Product Information
Overview
- Is your current provision process based on patch
work of Excel spreadsheets?
- Can you process changes to trial balances and
provision adjustments quickly?
- Can you show the effective rate drivers?
- Has your company been required to restate the
earnings due to tax provision?
- Are you FIN 48 compliant?
- Are you in compliance with the Sarbanes-Oxley ACT404 that requires a
tighter control?
- Does your provision process provide the degree of
transparency required by the auditors?
- Can you explain your global provision process to
your auditors clearly?
- Can you see how foreign local liabilities are
calculated?
- How confident are you with your foreign deferred
assets or liabilities?
With more scrutiny on the financial numbers and emphasis on creating transparency for all financial
numbers it is now more important than ever to have accurate financial and tax disclosures. With the
short timeframe you have to get the numbers for SEC reporting it is important to have the processes and
technologies that get you the correct numbers fast and give you a complete audit trail from your
reported tax expenses to the supporting general ledger detail data. In the past, your choices were
limited to hard to use products offered by tax software vendors that focused only on domestic issues,
specialty stand-alone products that did not integrate well with other tax cycle function tools and
enterprise reporting products, or developing and maintaining costly in-house systems. With the
evolution of Web-based software, Tax Technologies, Inc.
(TTI) is proud to offer the most user-friendly
complete provision solution designed to handle a global provision calculation.
TTI's global provision
solution can be used as a stand-alone solution or can be used as a full tax-cycle integrated solution
with its Tax Series™ data collection, compliance, planning and audit tools.
TTI offers the solution in
both a hosted and an in-house deployment. If you choose
the hosted solution, you will experience the
benefits of:
- Lower hardware, software and support costs
- Rapid deployment
- Faster realization of ROI
- Higher security
Benefits
General
- Ability to tie provision numbers back to the
general ledger accounts.
- Increases quality of communication with
controllers/tax accounting by allowing access to
view transparent data and real time feedback
- Helps you proactively manage and analyze global
effective tax rate data rather than spending time
reconciling numbers to multiple data sources
- Helps manage the tax rate by giving real time
information as well as forecast and budget
information
- Helps highlight areas that need tax planning
attention
- Helps you compare reporting periods as well as
comparing budgeted to actual numbers
- Helps you forecast to better manage effects of
timing reversals, changes in carryovers, credits,
and so forth
- Helps you analyze the impact of potential
changes or adjustments to determine risk levels
- Provides you with flexibility and transparency
into what makes up the footnote disclosure numbers
- Helps you with global rate tax planning
- Ability to handle multiple taxing jurisdictions
such as foreign or state
- Integrated with Tax Series Compliance system for
better Provision to Return Analysis
- Easy to use
- Ability to integrate with multiple general
ledger systems
- Step-by-step navigation walks a new user through
the set-up, data entry and review process
- Can be used stand-alone or fully integrated with
data collection, compliance, audit, and budgeting
and planning processes
- Web platform allows the financial and tax
department to work together with the same data
reducing data entry redundancy and changes for
errors
- Can report the provision at a user-defined
business group, product, or legal entity level
- Can calculate annually, quarterly, monthly, or
any other user-defined periods
- Can utilize TTI's Web-based data collection tool
to collect information from global sites to
automatically feed into the provision process
- Can automate tax adjustments at general ledger
detail and/or tax summary levels or enter them
manually
- Easy to use, multiple case planning capabilities
FIN 48
Uncertain tax positions under FIN48 data collection
and analysis tool. FIN 48 is a Financial Accounting
Standards Board (FASB) Interpretation that
clarifies the accounting for uncertainty in income taxes
recognized in the financial statements in accordance
with FAS 109. eTaxProvision includes the tracking and
analysis of your uncertain tax positions. The tracking
and analysis tool will allow you to capture many details
concerning the as-filed tax position and the financial
reporting measurement, complete a more-likely-than-not
probability table, attach supporting documentation, and
much more.
Review
With TTI's flexible report options, you can easily set up customized reports to meet your company’s
unique provision reporting needs.
- Global Tax Provision Calculation reports by
user-defined business unit level or legal entity
level, period and by country
- Global Federal, State, and Foreign Deferred Tax
Calculation reports by user-defined business unit level
or legal entity level, period, and by country with built-in reconciliations to
general ledger detail tax accounts
- FAS52 Currency Translation Adjustment
- Rate Change Adjustment reports
- Global Rate Reconciliation reports by user-defined periods and views
- Tax footnote
- Tax basis balance sheet
- IFRS reporting
- State-by-state provision
|
