Most companies have multiple processes and systems which must be consolidated for financial and tax reporting. The Tax department expends untold energy and time managing data collection from these multiple, disparate financial systems by entity, by account, and by date. Vertex Tax Data Warehouse changes all that.
Vertex Tax Data Warehouse is the first commercially available data warehouse built specifically for corporate tax.
This single repository of data allows a company to house, in one place, all relevant information needed to support its outstanding tax obligations and enable strategic planning. It includes tools to extract, transform, and load (ETL) financial statement data using pre-built connectors to ERP and financial reporting applications, as well as pre-built exports to major tax application vendors. This unique solution meets the challenges at the heart of tax data management.
Vertex Tax Data Warehouse consolidates, standardizes, and tax-sensitizes the data across the enterprise into a single web-based solution accessible worldwide. It brings multiple data sets together in a single tax data warehouse that feeds popular reporting packages like Cognos. For the first time, centralized data can be shared and leveraged across tax planning, provision, compliance, and audit defense.
And, because it's built on a unique open platform, the system will not only import data from multiple sources but also export data to multiple tax applications, regardless of vendor. This allows companies the flexibility to take a truly "best practice" approach to selecting tax management applications.
- Single, global, auditable and secure source of tax data and information
- Data import from multiple data sources and systems
- Multi-year data for improved tax planning and risk analysis
- Standardized data formats for improved reporting
- Aligned reporting for both Finance and Tax
- Web-based deployment for global enterprise access
- Greater accuracy of estimated income tax
- Reduced effort/time required to collect & validate data
- Increased visibility/control of processes
- Improved audit defense from easily accessible data and audit trails
- Reduced risk/exposure from data/process complexity and multiple data sources
- Advancement of Tax initiatives from process improvements
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