Benefits at a glance:
- Increase tax data accuracy, transparency and auditability
- Improve efficiency by standardizing the global tax provision process and visibility
- Reduce time and effort required to close tax and meet reporting requirements
- Enable corporate tax staff to spend more time on higher-value tax analysis and planning activities
Financial Reporting of Income Tax
In the new world of Sarbanes-Oxley, the financial reporting of income tax is under greater scrutiny than ever before. Boards and audit committees are hyper-focused on tax operations and financial reporting as a result of control weaknesses related to accounting for income tax. A similar corporate tax governance environment is evolving in Canada and Europe as a result of Sarbanes-like regulation (i.e., Canadian MI 52-109).
Speed, Accuracy & Auditability
The times of silo'ed, off-in-the-corner tax management have been replaced by a new world where transparency is king. CFOs, Controllers and tax executives are now following the audit committee's lead and shifting their focus to improve the speed, accuracy and auditability of the end-to-end global accounting for income tax process.
An Increasing Burden
As a result of the increasing complexity and global nature of today's organizations, the global income tax process - data collection, tax provisioning, tax planning and tax compliance - has become a significant burden, with many challenges.
The Solution: Longview Tax
To streamline the global tax return compliance process, Longview Tax's provisioning information can be automatically fed into your company's tax return compliance systems, reducing the need for additional inputs to an exception basis only. Alternatively, for those jurisdictions with less complex filing requirements, forms can be created and maintained in the Longview Tax solution. After those tax returns are filed, the final book-tax adjustments can then be automatically exported to Longview Tax to automate the 'return to provision true-ups' necessary to accurately account for and report income taxes.
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