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 the first part of our blog series to learn how calendar management keeps you prepared across your tax processes and part 2 to improve data collection with technology.
In today’s environment, both management and regulatory pressure requires tax departments to produce accurate, defendable and lightning-fast calculations within ever-shrinking windows of time. This is simply not possible without tax technology.
Tax technology can help you produce a quick, accurate and ironclad tax provision for audit. You can also manage, complete and e-file the federal, state and local corporate tax returns with finalized provision data, reducing duplication of efforts between processes. By using the same data for return and provision, you can cut days and even weeks from the annual financial close and tax compliance process. At the same time, this decreases risk by ensuring data is consistent across multiple tax department processes.
ACCURATE AND DEFENDABLE PROVISION CALCULATIONS
With tax technology, you also have readily available data to compute accurate tax accruals and produce reports and workpapers that support the amounts that were booked—all on a tight deadline. A tax calculation engine can assist with your tax provision computation while also taking into account complexities like statutory rates, changing apportionment law and currency fluctuations. The elements of these complex computations can easily be expanded by their dimensions, enabling tax departments to effortlessly drill into data without disrupting its core integrity.
GLV Inc. is a 600 million-dollar corporation with operations in 25 countries and a lean provision staff. With ONESOURCE Tax Provision, they surpassed their goals and transformed their provision process in less than six months. They shaved a three-week process down to one week, can make last-minute adjustments in 15 minutes, and improved morale now that they no longer have to work late nights. Read more about their success here.
Now that you know how tax technology produces accurate, ready-to-use calculations in a time crunch, check back soon to discover how to deliver audit-ready results and report your data.
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.