Integrate Tax Provisioning with Financial Reporting
Eliminate spreadsheets and disconnected point solutions with OneStream XF’s Tax Provisioning Starter Kit from the XF MarketPlace. Tax provisioning and financial reporting solutions live and work together in the same application so all trial balance and financial information can be leveraged by the Tax Provisioning solution for unparalleled consistency of data and reporting.
Reduce Risk: Automate and streamline tax data collection and validation and ensure consistency in tax calculations
Increase Efficiency: Synchronize data and minimize reconciliation, automate reporting and export data to tax compliance systems
Report Transparently: Report consolidated and statutory Effective Tax Rate (ETR) with full drill-down into supporting details, generate footnotes and management reporting
Improve Internal Control: Leverage Guided Workflows, validations, supporting documentation and full security of the OneStream XF platform
OneStream simplifies and automates the total tax provision process for global enterprise. We leverage the OneStream XF platform to deliver a unified financial close, consolidation, reporting and tax provisioning solution.
Automate and streamline tax data collection and validation and ensure consistency in tax calculations.
- Leverage the same trial balance load for tax provisioning as for financial reporting
- Automate load of required book trial balance data into the tax accounts
- Collect supplemental data through standardized data entry forms
- Apply standard repeatable tax provision calculations that can be extended to suit your company’s needs
- Perform consolidation and translation automatically & consistently
Ensure accuracy and consistency of tax data collection and calculations.
Synchronize data and minimize reconciliation, automate reporting and export data to tax compliance systems
- Data synchronization, transparency (drill-down), and validation reduces reconciliation requirements
- Configurable input forms for tax rates, payments and refunds, tax attribute detail, return to provision, current provision, deferred tax roll-forward, and tax account reconciliation
- Leverage ability to create custom confirmation rules and workflow certification
- Data exportable to tax compliance systems and importable from tax compliance to facilitate the return to provision true up
Minimize manual steps, increase confidence and visibility into tax data and calculations. Spend more time analyzing, less time inputting and reconciling data.
Report consolidated and statutory ETR with full drill-down into supporting details, generate footnotes and management reporting
- Generates current tax expense, deferred tax expense, and deferred tax assets and liabilities
- Configurable reporting that enables footnote disclosure reports required under ASC 740
- Perform tax account reconciliation, report on consolidated and statutory ETR
- Generate supporting management reports and footnotes
- OneStream XF platform provides drill-down capability from report through to initial data load or input
Streamline the preparation process for global financial statements and footnote reports. Generate consolidated and entity level tax reports and tax analytics. Provide multiple levels of detail to all levels of management.
Improve Internal Control
Leverage Guided Workflows, validations, supporting documentation and full security of the OneStream XF platform
- Guided Workflow provides visibility into who has submitted data and when
- Confirmation rules validate data entry at all points
- Easily capture supporting documentation and commentary
- Granular user security provides control over who has access to what information
OneStream provides ease of use, combined with full control and detailed audit trails that increase confidence in the accuracy of tax calculations and reporting
OneStream offers a powerful, flexible tax provisioning solution that’s completely integrated with our unified platform for financial consolidation, reporting and account reconciliations. Key features include:
- Starter kit tax cube configured to support the Total Tax Provision requirements
- System collects data, calculates and enables reporting for all tax provision computations, including:
- Current Tax Provision
- Deferred Tax Roll-forward
- Effective Tax Rate Analysis
- Monitoring of tax losses and tax credits
- Current and Deferred Tax Asset Balance / Walk Across
- Alternate entity hierarchies for tax reporting
- Tax-specific scenarios
- Separate dimension for tax accounts, jurisdictions and other details
- Total tax provisioning lives in the same application as the financial reporting solution
- Prebuilt tax calculations
- Tax input forms and reports
- Confirmation Rules
- Supporting documentation and commentary
100% CUSTOMER SUCCESS
Using OneStream’s Tax Provisioning solution has been a big improvement over the spreadsheet approach we were using before,” said Jennifer Koorie, Corporate Tax Manager at Victaulic. “For example, with OneStream we were able to efficiently consolidate our tax footnotes and financial statement disclosures, eliminating the previously manual process.