ONESOURCE TaxStream Provision's Best Practices

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Events

  • Webcasts
    • 11/24/2009
    • During this webcast, we will discuss walk you through how ONESOURCE TaxStream Provision can automate, configure and tie out the reports needed for your 10K footnote. Learn more about the components and configurability of the Effective Rate Reconciliation, Deferred Balance Roll-forward, Foreign Domestic Summary and Payable Roll-Forward.
    • Generating and Tying Out ONESOURCE TaxStream Provision Footnote Reports
    More Webcasts
    Training
    • 11/20/2009
    • A step-by-step presentation of the best uses for the Remote Data Collection Module (formerly iTaxStream) and how to configure and manage this tool through our Enterprise edition.
    • Remote Data Collection (RDC)
    More Training Events

The best practices of our Fortune 500 and middle-market clients are built in into ONESOURCE TaxStream Provision' s framework. This enables you to benefit from our many years of experience in the design of efficient processes and the automation of workflows within corporate tax departments.

One Process for the Entire Tax Year

We have developed a number of best practices which integrate the tax provision with the compliance process. In general, we believe that the tax provision should be the heart of all compliance calculations made throughout the tax year. This results in a single process where the same data and the same technology is reused in an efficient manner.

What to Automate

The decision to automate certain data feeds and calculations depends heavily upon your underlying data structures. Your implementation team will be familiar with those permanent and temporary differences that lend themselves to easy automation by pulling directly from the general ledger.

Journal entries can be automatically posted to the general ledger from ONESOURCE TaxStream Provision. This allows for ledgers to be updated in real time.

Data Collection and Review

Offline sources for more difficult adjustments can also be bridged into ONESOURCE TaxStream Provision using a variety of techniques, including spreadsheet import and web-based data collection.

In every ONESOURCE TaxStream Provision implementation, it is critical to leave room in the process for review and adjustments. All adjustments are documented and date-stamped to ensure that the appropriate internal controls are in place.

Timing

In our experience, we have found that corporate tax departments may have only days, or even hours, to complete their annual and quarterly tax provisions. Therefore, we make the availability of information during the accounting cycle a critical consideration during your implementation.

Certain information, such as consolidation entries, may not be available until late in the close. This means that your process must be designed in a way that is flexible enough to react to transactions at any time.

Internal Controls

Best practices in internal control include the ONESOURCE TaxStream Provision audit trail, which captures and stores every transaction. These transactions can be sorted by:

  • User
  • Permanent difference
  • Temporary difference
  • Unit
  • Date range
Our enterprise-level offerings also contain advanced features for document management and structure controls. The result is a useful tool in building up your internal controls and satisfying the requirements of Sarbanes-Oxley.