All-in-one tax resolution now streamlines Pillar Two reporting and compliance to reinforce total monetary planning

Standalone possibility obtainable for firms looking for Pillar Two help inside their current tax resolution

RALEIGH, N.C. – Might 31, 2023 – insightsoftware, a world supplier of reporting, analytics, and efficiency administration options, at this time introduced the evolution of Longview Tax with capabilities for BEPS 2.0 Pillar Two. Organizations can implement the great resolution for all tax reporting challenges, or go for a brand new standalone providing for BEPS 2.0 Pillar Two with the flexibility so as to add performance as wanted. The all-in-one tax resolution allows organizations to confidently meet BEPS 2.0 Pillar Two necessities, enhancing monetary planning with constant, right tax funds and dependable tax forecasting. Managers of tax, finance, and auditing can now align provisioning, projecting, country-by-country reporting, operational switch pricing, and Pillar Two compliance in a single resolution.

“Inconsistent information integrity results in errors in tax reporting and forecasting, which can lead to monumental monetary and authorized prices for organizations. These challenges round consolidating, cleaning, and analyzing tax information from throughout the group will likely be magnified as soon as BEPS 2.0 Pillar Two is made official in 2024,” stated Josh Schauer, VP of Finance at insightsoftware. “For organizations with current tax methods and processes that aren’t capable of execute a full transfer to a brand new tax resolution, the standalone BEPS 2.0 Pillar Two providing will help instantly.”

Practically 60% of organizations with greater than 1000 workers are nonetheless utilizing spreadsheets throughout groups, leading to siloed, error-prone information. This forces organizations to spend extra time cleaning and manually rekeying information earlier than it’s built-in with finance methods. Handbook processes gradual time-to-insight and stop organizations from realizing the total affect of their monetary information.

We have now been utilizing Longview Tax for our tax shut course of for over 10 years, making the most of the in-built logic and management that it gives. We added the Tax Transparency capabilities to our resolution a number of years in the past with a view to automate a lot of our Nation-by-Nation reporting necessities and we’re wanting ahead to implementing and utilising the Pillar 2 performance within the close to future.

– Tim Poole, Director, World Tax Reporting and Regulation at IHG Motels & Resorts

BEPS 2.0 Pillar Two takes impact in early 2024, imposing new information reporting necessities and extra world tax compliance challenges for each multinational enterprise with turnover larger than 750M EUR. This laws will increase the strain surrounding already over-stretched tax groups that may now have to gather extra information from a number of sources and throughout departments.

Primarily based on enter and collaboration from multinational and Fortune 500 manufacturers, Longview Tax has advanced into a versatile, cloud-based company software program that improves tax operate throughout the enterprise, together with assembly the complicated information necessities surrounding Pillar Two. Notably, IHG Motels & Resorts was amongst this group of consumers and lately gained Greatest In-Home tax crew on the Tolley’s Taxation Awards 2023, the UK tax business’s annual award ceremony.

“We have now been utilizing Longview Tax for our tax shut course of for over 10 years, making the most of the in-built logic and management that it gives. We added the Tax Transparency capabilities to our resolution a number of years in the past with a view to automate a lot of our Nation-by-Nation reporting necessities and we’re wanting ahead to implementing and utilising the Pillar 2 performance within the close to future”, stated Tim Poole, Director, World Tax Reporting and Regulation at IHG Motels & Resorts. “We see there to be a big good thing about utilizing a single set of information inside a single system for all of those totally different reporting necessities, decreasing the necessity for guide reconciliations and the chance of error.”

Be taught extra about Longview Tax and its capabilities and additional perceive the significance of a world tax administration platform.

• Whitepaper from insightsoftware and Ventana Analysis: Making ready for Pillar Two? World Tax Administration is Important.
• Longview Tax Demo: showcases how enterprises can obtain quick, correct, centralized, and complete Pillar Two administration with a single, built-in, best-in-class resolution.
• Webinar with insightsoftware and KPMG highlights the enterprise case for remodeling tax processes and methods to ship what’s required for Pillar Two.

About insightsoftware
insightsoftware is a number one supplier of reporting, analytics, and efficiency administration options. Over 32,000 organizations worldwide depend on us to help enterprise wants within the areas of accounting, finance, operations, provide chain, tax, budgeting, planning, HR, and disclosure administration. We allow the Workplace of the CFO to connect with and make sense of their information in actual time to allow them to proactively drive larger monetary intelligence throughout their group. Our greatest-in-class options present clients with elevated productiveness, visibility, accuracy, and compliance. Be taught extra at insightsoftware.com.

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