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Tax reporting is crucial for organizations, but compliance can be time-consuming and open to errors due to ever-changing regulations. Plus, companies frequently face other tax-related problems —such as cash tax exposure, increased audit scrutiny, and financial restatements— which can be costly and impact investor confidence. To address these challenges, CFOs and tax professionals are increasingly choosing to automate tax processes, focusing on tax provisioning and sales tax reporting.
Elevate Your Impact
Today’s CFOs and company leaders are balancing growth initiatives with and financial prudence— and driving year-round success across four key themes.
- Tax provisioning is the estimation and recording of a company’s income tax expense in financial statements, which involves calculations of current and deferred taxes based on tax laws. Automating this process using technology— such as Bloomberg BNA, OneSource Tax Provision, or OneStream’s Tax Provision Solution —can help companies and tax professionals boost accuracy, streamline workflows, and minimize compliance risks.
- Sales tax reporting involves the collection, calculation, and remittance of sales taxes to the appropriate tax authorities based on the taxable sales made by the company. In today’s context, companies are often impacted by multiple jurisdictions. Here, corporate accounting and finance teams might consider implementing software solutions like Avalara or Vertex to automate and simplify matters related to sales tax.
These tax automation initiatives can help elevate the impact of accounting and finance teams and allow companies to realize the following benefits:
1. Improved reporting and analysis equals more control, increased auditor confidence
Detailed reports of tax-related data provide an enhanced audit trail allowing your finance team to have a comprehensive and up-to-date view of your company’s tax position. This reporting facilitates the analysis of tax data for financial reporting, strategic decision-making, and compliance requirements. It also allows for the retrieval of necessary information during a tax audit, reducing the risk of penalties and fines. Software internal controls result in less time auditors spend auditing details and calculations, which can lead to fewer last-minute recalculations. Additionally, access to accurate tax data and the audit trail assist with identifying potential tax savings opportunities as well as demonstrates a company’s commitment to accuracy and compliance.
2. Increased compliance accuracy means sales tax professionals meet deadlines with fewer errors
Tax regulations are constantly changing at the international, federal, state, and local levels. Keeping up with and adopting the latest changes in multiple jurisdictions is challenging and time-consuming. Manual calculations are prone to errors, and seemingly small mistakes can result in costly penalties and fines. Automated systems use sophisticated algorithms and real-time data to perform accurate calculations, minimizing the risk of errors and ensuring compliance with the latest tax laws and regulations.
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