The Challenge

Tax Data Collection: Tax teams spend 80% of their time collecting, cleansing and inputting data, and only 20% on review. This time-sink is a consequence of poor quality source data, as well as the need to consolidate and manage myriad data sources and workpapers.

The Solution

With ONESOURCE Data Flow, you can:

• Gather, centralise and manipulate data regardless of source
• Reuse and repurpose data throughout the entire tax cycle
• Manage and store workpapers securely
• Automate tax sensitised trial balance data

The Challenge

Tax Data Transformation: Organisation and regulatory pressures require tax departments to produce accurate, timely and defendable tax provisions, as well as comprehensive corporate tax computations and returns, within ever-shrinking windows of time.

The Solution

With ONESOURCE Direct Tax, you can:

• Standardise the tax provision process
• Achieve tangible efficiencies through intelligent automation — of tax sensitisation, consolidation, journal entries and Under/Over true-ups
• Minimise risk through seamless integration with local tax compliance and reporting.

The Challenge

Tax Compliance and Reporting: Accurate tax disclosures depend on finalised statutory accounts before the corporate tax computations and returns can progress, which is a significant time sink in the tax calendar — time which could be better spent on value add activities.

The Solution

With ONESOURCE Direct Tax, you can:

• Accelerate tax return preparation through harnessing tax provisioning trial balance data.
• Spend more time on tax analysis and less time on data verification and disclosure matching.
• Eliminate pitfalls associated with incomplete local tax disclosures, with pre-built templates and validated forms.
• Justifiy tax positions with confidence through detailed audit trails

The Challenge

Analysis and Insight: In order to determine best practices and plan strategically, corporate tax departments need the ability to agilely disaggregate and analyse historical performance to unearth tax-cost drivers — the reserve of finance teams traditionally.

The Solution

With ONESOURCE Direct Tax, you can:

• Maximise transparency and assurance over global tax positions, swiftly and with ease.
• Plan for the future by analysing trends in historical tax data.