Along with our partner Taxvibes, we were invited to the first episode of Wolters Kluwer's new podcast series "Finance Innovation Insiders, Insider's Guide to Digital Transformation." This is part of a six-part series presented by CCH Tagetik, Wolters Kluwer's Enterprise Performance Management (EPM) software. These podcasts feature partners and customers of CCH Tagetik talking about how they are enabling their digital transformation. In this episode, we talk about perfecting Tax Provisioning at Van Lanschot Kempen.
Pressure due to increasing reporting requirements
Today, many multinationals face the challenge of complying with constantly increasing reporting requirements due to new rules and regulations. These additional requirements come on top of existing time-consuming activities such as tax provisioning. In recent years, there has been a shift toward greater transparency. Reporting requirements such as (public) Country-by-Country Reporting (CbCR), ESG (environmental, social and governance), the Global Reporting Initiative (GRI) and the Total Tax Contribution Framework put even more pressure on tax and finance teams.
Automate and simplify reporting processes
Currently, many multinationals still address these reporting requirements with elaborate Excel spreadsheets. Data is often collected from the finance department and manually transferred to these spreadsheets. This is a time-consuming and error-prone process that often has to be done within a limited time period, putting great pressure on tax teams. By using EPM solutions such as CCH Tagetik, these processes can be automated and simplified.
Perfecting Tax Provisioning at Van Lanschot Kempen
Van Lanschot Kempen wanted to take their tax processes to the next level. Before the changes, they mainly relied on Excel for their tax calculations. With Finext's setup of CCH Tagetik for consolidation, Van Lanschot Kempen already had a perfect platform to set up the tax provisioning module. The use of the Taxvibes tax provisioning template ensured a fast implementation that meets international reporting standards.
The result is an easier and faster way to perform the monthly tax provisioning process. With only one source of truth, the system provides more accurate calculations that are automated and therefore less prone to error. Because the system can access more data, additional reports can be created to inform stakeholders, preparing Van Lanschot Kempen for current and future reporting requirements.
Listen to the podcast
Listen to the podcast to learn more:
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