Quick question: What do Valentine’s Day and Tax Day have in common
Answer: The launch of Oracle’s latest EPM Cloud service—Oracle Tax Reporting Cloud.
Three years to the day since the launch of our first EPM Cloud service, we are very excited to announce the availability of our seventh EPM module available in the cloud. Based on our highly successful on-premises tax solution, but completely re-engineered for the cloud, this solution delivers best practice global tax reporting out-of-the-box with a framework to enable organizations to improve their tax processes while complying with all the latest global regulations.
Multinational organizations, and especially their tax departments, are firmly in the cross-hairs of the national tax bodies of the countries in which they operate. The financial pressures on governments globally
Tax departments have traditionally under-invested in IT systems, in comparison with their FP&A and accounting colleagues, relying on spreadsheets and manual processes to get the job done. There is now significant urgency for them to find the right software solution to help deliver on regulatory requirements accurately and transparently while also increasing governance and reducing risk.
Oracle Tax Reporting Cloud Takes a New Approach
Oracle Tax Reporting Cloud connects the processes,
1. Best Practice Tax Reporting Out-of-the-Box
Best practices are embedded in the solution with simple configuration selection and no complex scripting. It includes ready-built processes like calculating permanent/temporary differences from book data. Pre-built dashboards and reports like CbCR templates are also included.
This ensures more accurate and efficient tax reporting and makes it easy for tax departments to meet global financial regulation requirements. It significantly reduces timescale,
2. Tax Process Improvement Framework
A configurable framework of essentials is included, with task management and calendaring. Importantly, they are integrated with finance systems to ensure alignment between tax and finance. They also deal with what are often complex manual processes like the input of supplemental data by providing a secure, centralized repository.
Good reporting is the final piece in any improvement framework to ensure participants correctly report the
3. Seamless Transparency Between Tax and Finance
Direct data integration between a modern tax system and source finance systems (both cloud and on-premises) enables the tax solution to leverage the same metadata, data, processes and foreign currency engine used by the finance system. This level of transparency means reports can be easily generated from data across tax, consolidation, planning and ERP, and there can be an enterprise-wide compliance framework that includes auditing, segregation of duties, and transparent calculations. This seamless transparency helps to bring tax and finance together.
Enabling the Tax Function of the Future
Oracle EPM Cloud provides an integrated solution for the tax function. It enables organizations to calculate and report tax in a timely and accurate manner and provides a level of governance, visibility, and transparency that enables management to be confident in the numbers they report to regulators and stakeholders.
Celebrate Valentine’s Day by checking out Oracle Tax Reporting Cloud. Your tax team and your executives will love you for it.
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