Tax reporting and forecasting could be complicated processes for even probably the most seasoned tax professionals. With the primary submitting for BEPS Pillar 2.0 looming on the horizon, it’s extra essential than ever that you simply iron out any kinks in your end-to-end tax reporting course of. Complicated new tax terminology and stories will should be clearly laid out to assist deliver executives alongside as you determine this new compliance panorama.

Organizations usually depend on handbook processes to tug stories from a number of techniques accounts, which takes away priceless time for evaluation and will increase the chance for errors in reporting. A latest Hanover Analysis survey discovered that almost 50% of tax and finance professionals felt unable to totally full their reporting duties as a result of their present handbook processes have been too time-consuming.

Along with being too time-consuming to create, stories are sometimes layered over pages and pages of spreadsheets, and there’s no good method to embody nonfinancial knowledge while you’re taking a look at a wall of numbers. As reporting turns into extra subtle, your tax workforce wants to have the ability to interpret and clarify a whole bunch and even 1000’s of knowledge strains.

The excellent news: there’s a method to optimize your tax reporting and forecasting course of. Listed below are steps that can assist you present the connection between your monetary and nonfinancial knowledge so you may inform the story behind your numbers.

Step 1: Combine a Function-Constructed Tax Reporting Software

Think about how a lot stronger your completed tax stories and forecasts may very well be should you have been capable of halve the time spent on handbook knowledge gathering and as a substitute deal with decoding the numbers. By integrating a tax system like Longview Tax along with your current enterprise useful resource planning software (ERP), you may considerably lower tax reporting time by automating knowledge assortment and aggregation.

That is notably useful for multi-jurisdiction organizations, as Longview Tax allows knowledge assortment from a number of ERPs, consolidation functions, and supplemental sources. Quite than pulling knowledge from a number of sources and going to the hassle of coming into, evaluating, and collating that knowledge in Excel spreadsheets, you may obtain real-time tax knowledge to a single, centralized supply for evaluation and interpretation.

Greater than only a time-saver, Longview Tax additionally considerably reduces the potential for errors in reporting by automating lots of the customary operational duties sometimes accomplished in tax reporting and forecasting. Extra confidence within the accuracy of your numbers means extra time for value-added evaluation so you may ship a extra full image of your organization financials.

Step 2: Talk Your Tax Analyses Extra Successfully with Dashboards and Visualizations

Regardless of how a lot time your tax workforce spends on reporting, the stories gained’t do a lot good if tax professionals are the one individuals who can learn them. That is very true when reporting in opposition to new complicated tax legal guidelines like BEPS Pillar Two which are filled with technical, unfamiliar language. Pillar Two permits a jurisdiction to impose tax the place an efficient tax charge in a jurisdiction falls under 15 %. It could appear easy, however these modifications will undoubtedly create hurdles in tax reporting for these affected.

If you’re delivering your tax insights through a spreadsheet or bare-bones report, you’ll possible expertise the next challenges:

• Creating stories to fulfill C-Degree wants is tedious, time consuming, and troublesome. Stories solely have numeric illustration and it’s troublesome to color a whole image.
• The present resolution publishes stories which are wealthy with knowledge, however lack a extra fashionable consumer expertise, like interactive dashboards, tables, and charts. There may be an over reliance on Excel, which is consuming and creates potential error susceptible knowledge.
• Including an intuitive dashboarding and visualization software like CXO to your tax reporting will remodel numbers-based stories into dynamic visible stories which are accessible and straightforward for anybody to grasp.

CXO integrates with the main EPM techniques, giving you quick access to your knowledge — no have to ask IT that can assist you import the info for evaluation and interpretation. The identical can’t be stated for conventional BI instruments. Moreover, you’re capable of pull nonfinancial knowledge akin to environmental, social, and company governance info into your stories and see the way it impacts the general well being and place of your group. Mix your numbers with graphics and storyboards to current your knowledge as a cohesive narrative that tells the story behind the numbers.

Clarify, easy-to-understand visible stories that deliver your tax knowledge to life for anybody.

• Optimize your reporting course of to maximise perception. CXO makes it easy to construct C-Degree stories and dashboards in opposition to Longview knowledge. Streamline your tax reporting course of by spending much less time on handbook duties and extra time on evaluation. Exhibit your tax evaluation in ways in which folks can grasp higher.
• Present an enhanced C-level reporting expertise. CXO brings the reporting capabilities C-Degree execs count on to Longview functions. Work with a contemporary, clear interface with easy-to-use dashboards, lovely visualizations, and built-in capabilities that make annotating tables and collaborating with teammates a breeze. Be certain that your tax knowledge is updated and confidently inform the story behind your numbers.
• Paint a vivid monetary image utilizing subtle visualizations. Inform the story behind your numbers utilizing subtle visualization capabilities. Make the most of charts, graphs, dashboards, and storyboards to create a cohesive narrative of your organization’s tax posture. Get pleasure from out of the field options akin to key messaging and highlighting capabilities to drive your factors house.

Rapidly Construct Tax Stories Anybody Can Perceive

Tax provisioning is commonly a protracted and thankless course of. Time constraints result in barebone stories that don’t adequately convey your monetary story and cross-team communication to interpret the info is neither centralized nor handy. However with the suitable mixture of instruments, you may spend much less time on handbook reporting and tax forecasting, facilitate simpler cross-team collaboration, and produce visually beautiful, straightforward to grasp stories.

With Longview Tax and CXO, your tax workforce will have the ability to combine knowledge from a number of ERPs and knowledge sources and cut back frustration by having a single, centralized reporting and evaluation resolution to get a holistic view of your organization’s monetary well being. CXO and Longview Tax work collectively to allow you to visualise your knowledge and inform the story inside. Your knowledge will now not be line after line of numbers on mismatched spreadsheets – it’ll remodel into subtle, easy-to-read insights. Able to see it in motion? Request a demo at present.

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