Laura Fernandez, SAP consultant at Finext, talks about the latest team effort in developing a new tax provisioning model and Pillar 2 implementation in SAP Analytics Cloud.
SAP has a preferred solution for tax return processes, namely SAP Profitability and Performance Management (PaPM). However, Laura's team, including herself, Ineke de Vrij and Jeroen Zeeuw, has been working on a model for handling tax provisioning, tax forecasting and pillar two (II) within SAP Analytics Cloud.
"There are many reasons why organizations want to handle tax processes within SAP Analytics Cloud
"There are many reasons why organizations want to handle tax processes within SAP Analytics Cloud. For example, if you switch from Excel, you can connect directly to source data and import those values automatically. In quite a few cases, the outcome of the process also needs to be exported to consolidation systems. Something that can be automated with Analytics Cloud. Moreover, multiple people can work on it at the same time."
SAP Analytics Cloud or PaPM?
There are also some scenarios in which Analytics Cloud may be preferable to PaPM.
"PaPM is SAP's preferred load solution, but if you already use Analytics Cloud for planning, it may be worth exploring the option. PaPM may be the better functional solution, but Analytics Cloud could be much more affordable if the licenses are already in place to facilitate other planning or reporting requirements."
That required a lot of technical expertise and input. Finext's team included Laura, Ineke de Vrij and Jeroen Zeeuw, who provided the financial-technical expertise. For the tax expertise and automated templates, however, we relied on our sister company Taxvibes.
"To build the model, we had to take into account many calculations, structures and processes."
"To build the model, we had to take into account many calculations, structures and processes. Our model is based on data actions and account calculations to move data input between tabs. The goal is to minimize user input to ensure an efficient process with high quality output. The result is that we now have a good basic template for tax processes in SAP Analytics Cloud. That's sort of a middle ground between Excel and PAPM, which provides a good solution if you want the integration, security, quality and efficiency of the cloud, but don't yet have the budget or business support for PAPM."
If you would like to learn more about SAP Analytics Cloud, our tax templates or performance management technology in your organization, please contact us or our partner Taxvibes. Finext will be happy to assist you further.
