OneStream MarketPlace Solutions: Tax Provision
OneStream is a powerful financial platform to help any business streamline their consolidation, planning, reporting,
data quality, and financial signaling. To further expand on these areas the
OneStream MarketPlace Solutions were developed.
The OneStream MarketPlace has more than 50 pre-configured solutions to help including productivity solutions, planning and analysis
solutions, and financial close solutions.
Corporate taxes are a huge liability for any company and require processing of high volumes of data to appropriately account
for your correct tax liability. A tax provision is the projection of a company's future tax liability. Tax teams are many times
separate from the financial planning and reporting teams due to the complexity of the tax calculations. Many financial planning
decisions can be impacted by tax estimates, deferred taxes, and changes in tax laws.
The OneStream MarketPlace Tax Provision Solution works alongside your financial planning and reporting. The Tax Provision solution
is a pre-built tax cube that adds to your OneStream application. With direct access to the financial reporting data, it automates
the collection of tax data in one location for consistency between tax calculations and actual reported numbers. The solution
reduces the time needed to reconcile the data to have higher confidence in the financial reports. Drill down in the financial
statements to the granular detail used in the Tax Provision solution calculations.
The Tax Provision cube includes standardized data collection forms for end-users to input supplemental data used for tax calculations.
With the separate cube, a company can utilize alternate entity hierarchies needed to follow legal tax entity structures used in
tax reporting. While the data can flow seamlessly from the Tax Provision cube to the financial reporting cubes. Tax-specific
scenarios, accounts, jurisdictions, or other dimensions needed for tax calculations can be designed for use in the solution.
The Tax Provision solution has access to standard tax data to be used in pre-built calculations and create estimates. The data
from the cube can be exported to tax compliance systems and imported from the tax compliance systems back to the cube.
With the Tax Provision solution, your company can streamline tax calculations for your current and future tax liabilities. Have
access to and align the data between the tax cube and your reported financial statements. Reduce the time needed to reconcile
and consolidate the different entity structures needed for tax and reporting by having all your data in the unified OneStream application.
Contact MindStream Analytics
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