Booking your year-end tax entries no longer needs to be a painful, manual undertaking for your tax team. Cumbersome spreadsheets, missing details, multiple data sources, and several tax schedules across multiple geographies can all contribute to complexity while you book your tax journal entries during the financial close process. Leveraging Deloitte Fast Track for Oracle tax reporting can save you time and empower you to standardize and automate your tax provision—while facilitating a faster and more accurate close process.
Learn about the Deloitte Fast Track approach which dramatically reduces the cost and time associated with implementing Oracle’s Cloud EPM Tax Reporting. The Deloitte method combined with Oracle’s solution can make it easier for organizations to gather, calculate, and automate US-GAAP and IFRS tax calculations.
Many companies are burdened with collecting and reconciling data details as well as the supporting documentation which leaves less time to invest in analysis to gain insight on the tax situation. Reviewing and then reconciling multiple calculations and supporting documentation in spreadsheet format can be a painful process.
The inherent challenge is that the Financial Close is performed in a small window of time, numbers keep changing and the spreadsheets do not tie what is reported for Financial purposes. Typically, more time is spent on data collection and reconciliation efforts, rather than reviewing the calculations for insightful observations that add value to the process.
Could we automate the process, standardize the calculations, and integrate the Tax Close with the Financial Close and improve overall quality? Yes, and Deloitte Fast Track for Oracle’s Tax Reporting can ease the effort, cost, and duration of the transformation.
Our team is highly diversified with global capabilities and knowledge of tax, tax accounting, and IT. Instead of gathering requirements, Deloitte starts with training the super-users and unboxes the solution amongst others within the company’s accounting organization. Data integration is set up with the consolidation system to ensure that the Finance Close and Tax Close are aligned. Also unique to Fast Track is the Deloitte 10-step approach to tax accounting that manages the workpapers in the solution.
The Block Importer automates the digitization process by taking existing documentation and breaking it down into ‘blocks’ which can be assembled into required reports. Pre-formatted questionnaires map responses automatically into template reports consistent with local requirements and OECD/BEPS guidelines. Standardized accelerators include test scenarios, documentation, training and PMO material.
We developed a leading practice of IFRS and US GAAP compliant data model that includes workpapers, reports and dashboards to process the Tax Close. This can best be summarized as the 2011 integrated IFRS and US GAAP tax workpapers, including tax specific dashboards and reports for visual review purposes that are set up to produce the IAS 12 or ASC 740 disclosure notes, and thus implementing a stand-alone tax accounting process that is compliant with IFRS or US GAAP.
Deloitte manages a global content library that is continually expanding and offers clients the opportunity to receive more value out of the solution.
Tax Reporting Cloud is included in the bundle. We can easily add value to the use of the licenses.
Financial Close is implemented with Deloitte SuperLedgerTM and Tax Close is included.
Tax Reporting Cloud can replace self-built tax schedules in HFM and offer more value to the process.
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