In 2005, Nationwide signed on for full use of Taxport Services, Convey’s information reporting solution.
While Nationwide Insurance had been using Convey’s services for three years prior, Nationwide Financial, a company in the Nationwide family, made the decision in 2005 to use Convey and focus on core business practices. Nationwide was confident that the offered expertise, efficiency and ease of use of Convey’s subscription-based services would yield greater compliance and less risk ininformation reporting. 

Third Party Yields Greater Risk
Prior to using Convey’s Taxport Services, Nationwide was using another vendor whose software compliance updates left them open to risk. The system wasn’t getting updated on time. Enhancements were slow to be integrated. Not only that, but certain areas of the company were doing their own processing which created inefficiencies throughout the company.

Between the lack of updates and inconsistency in reporting, Nationwide decided it was time to fully take advantage of the Convey’s services. 

Taxport Services Overview
Data from Nationwide’s 17 feeder systems is consolidated and easily accessed by Nationwide anytime, from anywhere with a secure web login. On behalf of Nationwide, Convey creates transmittals, manages the information returns process and files the required data to the IRS, SSA, state agencies and US territories. Throughout the entire process, Nationwide receives continuous feedback through performance audit reports. Convey also monitors regulatory requirements and updates the system immediately when changes are needed.

Convey’s Solutions Increase Growth and Efficiency
Shannan Morris, Senior Tax Analyst at Nationwide Financial, immediately saw compliance improvements after switching to Convey. “When we went with Convey, we knew there were compliance developments within the system,” Morris said.

“We are pretty careful about being compliant, [and] it went much smoother with Convey. It just seems like things are getting more and more efficient—it seems to be really streamlined.” In addition, Nationwide’s business has continued to grow, and they haven’t needed to add more staff.

“We do have much more control over what is being reported and we are able to balance much more efficiently since using Taxport Services,” Morris said. “I believe being with Convey has allowed my department to take on the additional business without adding employees.” 

Nationwide Consolidates Reporting
Since switching over to Taxport Services, Nationwide has been able to consolidate all departmental reporting into one reporting entity. The improvements in efficiency and uniformity have been huge. According to Morris all Nationwide tax forms look the same and there is increased control over which
departments are sending out forms. When customers call in, they can get to the correct department quicker. Because Nationwide is now in better position to control all filings, they are quicker and more responsive to Penalty Notices.
Further, Nationwide has greater control across departments with this consolidated system, making it easier to balance their remittances with their 1099 tax forms.  Also, because several departments are not all trying to do the same task, the company has freed up resources to focus on core competencies.   

Nationwide Reaches New Benchmarks in Compliance
In 2006, Nationwide’s compliance standards saw a new high. After the initial reporting and processing was complete, the overall decrease in B-Notices and Penalty Notices was more than a third.