The world of Performance Management solutions is evolving rapidly. New software players are emerging. And the well-known vendors are coming up with new solutions. So at Finext, we are constantly evaluating the possibilities and our portfolio. What do these new solutions offer? And how do they prove themselves in practice? In the Catch Up series, we put them to the test. This edition, we update you on Oracle Tax Reporting Cloud Services.
Oracle Tax Reporting Cloud Services in one sentence
This new cloud solution helps you automate tax processes.
The top three features of Oracle Tax Reporting Cloud Services
Any Performance Management solution helps you gain greater insight, for example, into the organization's numbers and performance. Oracle Tax Reporting Cloud Services obviously does, too. But what is really special about this solution?
1. Automating tax rules.
Through this relatively new tool, you can take a big step in automating your organization's tax processes in one fell swoop. For example, you can set up the system to automatically book temporary and permanent differences, which saves time. By the way, this applies mainly to the differences you already know in advance; there will always remain some things that need to be adjusted manually.
2. Country-by-Country Reporting (CbCR).
All multinationals with annual sales exceeding EUR 750 million must comply with Country-by-Country Reporting (CbCR). We see in practice that meeting these requirements is still an intensive process for many organizations. TRC makes this easier; you can get an overview directly from the system. You also get instant analysis in dashboards around your Country-by-Country Reporting.
3. Interaction with Oracle FCC
Because of the strong integration with Oracle FCC, you can easily use the financial figures from FCS in your tax reports. Conversely, you can also use the results from TRC in FCC. While this feature is only of interest to organizations that also use Oracle FCC, it then also provides additional benefit to your FCC implementation.
To what type of organization does Oracle TRC fit?
In our view, Oracle TRSC is a particularly good fit for organizations where tax processes are complex. We think for example of international organizations, which have to deal with many international tax requirements and Country-by-Country Reporting.
In addition, this cloud solution fits well with organizations that already use Oracle FCC or plan to implement it in the near future. The integration between the two applications can then deliver a lot in terms of time savings and reliability. In principle, TRC can also be deployed separately, but we expect this to be less common.
TRC is suitable for organizations that do not want to be dependent on the IT department. This solution is completely in the cloud and is easy to manage. You can make great use of out-of-the-box functionalities, without scripting.
Who is Oracle Tax Reporting Cloud Services of interest to?
This tax solution is particularly interesting for the people within your organization who have a lot to do with tax reporting. We think of the corporate tax professionals, who are responsible for company-wide external reporting. To do this, they need to receive data from local users. Implementing the tool streamlines this process; instead of sending separate Excel sheets, the local users can now supply the data directly in the tool. This saves an enormous amount of manual work, mail traffic and version control.
An advantage for local users is that it also allows them to make local tax reporting. The main benefit for local users, however, is that it facilitates reporting to corporate.
Fine functionalities
Some of the functionalities of this cloud solution are so enjoyable that we would like to highlight them:
- It is a multi-user tool, allowing you to collaborate smoothly and efficiently on the same tax reporting.
- The dashboards are easy to use and make it simple to do your own analysis.
- Best practices for tax provision and CbCR, for example, with predefined KPIs and workflows.
- TRC has the same "look and feel" as the other Oracle cloud products. For users, this is pleasant; they quickly feel at home within this complementary application.
- All features of the Oracle reporting tools, such as Oracle Reporting and SmartView, are available by default.
Implementation and management
Much comes out of the box by default at all, so the tool does not require much IT knowledge. As a result, implementation is often fairly quick.
Management also requires little support from IT; functional management can mostly be done by the users themselves, and Oracle releases regular updates via the cloud.
In the cloud
The name says it all: TRC is completely cloudbased. It is part of a larger cloud platform in which Oracle uses the same engine for planning, consolidation, reporting, tax and analytics.
It also offers the benefits of a cloud solution; for example, you shift costs from OpEx to CapEx. The licenses are scalable, per month you can add and remove users.
The future
Oracle has clearly put its focus on the cloud, with solutions like FCC, PBC and now TRC. As such, we expect new features to be added regularly.
