The OneStream Tax Provision Starter Kit aligns tax provision with financial consolidation and reporting. As a pre-built solution, it accelerates time to value and eliminates spreadsheets and disconnected point solutions from the tax provisioning process. This approach offers several benefits for tax departments:
- Reduce Risk – Automate and streamline tax data collection and validation, and ensure consistency in tax calculations
- Report Transparently – Report consolidated and statutory ETR with full drill-down into supporting details, and generate footnotes and management reporting
- Increase Efficiency – Synchronize data and minimize reconciliation, automate reporting and export data to tax compliance systems
OneStream Tax Provision Starter Kit
Tangible Benefits Delivered
Implementing the XF Marketplace’s Tax Provision Starter Kit has brought tangible benefits to OneStream customers – adding significant ROI to their OneStream investment.
Guardian Industries, a $4B diversified global manufacturing company operating in 25 countries, has automated their worldwide tax provisioning process, which consisted of 75 Excel-based files, and is now moving from an annual to monthly provisioning process. Tax managers save a drastic amount time from data collection and allocate the time savings back into critical reviews and analysis of tax data, ensuring maximum accuracy for the tax provision.
Victaulic, the world’s leading producer of mechanical pipe joining solutions, with 3,600 employees at over 40 locations and 19 global entities previously used spreadsheets to manage tax provisioning, which was taking a week to complete at year-end. Victaulic chose to leverage its investment in OneStream and extend its use of the platform for its total tax provision requirements. Upon phase 1 completion, Victaulic automated 86% of their processes across the globe – adding a consistent, standard and controllable business process with maximum transparency to support each legal entity.
To learn more about the challenges of tax provisioning and how tax leaders are innovating with purpose-built software solutions, download our Whitepaper: How to Reduce Risk, Improve Transparency and Increase Efficiency in Tax Provisioning.
Re-posted with permission from Source