ATLANTA, March 30, 2023 (GLOBE NEWSWIRE) -- Lucasys, the leading provider of tax technology and services for rate-regulated companies, announces the release of its Deferred Tax software solution. Lucasys Deferred Tax is flexible software that can be tailored to meet the specific needs and requirements of each utility. New innovations result in greater efficiency, accuracy, and cost savings compared to using more generic or outdated deferred tax software systems and processes. Lucasys Deferred Tax has revolutionized the tracking of excess deferred income taxes by giving users the ability to view and manage excess deferred taxes separately for each rate change event. Additionally, automatic tracking of protected vs. unprotected temporary differences and accumulated deferred incomes taxes allows utilities to communicate more effectively with regulators and other stakeholders.
Until recently, the utility industry has been forced to lower expectations when it comes to deferred tax solutions and increasingly rely on manual workarounds or expensive consulting services. While legacy software companies provide underperforming tools, the requirements of utilities continue to grow more complex. The work that should be done by the software is simply offloaded onto the utility, creating additional work and resource-requirements that add to timelines and budget restrictions. Lucasys was founded to correct the shortcomings that utilities have become accustomed to and has developed the technology solutions to change the way they do business.
“Decades of experience in the industry gives us insight into the challenges that utilities face, and we’re here to provide a practical solution.” - Vadim Lantukh, Co-Founder and CEO
Rate-regulated utilities have previously settled for outdated software due to limited options in the market, but Lucasys Deferred Tax is now available to help them streamline and automate their processes for compliance, accounting, budgeting, and forecasting more efficiently than ever. Lucasys has long-standing relationships with utilities of all sizes and recognizes that utilities seek deep industry and tax expertise of their technology vendors. With the most esteemed real-time support in the profession, Lucasys solution experts are trusted partners and provide responsive support and collaboration for all solutions in the Lucasys software suite.
Whether utilities are exploring new software or trying to get the most value out of existing software, Lucasys can provide solutions for the latest tax issues of the utility industry. To learn more about Lucasys Deferred Tax, visit https://www.lucasys.com/deferred-tax-solutions, or to schedule a demo, visit https://www.lucasys.com/demo.
About Lucasys:
Lucasys delivers software 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.
