Provisioning for income tax can be a complex process for large multi-national organizations to mid-sized companies with a consistent growth mode. The tax provisioning process involves determining the current tax amounts as well as calculating the deferred roll-forward amount. This process becomes even more complex when organizations have to account for Federal, Regional and International taxing authorities with varying tax rates. Oracle Tax Reporting Cloud Service can eliminate the burden of the tax reporting and provisioning process.
Oracle Tax Reporting Cloud Service allows for full automation of the Tax Provisioning process by automating the process end to end, eliminating the need for complex Excel Spreads, various Third Party software, and complex reconciliations to determine the current and deferred amounts to include in the provision.
Oracle Tax Reporting Cloud Service provides systemic and automated tools directly out of the box, which enable:
- Tax Automation – Extract detailed tax information from source systems such as Oracle Cloud Financials Ledgers or Financial Close and Consolidation systems.
- Tax Data Collection – Collect tax data from regional controllers across the globe using an automated secure workflow, built to adhere to SOX compliance standards and established internal controls
- Tax Provisioning Calculation – Calculate tax provision from the entity level (legal entity) to the consolidated tax disclosure level. All pre-configured calculations are in compliance with US GAAP and IFRS guidelines
- Direct Integration with
- Third-Party Tax Compliance software
- EPM Cloud Products, Oracle Cloud Financials, Oracle Financial Close and Consolidation and other source systems
- Journal Entry Adjustments – TRCS allows organizations to post Journal tax adjustments at any entity-level within the company
- Country by Country Templates – Allow companies to seamlessly populate data from Financial Close and Consolidation, Oracle Financial Ledgers and third-party ledgers
- Dashboards and Tax Scheduling – TRCS allows for dashboards and tax scheduling that reflect Tax Key Performance Indicators (KPIs) and process schedules that allow for an integrated process that would normally take days or even weeks using Excel spreadsheets.
- Application Integration – TRCS integrates directly with Financial Close and Consolidation, Oracle Cloud Financials, Microsoft Office, Third Party Tax applications, Financial Data Warehouses.
