5 reasons to automate your tax provision process

Infographic transcript

1. Faster financial closing

   Tax provision technology streamlines and automates various tasks, improves accuracy, and enhances collaboration. These factors contribute to faster book-closing processes that enable organisations to meet reporting deadlines and make informed financial decisions more efficiently.

2. Accurate and audit-resistant calculations

   By using tax provision technology, companies can rely on accurate calculations based on up-to-date rules and regulations. The automation and validation features reduce the risk of errors, while audit trail, documentation, and reporting capabilities provide a strong defense during audits.

3. Easier data consolidation

   Tax provision technology automates data extraction, integration, validation, and calculation of tax provisions. This aggregation enables real-time collaboration, making the process more efficient and reliable.

4. Ability to run scenarios with real-time impact

   Tax provision technology can help corporate departments assess the real impact of different scenarios on business performance. This insight enables companies to make informed decisions, optimise their tax positions, and develop effective planning strategies.

5. Ability to report across the company with speed and accuracy

   Using tax provision technology, tax departments can expedite the tax provision process to close faster and file earlier. This capability lets them provide insights for decision-making and maintain compliance with regulatory requirements.

To learn more about automating tax provisions, download the full report.