Oracle provides a variety of solutions to support the tax function within organizations. For each tax process and situation Oracle has a solution. Some examples include:
- Oracle Tax Reporting Cloud Services (TRCS)
- Oracle Profitability and Cost Management Cloud
- Oracle Planning and Budgeting Cloud
- Oracle Enterprise Performance Reporting Cloud
- Oracle Analytics Cloud
Oracle Tax Reporting Cloud Services
Oracle Tax Reporting Cloud Services (TRCS) is a purpose-built cloud solution available in the Oracle Fusion Cloud EPM. The software is capable of vastly simplifying tax processes allowing tax teams to spend time on analysis rather than data reconciliation. TRCS allows for a wide variety of activities like tax provisioning, Country-by-Country Reporting (CbCR) and other reporting and tax data collection activities.
TRCS is suitable for companies reporting under IFRS and/or US GAAP. It is the continuation of Hyperion Tax Provision (HTP). The software enables easy collaboration throughout organizations allowing for a more efficient tax process. Integration with Oracle Financial Consolidation and Close Cloud Services (FCCS) streamlines the process even more. This gives more insight for tax into financial data, while the tax data is immediately available for financial reporting.
- Improved efficiency through data integration with ERP and EPM systems
- Workflow and task management
- Transparency and auditability down to source data
The advantages of using a tax reporting solution
Using the right tax reporting solution can greatly increase effectiveness of the tax process within an organization by:
- A more structured approach
- Less manual activities
- No more separate Excel sheets
- Version control
- Higher data quality (one source of data)
- An auditable process
The advantages of Oracle TRCS
Some key advantages of TRCS include:
- Detailed provisioning: TRCS calculates the tax provision on an entity basis, consolidates all the way up and generates the necessary journal entries.
- Automation: TRCS has advanced automation functionality making the tax process easier and less error prone. Think of things like automated temporary and permanent differences or filing CbCR reports. Source data can be used directly from FCCS or other source systems.
- Cloud solution: Because TRCS is a cloud solution there is no capital infrastructure investments and it gives easy access to users regardless of location or network.
- Workflow: The workflow engine increases internal control over the data collection process and gives users an overview of the status of tasks and responsibilities.
- CbCR: The solution includes an out-of-the-box Country-by-Country template which meets OECD requirements and analysis tools
- Reporting: Built-in reports and dashboards supports the analysis of tax data and the generation of tax disclosures. Standard Oracle reporting tools, like Hyperion Financial Reporting can be used for reporting in webpages, PDF and Smart View.