Our five-part direct tax blog series will offer insights from our experts on how to improve each key area of your direct tax process— from data preparation to reflection and analysis. If you haven’t already, check out Part 1, Part 2 and Part 3 in our series.
Dealing with estimated payments across multiple jurisdictions is one of the biggest challenges many of you face in tax departments today. Typically you deal with a time-consuming and stressful process wrought with manual inputs as you search for tax law updates and face unforgiving deadlines. Tax technology allows you to automate this process while increasing transparency and enhancing reporting.
AUTOMATE THE ESTIMATED PAYMENT PROCESS
When it comes to estimating payments, you need an automated software solution that uses your existing data from your compliance and provision software to calculate your current payments. With tax technology, you can quickly calculate federal and state income tax payments with very little manual intervention, which includes the latest tax law changes. Full reports document your estimated payment calculations.
Tax technology allows for data changes to process quickly and accurately. With the ability to have different datasets, run scenarios and see results in real time, you know the exact impacts of the entries you’re making—from the actual tax provision, to the effective tax rates, to the journal entries—all within a few minutes.
REPORT WITH ACCURACY AND EASE
Often, tax results must be reported in multiple formats to satisfy the different ways that information is expected to be utilized. With tax technology, reports can accommodate the wide range of requests you receive around your provision for income taxes. Whether it is an internal or external auditor or management, various capabilities to group, combine, expand and contract the information—as well as the option to save these choices for later— allows you to deliver data to all stakeholders with a click of a button.
Now you know how you can automate the estimated payments process, increase transparency, utilize configurable journal entries, and take advantage of extensive review and formatting options. Check back soon—we’ll be discussing how to fortify your data analysis, enabling you to make stronger business decisions and effectively plan for the future!
Want to learn more about how ONESOURCE accounts for every step of the direct tax life cycle? Visit http://tax.thomsonreuters.com/onesource/direct-tax.