ONESOURCE Tax Provision (formerly TaxStream) addresses the time pressures faced by corporate tax departments. It streamlines the workflow between general ledger, provision, and return systems along with automating necessary reports and calculations. So your tax department staff spends less time on manual data entry and number checking and more time on tax planning. Centralize and manage data for your forecasts, provision, statutory filings, returns, and planning scenarios. Gather all the information you need in one location for compliance with accounting standards, including: FAS 109, FIN 48, CICA 3465, and IAS 12.
ONESOURCE Tax Provision includes modules for:
Manage Risk. Save Time. Earn Return on Investment.
Rely on our Proven Solution
ONESOURCE Tax Provision is the market leading provision software and the only one relied on by 1100 corporations globally including 35% of the Fortune 500, all Big Four, as well as dozens of other accounting firms worldwide.
Save Time
Our clients report an average of 50% time savings on their year round tax processes due to automation and optimization. The flow of tax data is automated to and from any ledger system, return software, or other data source. Guaranteed calculations and automatically generated, self-reconciling reports allows tax departments to spend time analyzing numbers rather than checking them.
Manage Risk
With the increased scrutiny placed on the tax department by auditors and oversight boards such as the SEC, tax data controls are more critical than ever. A large percentage of all material weaknesses discovered during SOX Section 404 audits were linked to the tax provision, according to the SEC. ONESOURCE Tax Provision's internal controls ensure SOX and Bill 198 process and technology compliance. ONESOURCE Tax Provision provides data lockdown, user access limits by entity, account, and time period, a comprehensive audit trail, and the ability to attach documentation directly to relevant accounts.
Minimize Manual Error
All ONESOURCE Tax Provision reports and calculations automatically tie out with one another, allowing for the elimination of broken formulas and variance reports.
Manage Effective Tax Rate
Our robust tax planning functionality and effective rate reporting allow for easy and transparent effective rate management.
Make Informed Decisions
ONESOURCE Tax Provision'
s extensive and customizable suite reports allow for easy access to and analysis of critical tax data, with drill down from high to low levels of detail.
Minimize Risk of Restatement
If the tax provision has to be restated due to tax accounting or data handling issues, the costs can be high. ONESOURCE Tax Provision helps to avoid this potential problem by reducing the potential for defect in the reporting process. Should the need for restatement arise, the cost of compliance will be reduced.
Optimize Data Collection
55% of recent public companies'
restatements were due to poor data collection.. ONESOURCE Tax Provision helps you design a tax process to optimize your data flow, including bridging to and from general ledgers, consolidation packages, and web-based remote data entry, improving both accuracy and efficiency.
Ease Your Audit Process
The ONESOURCE Tax Provision solution is not only user-friendly, but audit friendly. We provide the level of detail your auditors are looking for out-of-the-box, allowing for a less costly and time consuming audit. In addition, ONESOURCE Tax Provision provision workpapers provide an industry standard, having been audited hundreds of times by all major audit firms at. Many accounting firms license ONESOURCE Tax Provision themselves, so they are familiar with the reports and the audit control functions.
Earn Return on Investment
With time savings, guaranteed calculations, and real time, comprehensive reporting, corporate tax professionals are able to devote more of their time to finding ROI opportunities through tax planning and effective rate management.
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