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

Organizations typically depend on guide processes to drag stories from a number of techniques accounts, which takes away priceless time for evaluation and will increase the danger for errors in reporting. A current Hanover Analysis survey discovered that almost 50% of tax and finance professionals felt unable to completely full their reporting duties as a result of their present guide 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 option to embrace nonfinancial knowledge once you’re taking a look at a wall of numbers. As reporting turns into extra subtle, your tax staff wants to have the ability to interpret and clarify a whole bunch and even hundreds of information traces.

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

Step 1: Combine a Objective-Constructed Tax Reporting Device

Think about how a lot stronger your completed tax stories and forecasts might be for those who have been in a position to halve the time spent on guide knowledge gathering and as a substitute concentrate on decoding the numbers. By integrating a tax system like Longview Tax along with your present enterprise useful resource planning device (ERP), you’ll be able to considerably lower tax reporting time by automating knowledge assortment and aggregation.

That is significantly useful for multi-jurisdiction organizations, as Longview Tax permits knowledge assortment from a number of ERPs, consolidation purposes, and supplemental sources. Moderately than pulling knowledge from a number of sources and going to the trouble of coming into, evaluating, and collating that knowledge in Excel spreadsheets, you’ll be able to 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 most of the normal 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’ll be able to ship a extra full image of your organization financials.

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

Irrespective of how a lot time your tax staff 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 can be stuffed 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.

In case you are delivering your tax insights by way of a spreadsheet or bare-bones report, you’ll seemingly expertise the next challenges:

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

CXO integrates with the main EPM techniques, giving you quick access to your knowledge — no must ask IT that can assist you import the information for evaluation and interpretation. The identical can’t be mentioned for conventional BI instruments. Moreover, you’re in a position to pull nonfinancial knowledge comparable 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 carry 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 guide 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 anticipate to Longview purposes. Work with a contemporary, clear interface with easy-to-use dashboards, stunning visualizations, and built-in capabilities that make annotating tables and collaborating with teammates a breeze. Be sure 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 comparable to key messaging and highlighting capabilities to drive your factors house.

Rapidly Construct Tax Experiences Anybody Can Perceive

Tax provisioning is usually 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 information is neither centralized nor handy. However with the precise mixture of instruments, you’ll be able to spend much less time on guide reporting and tax forecasting, facilitate simpler cross-team collaboration, and produce visually beautiful, simple to grasp stories.

With Longview Tax and CXO, your tax staff will have the ability to combine knowledge from a number of ERPs and knowledge sources and scale 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 not be line after line of numbers on mismatched spreadsheets – it should rework into subtle, easy-to-read insights. Able to see it in motion? Request a demo right now.

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