5 Reasons to Automate Your Tax Provision Process
Tax provision technology streamlines and automates tasks, improving accuracy and collaboration. This helps organizations close books faster, consolidate data more easily and accurately assess the real impact of tax scenarios, and report across the company with speed and accuracy.
1. Faster financial closing:
Tax provision technology streamlines and automates various tasks, improves accuracy and enhances collaboration. These factors contribute to faster book-closing processes that enable organizations to meet reporting deadlines and make informed financial decisions more efficiently.
2. Easier data consolidation:
Tax provision technology automates data extraction, integration, validation, and calculation of tax provisions. This aggregation enables real-time collaboration, making the process more efficient and reliable.
3. Accurate and audit-resistant calculations:
By using tax provision technology, companies can rely on accurate calculations based on up-to-date tax rules and regulations. The automation and validation features reduce the risk of errors, while audit trail, documentation, and reporting capabilities provide a strong defense during audits.
4. Ability to run scenarios with real-time impact:
Tax provision technology can help corporate tax departments assess the real impact of different tax scenarios on business performance. This insight enables companies to make informed decisions, optimize their tax positions, and develop effective tax planning strategies.
5. Ability to report across the company with speed and accuracy:
Using tax provision technology, tax departments can expedite the tax provision process to close faster and file earlier. This lets them provide insights for decision-making and compliance and maintain compliance with regulatory requirements.
Learn more about automating tax provisions at: tax.thomsonreuters.com/en/insights/white-papers/automating-tax-provision-the-power-of-technology/form
