Oracle Tax Reporting Cloud (OTRC)
Taxation Reporting in the Cloud delivers is the seventh EPM module available in the cloud, based on the highly successful on-premises tax solution, but completely re-engineered for the cloud.
With a framework to enable organizations to improve their tax processes while complying with all the latest global regulations.
Multinational organizations are in the cross-hairs of the national tax bodies of the countries in which they operate. The financial pressures on governments globally has made them look at increasing tax revenues, especially from multinational companies that earn significant revenues, but pay small amounts of local corporate tax.
This has led to national tax regulation changes in many countries, with many flavours, which means organiztions need to plan and manage their tax affairs very differently than they have to-date.
Tax departments have traditionally underinvested in IT systems, relying on spreadsheets and manual processes to get the job done. There is now significant urgency for them to find the right software solution to help deliver on regulatory requirements accurately and transparently while also increasing governance and reducing risk.
Oracle Tax Reporting Cloud (OTRC) connects the processes, such as financial planning, the financial close, and regulatory reporting OTRC Enables organizations to calculate and report on and approve different taxes at national and regional levels using financial data to meet accounting standards.
Also Oracle Tax Reporting Cloud (OTRC) allows you to calculate the effective tax rate and cash tax for entities within journals, prepare accounting journals and accompanying financial statements disclosures, perform tax planning and analyze base erosion and profit shifting potential including country by country reporting.
The solution delivers:
- Best Practice Tax Reporting Out-of-the-Box
The out of box logic, provision packages, workflow and analysis dashboards, let you source, calculate, manage and approve your tax provision and prepare country by country reporting (CbCR).
- Tax Process Improvement Framework
A configurable framework of essentials is included, with task management and calendaring. Importantly, they are integrated with finance systems to ensure alignment between tax and finance.
Good reporting is the final piece in any improvement framework to ensure participants correctly report the numbers, and can analyze those numbers and process statistics to understand where and how improvements can be made. To achieve this, pre-built but user configurable dashboards and reports are essential.
Transparency between Tax and Finance
Integration with Close Manager, lets you define tax templates, and tax compliance deadlines; to streamline your tax close and other departmental activities, fostering transparency and eliminating bottlenecks.
Enabling the Tax Function of the Future
Oracle EPM Cloud with Oracle Tax Reporting Cloud (OTRC) provides an integrated solution for an efficient tax function. It enables organizations to calculate and report tax in a timely and accurate manner and provides a level of governance, visibility, and transparency that enables management to be confident in the numbers they report to regulators and stakeholders.