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Taking tax provision automation to new heights in the cloud
2 Taking tax provision automation to new heights in the cloud
Companies are transitioning to cloud applications to take advantage of reduced costs and increased efficiencies that come with cloud solutions. Oracle is strongly encouraging their customers to move their data to the cloud, offering a great opportunity for tax departments to become part of this transition and aligned with finance in a holistic approach.
Tax Reporting Cloud Service (TRCS) is Oracle’s cloud solution that offers a wide array of features and capabilities for automating tax provision. Deloitte Tax LLP has developed the capabilities and leading practices to implement the following functionality within TRCS.
Taking tax provision automation to new heights in the cloud 3
Tax provisions • Cloud data collection templates
• Automate tax processes
• Integration with close processes
Seamless integration with Oracle applications • Cloud Enterprise Resource Planning (ERP)
• Financial Consolidation and Close Cloud Service
• Planning and Budgeting Cloud Service
Country-by-country reporting • Created to base erosion and profit shifting (BEPS) guidelines
• Formatted reporting
Analytics and visualization • Advanced analytics reporting
• Key performance indicators (KPIs) for tax
• Tax modeling and “what if?” scenarios
Data management • Cloud financial data management
• Data integrity
• Application agnostic integration
Supplemental data • Transaction data
• Ad hoc data collection
Workflow • Tax dashboard
• Tax task automation and tracking
• Less reliance on information technology (IT)
• Source agnostic—any ERP
• Faster time to value
• Automatic upgrades
• Lower total cost of ownership
WHY TAX REPORTING IN THE CLOUD MATTERS
4 Taking tax provision automation to new heights in the cloud
Tax departments have the opportunity to leverage Oracle cloud architecture to become an integrated member of the record-to-report life cycle. Beyond simply the tax provision, our methodology addresses many business issues facing tax departments today.
Potential benefits include:
Deloitte’s implementation methodology for TRCS addresses many of the challenges facing tax departments
Shortened time to close • Monitor close activity to remove bottlenecks
• Streamline and seamlessly integrate data management
• Enable faster response to last minute adjustments
Heightened scrutiny • Provide real-time audit support to complex transactional data
• Deliver increased controls around data input through system security provisioning and data audit functionality
Increased transparency • Provide visibility into legal entity reporting
• Offer account drill-back functionality to supplemental schedules
• Create customizable reporting via Smart View (Excel add-on)
• Improve data accuracy, integrity, and granularity
Support of the changing role of tax • Free up time for resources to focus on tax planning and high-value add activities
• Tax becomes more strategic in the organization
Strategic focus and analytics • Offer real-time analytics that visually illustrate the organization’s tax profile
• Improve tax planning objectives through scenario planning
• Quantify tax impacts through customizable report and chart design
Taking tax provision automation to new heights in the cloud 5
Deloitte can identify and implement process improvements using technology that connects processes around tax reporting.
The value of the Deloitte holistic approach
• Deloitte and Oracle work collaboratively to provide an end-to-end, cost-effective, and flexible solution for tax. The solution automates core tax accounting, compliance and forecasting/planning processes, and delivers leading practice-based capabilities increasing potential tax savings, addressing compliance, reducing IT barriers, and managing overall project risk.
• Deloitte’s approach includes initial analysis and roadmap development including: – Observations and recommendations to help
identify and quantify the opportunity.– Process knowledge and experience to design
a solution. – Technical specialization to assist clients in
their implementation.
Holistic view of the tax lifecycle
• Deloitte’s implementation services have significantly enhanced efficiency of the close process for many organizations. This allows staff to focus and provide opportunities to redeploy resources on potentially higher value-added tax planning and business analytics, which may reduce taxes and improve cash flow.
• Consideration of potential tax savings in transaction deals may improve value by offsetting a substantial portion of technology implementations and help teams build their business case.
6 Taking tax provision automation to new heights in the cloud
• Scalable, collaborative approach
• Deloitte dedicated TRCS pod for training, testing, updating, and development of accelerators
• Deloitte TRCS accelerators for implementation
• Data conversion templates that can help convert legacy tax application and spreadsheet data into the cloud application.
Deloitte’s rapid implementation methodology for TRCS
• Examples include:– Observations and recommendations to help
identify and quantify the opportunity.– Payments and refunds – Federal and state return true-ups – Tax rates (deferred and current)– Unitary filing for attribute sharing– Metadata design templates– Tax account roll-forward– Deferred scheduling– Transition tax and Global Intangible Low-Taxed
Income (GILTI)
Taking tax provision automation to new heights in the cloud 7
Deloitte Consulting LLP accolades • 2017–Global Cloud Transformation Partner of the Year
• 2017–APAC Specialized Digital Transformation Partner of the Year
• 2017–North America SaaS Partner of the Year • 2017–Oracle Partner of the Year - Big Data & Analytics, Germany
• 2018–Oracle HCM Partner of the Year – United Kingdom
Deloitte’s leadership in Oracle cloud-enabled business transformation
Deloitte Tax LLP collaboration • Works closely with Oracle’s product team for TRCS • Utilizes our rapid implementation methodology for TRCS
• Develops and maintains IP and accelerators to shorten implementation time
Deloitte’s Global Tax Technology Center of Excellence • Shares methodologies and resources to support global implementations and development.
• Deloitte has completed more than 300 tax provision implementations globally.
Move at the speed of innovation And imagine now with Deloitte + Oracle Cloud.
Cloud isn’t just another technology platform, it’s the future of technology. It’s a catalyst for reimagining business, and helps disrupt existing systems and old ways of doing things. Deloitte professionals can help your organization drive lasting business value with personalized Oracle cloud solutions that are built and tested in an iterative and immersive way. Our team focuses on empowering clients to be innovative and thrive in the Oracle cloud long after initial go-live. We understand Oracle cloud is a catalyst, digital is the mindset and transformation is what’s next.
Deloitte is designated by Oracle as a Global Cloud Elite partner and has held the highest level of alliance relationship with Oracle for almost two decades. Deloitte Touche Tohmatsu Limited member firms throughout the world provide access to over 22,323 Oracle professionals with deep industry experience.
About DeloitteDeloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. Please see www.deloitte.com/about for a more detailed description of DTTL and its member firms.
This communication contains general information only, and none of Deloitte Touche Tohmatsu Limited, its member firms, or their related entities (collectively, the “Deloitte Network”) is, by means of this communication, rendering professional advice or services. Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser. No entity in the Deloitte Network shall be responsible for any loss whatsoever sustained by any person who relies on this communication.
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