Instead of time-consuming management of global tax reporting through Excel, tax professionals, CFOs, and controllers can now automate complex country-specific tax reporting through new cloud tax and reporting solution introduced by Oracle.
Oracle today announced a new finance cloud solution that helps companies, operating in multiple countries, meet complex taxation requirements and regulatory reporting standards imposed by each country. In our globalized economy, compliance with sophisticated tax and statutory laws around the world continues to be a constant challenge for finance professionals. Now these professionals can rely on Oracle Tax Reporting Cloud Service (TRCS), which streamlines tax reporting processes and manages complexity to ultimately enable compliance with new and existing tax regulations.
Oracle TRCS delivers a cloud solution to help organizations automate their tax provision and country-by-country reporting (CbCR). TRCS enables seamless transparency between tax and finance to reduce risk and brings tax and finance functions together in a unified, secure, and scalable cloud platform. It also streamlines tax reporting processes, including data collection, workflow, data automation, and pre-built KPIs for audit flags.
With a strong tax framework that includes workflow, dashboards, segregation of duties, and transparent calculations, Oracle TRCS allows tax departments to spend more time on analysis and planning instead of on data reconciliation, which can be a complex and time-consuming task in the ledger or stand-alone tax provision system. Oracle TRCS was built for the cloud with the business user in mind and introduces new capabilities and innovations built on best practices from Oracle's on-premises offering—Oracle Hyperion Tax Provision. By efficiently planning, reporting, and automating tax—with transparency and auditability, regardless of country of operation—TRCS also enhances CbCR, US GAAP, IFRS, and statutory tax reporting.
Additional features include:
"Many companies have still managed their global tax reporting processes through Excel and struggle to make the step into applying technology," said Bart Janssen, Partner, Deloitte Tax Lawyers. "I am certain that with TRCS, the threshold for making that leap for many clients will become lower."
Oracle TRCS easily integrates with multiple Enterprise Resource Planning (ERP) systems, as well as Oracle Enterprise Performance Management (EPM) Cloud and on-premises offerings, and specifically enables the sharing of data, metadata, and processes with the finance function during the financial close cycle.