REDWOOD SHORES, Calif., Feb. 14,
2017 /PRNewswire/ -- Oracle today announced a new
finance cloud solution that helps companies, operating in multiple
countries, meet complex taxation requirements and regulatory
reporting standards imposed by each country. In our globalized
economy, compliance with sophisticated tax and statutory laws
around the world continues to be a constant challenge for finance
professionals. Now these professionals can rely on Oracle Tax
Reporting Cloud Service (TRCS), which streamlines tax reporting
processes and manages complexity to ultimately enable compliance
with new and existing tax regulations.
Oracle TRCS delivers an out-of-the-box cloud solution to help
organizations automate their tax provision and country-by-country
reporting (CbCR). TRCS enables seamless transparency between tax
and finance to reduce risk and brings tax and finance functions
together in a unified, secure, and scalable cloud platform. It also
streamlines tax reporting processes, including data collection,
workflow, data automation, and pre-built KPIs for audit flags.
"Tax reporting is a complicated process, especially for
businesses operating in multiple countries, which needs automation
to help keep up with the increasing demands," said Hari Sankar, group vice president of enterprise
performance management (EPM) at Oracle. "Oracle TRCS enables
organizations to transparently unify tax and finance data in the
cloud, with pre-built best practice tax reporting, and provides a
platform to significantly improve the broader tax function."
With a strong tax framework that includes workflow, dashboards,
segregation of duties, and transparent calculations, Oracle TRCS
allows tax departments to spend more time on analysis and planning
instead of on data reconciliation, which can be a complex and
time-consuming task in the ledger or stand-alone tax provision
system. Oracle TRCS was built for the cloud with the business user
in mind and introduces new capabilities and innovations built on
best practices from Oracle's on-premises offering—Oracle Hyperion
Tax Provision. By efficiently planning, reporting, and automating
tax—with transparency and auditability, regardless of country of
operation—TRCS also enhances CbCR, US GAAP, IFRS, and statutory tax
reporting.
Additional features include:
- Task management and calendaring framework that is
configurable and integrated with finance systems; businesses can
automate the whole tax calendar including tax filing dates, tax
provision, and audit management tasks
- Supplemental data management tool that is configurable
and provides a centralized repository for manual input
- Pre-built dashboards and reports that deliver simple
self-service reporting
- Configurable dashboards that provide analysis across
total tax, including direct, sales & VAT, fixed assets,
property tax, and more
- Oracle Smart View for Microsoft Office provides powerful
ad hoc analysis for all tax reporting data
- Direct data integration with source finance systems,
including both cloud and on-premises applications
Oracle TRCS easily integrates with multiple Enterprise Resource
Planning (ERP) systems, as well as Oracle Enterprise Performance
Management (EPM) Cloud and on-premises offerings, and specifically
enables the sharing of data, metadata, and processes with the
finance function during the financial close cycle.
"Many companies have still managed their global tax reporting
processes through Excel and struggle to make the step into applying
technology," said Bart Janssen,
Partner, Deloitte Tax Lawyers. "I am certain that with TRCS, the
threshold for making that leap for many clients will become
lower."
Oracle TRCS is available now for existing and new customers.
Businesses can choose flexible deployment options to best fit their
needs. For additional information, visit Oracle Cloud and connect
with Oracle EPM Cloud on Twitter.
About Oracle
Oracle offers a comprehensive and fully
integrated stack of cloud applications and platform services. For
more information about Oracle (NYSE:ORCL), visit oracle.com.
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general product direction. It is intended for information purposes
only, and may not be incorporated into any contract. It is not a
commitment to deliver any material, code, or functionality, and
should not be relied upon in making purchasing decisions. The
development, release, and timing of any features or functionality
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Oracle Corporation.
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SOURCE Oracle