Fast Track for tax reporting powered by Oracle’s tax reporting cloud
Reduce manual work and increase the tax close efficiency
Cumbersome spreadsheets, missing details, multiple data sources and several tax schedules plus geographies can all contribute to complex and time-consuming tax close process. Fast Track can standardize and automate the process to deliver a more efficient close.
A painful process
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 is usually 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.
What it does and how it works
Oracle offers one of the few mature tax reporting solutions in the marketplace and Deloitte developed methodology and a solution to help clients leverage the offering. Deloitte Fast Track can reduce a typical nine-month global tax reporting solution implementation to six weeks. Our functional knowledge of the process and content involved drove our standardization of the IFRS/US GAAP compliant material used in the implementation. An agile approach with market standard workpapers, reports and dashboards, Fast Track also includes a global content library enabling clients to focus on adoption of the solution.
What value it delivers?
Deloitte Fast Track helped a client with 2,400 entities and 2,000 tax permanent differences automated in six weeks. Another Fast Track client achieved a 90 percent reduction of repetitive and manual reconciliation work that was previously connected to their spreadsheet-based process. In addition, the Deloitte global content library can expand the solution benefits beyond the Tax Close.
Fast Track for Tax Reporting Powered by Oracle’s Tax Reporting Cloud
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