Powerful OneStream Tax Provision for Accurate Close
OneStream Tax Provision helps tax and finance teams automate provision calculations, improve data control, and complete an accurate tax close with greater confidence.
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.
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How OneStream Tax Provision improves tax close
The tax provision solution connects tax calculations with governed financial data inside the unified OneStream platform. Teams can reduce manual data movement, spreadsheet risk, and time spent reconciling tax inputs with consolidated results.
With OneStream Tax Provision, organizations can standardize workflows, calculations, reviews, and supporting documentation across entities and reporting periods. Clear ownership and transparent status help managers identify exceptions early and keep the process moving.
OneStream Tax Provision also supports stronger auditability through consistent logic, controlled adjustments, and traceable source information. MindStream aligns the solution with your tax requirements, close calendar, governance model, and broader finance architecture.
Explore MindStream services for financial consolidation and close, OneStream implementation, data integration, financial reporting, and managed OneStream services. For official solution information, visit OneStream MarketPlace.
Documented processes and reusable templates support consistent execution, simplify reviews, and help teams adapt efficiently when organizational structures or reporting requirements change.