Utilities Accelerate Their Migration to PowerPlan’s Next-Generation Tax Solution

Published: 2025-01-29 10:31:03 ET ROP

Tax Fixed Assets provides financial clarity and increases tax efficiency for complex organizations

ATLANTA, Jan. 29, 2025 (GLOBE NEWSWIRE) -- In a show of continued industry momentum, PowerPlan today announced it has signed the 20th customer to use its Tax Fixed Assets (TFA) product, the industry-leading cloud solution for tax depreciation and deferred tax processes. Currently in use by some of North America’s largest utilities, TFA enables organizations to manage processes efficiently, unlock insights from data, and confidently forecast tax strategies. This milestone represents a total of $500 billion in fixed assets that are accounted for with TFA, with industry leaders such as Duke Energy, Exelon, Oncor, and American Water choosing the solution for their tax needs.

“TFA reimagines how tax professionals manage their work, with a forward-looking, easy-to-use product that simplifies complicated tax processes,” said Joe Gomes, CEO, PowerPlan. “In a period of uncertainty around corporate tax rate changes, our customers love TFA because it’s easy to forecast and quickly plan for multiple scenarios, helping drive accurate cost recovery.”

With enterprise-grade security and support, backed by the industry’s largest utility-focused team who knows what it takes to securely deliver enterprise cloud software, TFA is designed to meet the evolving needs of today’s utility tax professionals. The next-generation income tax depreciation and deferred tax solution is purpose-built for the demanding reporting requirements that utility and energy companies face in meeting regulatory requirements and business planning. TFA provides a modernized user experience with streamlined workflows, time-saving data validations, and curated insights to surface vital information quickly.

When organizations choose to migrate to TFA from PowerTax, PowerPlan’s legacy on-premises tax solution, the project is completed in just 6-12 weeks. PowerPlan designed the move from PowerTax to be as efficient as possible, with minimal effort from the customer team beyond data validation and system training.

For more information on Tax Fixed Assets, visit www.powerplan.com/tfa.

About PowerPlan

For more than 30 years, PowerPlan has helped utility and energy companies make the right financial decisions to improve lives and power the world. Through our industry-leading expertise, innovative technology, and vast experience listening to and working in tandem with our clients, PowerPlan software sets the standard that CFOs can count on for financial clarity. PowerPlan operates as an independent subsidiary of Roper Technologies (Nasdaq: ROP). For more information, visit www.powerplan.com.