticulous approach to data management has helped streamline the tax function, making it more efficient and easier to manage.
" Completing the first two phases is a testament to the collaborative effort between AEP and Lucasys. We’re proud to have delivered solutions that enhance AEP’s tax operations, positioning them for continued success in an increasingly complex regulatory environment."
-Jarrett Skov, Director of Professional Services at Lucasys
With Phases 1 and 2 now complete, AEP’s tax department is well-prepared to handle the demands of their growing operations. The solutions provided by Lucasys have not only addressed immediate tax-related challenges but have also set the stage for future advancements, enabling AEP to effectively leverage their data and embrace the next wave of digital transformation.
How Lucasys Can Help
Lucasys delivers software and technology-enabled services to empower finance, accounting, and tax professionals in asset-intensive industries to optimize the financial performance of their fixed assets and proactively meet changing regulatory and compliance requirements. With a core focus on rate-regulated utilities, Lucasys provides the industry and domain expertise utilities require to meet their business objectives. To learn more about Lucasys, visit https://www.lucasys.com or follow us on LinkedIn.