Oracle has announced the introduction of Oracle Hyperion Tax Provision to help customers achieve stronger internal controls and improve transparency between book and tax data.
Oracle Hyperion Tax Provision allows customers to collect, calculate and report on the consolidated tax provision and closely align tax with financial reporting. Built on the Hyperion Financial Close Suite, Oracle Hyperion Tax Provision is a web-based tax application that addresses the full scope of the global tax provision process. Oracle Hyperion Tax Provision replaces the manual methods used by organizations with an automated and standardized process that increases efficiency. It also integrates with tax compliance software and improves the overall compliance process by providing a streamlined book-to-tax process, the company said.
Oracle Hyperion Tax Provision helps Oracle, and its partners, in delivering a solution that helps address the needs of both tax and finance executives. Oracle Hyperion Tax Provision is available in North America and the UK.
Integration of the tax provision with the financial process helps ensure that tax and finance data reconcile at all times, and eliminates the need for redundant maintenance of data and metadata. This allows tax to always work with the latest financial data. Tax can spend less time on data and more time on analysis, the company added.
Tax can realize the efficiencies of being closely integrated with the financial close process, but both finance and tax still retain the autonomy that is necessary to meet their individual reporting needs. The corporate tax department is empowered with the same reporting tools as used by finance. This allows for easy drill-down and variance reporting (e.g. actual vs. history, actual vs. forecast). It also leads to economies in training and on-boarding new users. This includes both Oracle Hyperion Financial Reporting and Oracle Hyperion Smart View for Office (Microsoft Office Add-in), the company reported.
According to the company, regional controllers that submit data to both corporate finance and corporate tax during the financial close can work from the same interface - instead of switching between two different solutions. This results in a stronger control environment enabling regional controllers to perform efficiently - instead of reconciling data between two separate systems. Finance has better transparency between book and tax data - especially for tax journal entry, disclosures and key metrics such as effective tax rate.
"Today's globalized economy requires more agility and transparency in financial reporting," said Hari Sankar, vice president of product management at Oracle. "Tax provisioning is a key step in the financial close process, yet in most corporations tax and financial reporting are not well integrated. With Oracle Hyperion Tax Provision, customers can use their investments in Oracle Hyperion Financial Management to collect, calculate and report on the global consolidated tax provision, and integrate it with their financial reporting."