Tracking global tax filing deadlines on a spreadsheet doesn’t work

No matter the size of the organization they serve, tax and accounting professionals are continuously challenged to keep track of changing corporate compliance deadlines and due dates. These deadlines span jurisdictions across the globe, as well as a variety of tax types and business filings, including income tax, VAT, and statutory reporting. This includes deadlines for jurisdictions across the globe, as well as a variety of tax types and business filings including income tax, VAT, and statutory reporting. Couple these evolving dates with the recent complexity of working remotely during a global pandemic and it’s certainly a challenging time for tax departments to keep track of their compliance responsibilities.

For many tax departments, the default choice for managing these important deadlines is a shared spreadsheet. Sure, this is a convenient option, but the potential risk for dealing with a last-minute fire drill or completely missing a deadline is inherent in such a manual process. But what if there was a solution that could mitigate this risk with automated deadline updates and increased visibility across obligations? Now, there is.

Introducing ONESOURCE Calendar

ONESOURCE Calendar transforms the complexity of managing numerous due dates and balancing staff workloads into a simplified process. It pre-populates tax deadlines according to your region and updates tax law changes automatically.

With the ability to track, manage, and organize statutory deadlines, you can reduce risk while increasing visibility across tasks. The combination of predetermined due dates and pre-populated content helps your tax department become more efficient while ensuring accuracy and timeliness.

ONESOURCE Calendar provides seamless integration with your existing systems, allowing for streamlined workflows and improved collaboration across your team. The ONESOURCE Calendar API fits into current IT systems, making data flow and operations smoother. It links to the Global Content Library, which gives the latest tax rules. The API also gets important data for custom apps, helping tax departments adjust to new rules and simplify their work. ONESOURCE Calendar also enables you to track a wide range of business and tax deadlines. By identifying the obligations relevant to your organization, your tax department can customize calendar content and receive automatic updates for regulatory changes.

 

Reduce risk and increase visibility

Let’s be honest. Keeping track of internal and external due dates on shared spreadsheets is cumbersome, inefficient and risky. ONESOURCE Calendar is a centralized database that includes all due dates, payments, extensions, filings, and projects. This flexible solution helps your tax department organize tax deliverables so you can instantly determine delinquent items, the status of outstanding items, and identify items that need your immediate review.

As many tax departments know all too well, missing a tax or statutory deadline can be a costly mistake. With ONESOURCE Calendar, relevant regional tax laws and filing deadlines are updated automatically. With helpful alerts, you can stay on top of the items that are ready for your review—and make sure outstanding items don’t slip through the cracks.

With a customizable view, you can increase your visibility even further by identifying the information most important to you and your staff. Plus, you can sort and filter your view by due date, assignee, jurisdiction, tax type, and other relevant options.

Anywhere, anytime access

Amidst the global pandemic, many of us are still working remotely and will be for the foreseeable future. With a variety of new tax guidelines and shifting dates, a centralized calendar enables the tax department to allocate assignments and anticipate problems. You can even maintain your previous years’ data in this centralized location, enabling your tax department to easily access prior period data.

With a web-based calendar that is accessible from anywhere, ONESOURCE Calendar helps you balance your staff’s workload by allocating and tracking assignments. In addition, having a repository for obligations is especially helpful when bringing on new staff members or dealing with turnover by eliminating the need for combing through emails or shared files. Everything you need to get new staff up to speed is available in one place.

So, use the challenges of this year as an opportunity to trade those outdated spreadsheets for a centralized, customizable, and automatically updated calendar that you can access from anywhere—and make missed deadlines a distant memory.

 

Learn more about how you can take control of tax deadlines and continue to build an efficient tax department with these resources: 

ONESOURCE Calendar

Orbitax International Tax Platform | Thomson Reuters

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