CbCR filing requirements for MNCs have introduced data management complexities and challenges that Excel spreadsheets cannot meet. They lack the necessary access controls, version control, and data history functions that are essential to the data management process for country-by-country reporting.
Vertex Country-by-Country Reporting provides control and access to the detail data giving the tax department the ability to not only comply with CbCR requirements but ensure a reliable audit trail and even perform planning and analytics.
- Process the data early and often to spot errors at the source and make corrections in advance of the filing deadline;
- Drill to the lowest level of detail (journal entry or lower) for valuable insight into the final results;
- Access multiple years of data with full audit trail;
- Process multiple scenarios and view the outcomes in the CbCR format for strategic planning; and
- Reconcile to other tax and financial sources of data as a best practice prior to filing the CbC Report (Examples include local tax returns, SEC filings, US form 5471, etc.).
Download the brochure below to learn how Vertex can streamline CbCR data management.
Are You Prepared for CbCR?
Submit the form to read the article “Preparing for CbCR – Are You Ready?” to learn the four questions MNCs should consider as they prepare for the new CbC Reporting and the financial reconciliation challenges this new reporting will create.