Tax Provisioning

Does this sound familiar? You close out the fiscal period, do your consolidations and intercompany eliminations, make your top-side journal entries, and generate your financial statements. Then a week later, someone in the tax group does all computed tax calculations in Excel and loads them back in to the GL via journal entry. There are several problems with this method: the processes are disconnected, it involves an external manual process (Excel) to make it work, and there is no audit trail. With OneStream Tax Provisioning, customers can now compute tax amounts utilizing the same platform used for Consolidations. Spaulding Ridge has Tax Provisioning experts who can help you take advantage of OneStream’s capabilities, including:

  • Leverage the same trial balance load for tax provisioning as for financial reporting
  • Automate load of required book trial balance data into the tax accounts
  • Collect supplemental data through standardized data entry forms
  • Apply standard repeatable tax provision calculations that can be extended to suit your company’s needs
  • Perform consolidation and translation automatically & consistently
  • Data alignment, transparency (drill-down), and validation reduces reconciliation requirements
  • Configurable input forms for tax rates, payments, and refunds, tax attribute detail, return to provision, current provision, deferred tax roll-forward, and tax account reconciliation
  • Leverage ability to create custom confirmation rules and workflow certification
  • Data exportable to tax compliance systems and importable from tax compliance to facilitate the return to provision true-up
  • Generate current tax expense, deferred tax expense, and deferred tax assets and liabilities
  • Configurable reporting that enables footnote disclosure reports required under ASC 740
  • Perform tax account reconciliation, report on consolidated and statutory ETR
  • Generate supporting management reports and footnotes
  • OneStream XF platform provides drill-down capability from report through to initial data load or input

Contact us to find out how we can help you automate and improve your Tax Provisioning process with OneStream Software.

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