Get Ahead of Shifting Global Compliance Deadlines with ONESOURCE Calendar
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. 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 includes comprehensive coverage of statutory obligations for North America, Latin America, EMEA, and APAC, plus the ability to track a broad range of business and tax deadlines. By identifying the obligations that apply to your organization, your tax department can customize calendar content and receive automatic deadline updates based on relevant regulatory changes.
Reduce risk and increase visibility
Let’s be honest. Keeping track of internal and external due dates on shared spreadsheets is cumbersome and inefficient. 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:
Do More with More? Dissecting the Fast Pace of Digital Transformation and Its Tax Implications
COVID-19 And The Digital Economy: An Opportunity For Indirect Tax Departments
DAC6 Mexico MDR 30-Day Filling
MDR and DAC6: Why Technology is Critical for this Reporting Requirement