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Vertex Tax Accounting

Automated data management and global provision

Vertex Tax Accounting was designed with global complexity in mind, to improve control of processes, reduce the risk of accounting error, facilitate better overall reporting, and enable advanced tax planning strategies.

You can automate complex data acquisition, systematically convert financial data into tax data, and maintain a fully auditable history of the tax-sensitized trial balance content. The system computes a quarterly and year-end global income tax provision for each legal entity by jurisdiction, by accounting standard, and by currency. And automatically generates the required journal entries. It even allows for the import of tax journal entries back into your data sources. All from a user-friendly cloud-based solution.

This data-centric solution enables your business to leverage a single source of tax-sensitized data not only for provision but for downstream tax processes including compliance, audit defense, and planning.

Benefits

  • Streamlined, automated data processes to reduce errors and mitigate risk
    • Collect and consolidate data from multiple sources in the exact structure of each source system, then creates a consolidated tax-sensitized view of all data.
    • Vendor-approved connections directly into your ERP systems, and direct connection to any Excel-based sources.
    • SAP-certified two-way data connector to SAP Business Planning and Consolidation (BPC).
    • Create standardized formats and terminology for all data regardless of source.
    • Set up once, then automate data collection and transformation from one period to the next in the same way.
  • Improved visibility with drill-down capabilities back to source-level detail
    • Single system view of multi-ledger, multi-GAAP, multi-currency, and multi-year data.
    • Drilldown visibility to original transaction-level details without going back to the source system.
    • Easily drill from the legal entity data back to the business unit level as it appeared in the ERP source system. Or drill from the entity level back to the locality level.
    • Each piece of data is captured and isolated in the system, then related to other elements so users can report on items individually or collectively.
  • Powerful, automated, global provision calculation in a single system
    • Automatically calculate quarterly and year-end global income tax provision for each legal entity by jurisdiction, by accounting standard, and by currency.
    • Industry-specific reporting, country-specific reporting, statutory reporting, and parent company global reporting – including their varying standards – can exist simultaneously in the system.
    • Eliminates the need to keep in-country statutory reporting offline from your global provision application.
  • Streamlined data movement, reconciliation, and adjustments throughout the tax lifecycle
    • Every piece of data, every calculation, every result is stored and available to users through tools like Excel Add-Ins.
    • Pre-built connectors to major compliance vendor applications to ensure smooth return-to-provision reconciliation.
    • Prior-Year Adjustments beyond RTP/RTA.
    • Fully configurable journal entries & tax accounting reconciliations.
    • Financial close footnote support.
  • Improved audit performance
    • Quick turnaround of reports after late entries and changes.
    • Standard and custom reports to meet auditors’ needs.
    • Read-only access to the system for auditors.
    • In-country statutory, operational/management, industry and global-parent statutory reporting.
  • Sophisticated modelling, tax planning, and reporting
    • Evaluate the ETR impact of tax strategies by modeling various legal entity structures or transaction-related scenarios.
    • “What-if” calculations to gauge the tax effect of various strategies. The solution provides both the data engine to capture the required level of detail, and the tools to predict the tax impact.
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