New capabilities in Oracle Fusion Cloud EPM
and Deloitte's Pillar Two implementation services help finance
leaders navigate new tax complexities and regulations
AUSTIN,
Texas, Jan. 10, 2024 /PRNewswire/ -- Oracle is
introducing new capabilities to Oracle Fusion Cloud Enterprise
Performance Management (EPM) that, when paired with Deloitte's
implementation services, can help multinational organizations as
they manage upcoming Organization for Economic Co-operation and
Development (OECD) Pillar Two tax requirements. The
combination of both offerings can help finance leaders simplify
complex tax processes and reporting and achieve better alignment
between finance, sales, and taxation through end-to-end process
automation.
The OECD's Pillar Two requirements represent the largest change
to global corporate taxation in decades. The new rules effectively
create a global minimum tax rate of 15 percent and significantly
impact financial processes and operating structures for large
multinational organizations. With Deloitte's Tax Technology
Consulting existing Oracle implementation service team, companies
can enhance tax reporting with the Pillar Two solution in Oracle
Cloud EPM. This complementary pairing can help organizations
collaborate across tax, finance, and other operational areas;
collect and manage data from various source systems, including the
general ledger, subledgers, and more; and better model future
impacts of the new requirements.
"International tax compliance is incredibly complex. To
efficiently address the new Pillar Two requirements, organizations
need to rapidly connect and analyze increasing amounts of data,"
said René van Gassen, director, Tax Technology Consulting (TTC) at
Deloitte Netherlands. "Our implementation skills along with
Oracle's solutions can enable finance leaders to effectively
leverage Oracle's technology to unite tax and finance processes and
efficiently manage compliance."
The new capabilities in Oracle Cloud EPM can help finance teams
streamline complex tax processes. These capabilities include:
- Pillar Two data collection and management: Help tax
teams automatically collect data from various business systems,
including finance, HR, and sales systems, and format the data to
align with Pillar Two data model requirements. This provides a
strong audit trail and allows teams to spend less time collecting
and harmonizing data.
- Pillar Two Task Manager: Streamlines coordination and
collaboration across the entire financial close process, minimizing
delays to the close. The easy-to-deploy Task Manager enables users
to assign and monitor tasks from a central dashboard and provides a
simple step-by-step process to guide them through their Pillar Two
responsibilities. This helps teams ensure that the Pillar Two
process runs as seamlessly as possible.
- Pillar Two tax forecasting and modeling: Provides
teams with the ability to forecast and model tax scenarios in
Oracle Cloud EPM. This helps predict future impacts of the new OECD
requirements so organizations can better prepare for the new global
minimum tax.
"As multinational organizations plan for the impact of the new
Pillar Two global minimum tax regulations, technology is going to
play a key role in helping enable accurate and efficient
compliance," said Hari Sankar, group
vice president, Product Management at Oracle. "Pillar Two in Oracle
Cloud EPM has best practices and advanced modeling capabilities
built-in to enable customers to centralize controls, improve tax
visibility, and adapt their tax strategies."
"To prepare for Pillar Two reporting requirements, companies
need a solution that connects and analyzes enterprise-wide
data," said Allison Matthews, Partner, Tax Technology
Consulting (TTC) at Deloitte Tax LLP. "The combination of
Deloitte's implementation services and Oracle's enterprise
performance management technology is instrumental to be
prepared for these global changes."
Part of Oracle Fusion Cloud Enterprise Resource Planning (ERP),
Oracle Cloud EPM offers a comprehensive set of enterprise
performance management capabilities to align financial and
operational planning, close the books faster, and manage enterprise
master data.
Learn more about Oracle Cloud EPM at Oracle.com and explore
Deloitte's tax technology services at Deloitte.com.
About Oracle
Oracle offers integrated suites of
applications plus secure, autonomous infrastructure in the Oracle
Cloud. For more information about Oracle (NYSE: ORCL), please
visit us at oracle.com
About Deloitte
Deloitte refers to one or more of
Deloitte Touche Tohmatsu Limited (DTTL), its global network of
member firms, and their related entities (collectively, the
"Deloitte organization"). DTTL ( also referred to as "Deloitte
Global") and each of its member firms and related entities are
legally separate and independent entities, which cannot obligate or
bind each other in respect of third parties. DTTL and each DTTL
member firm and related entity is liable only for its own acts and
omissions, and not those of each other. DTTL does not provide
services to clients. Please see www.deloitte.com/about to learn
more.
Deloitte provides industry-leading audit and assurance, tax and
legal, consulting, financial advisory, and risk advisory services
to nearly 90% of the Fortune Global 500® and thousands of private
companies. Our people deliver measurable and lasting results that
help reinforce public trust in capital markets, enable clients to
transform and thrive, and lead the way toward a stronger economy, a
more equitable society, and a sustainable world. Building on its
175-plus year history, Deloitte spans more than 150 countries and
territories. Learn how Deloitte's more than 450,000 people
worldwide make an impact that matters at www.deloitte.com
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SOURCE Oracle