Streamline Your Month-End Tax Processes 

The Challenges of Month-End Tax Processes

Data Overload: Tax departments handle vast amounts of data from multiple sources. Consolidating this data into a single, coherent report can be time-consuming and prone to errors.

Manual Processing: Many tax departments still rely on manual processes to review and adjust tax accruals. This not only increases the risk of human error but also consumes significant time and resources.

Inconsistent Data Quality: Tax professionals often deal with inconsistent and incomplete data, which can lead to incorrect tax determinations and require extensive review and adjustments.

Compliance and Audit Preparation: Preparing for audits and ensuring compliance with tax regulations demands meticulous record-keeping and accurate reporting, adding another layer of complexity to the month-end process.

How TaxARC™ Transforms Month-End Processes

TaxARC™ addresses these challenges head-on with a suite of features designed to improve efficiency, accuracy, and visibility in tax processes. These features include:

Centralized Data Warehouse: TaxARC™ provides efficient access to data from multiple source systems through its centralized data warehouse. This allows tax professionals to analyze imported sales and purchasing data, identify trends, and generate KPIs using standard and custom dashboards. The end-to-end repository ensures robust audit support without relying on the IT team.

Automated Accrual Analysis: With TaxARC™, the review of purchasing data becomes significantly more efficient. The solution’s user-friendly interface facilitates automated tax accrual calculation, review, and adjustment, reducing the need for manual intervention. OCR capabilities further enhance efficiency by supplementing tax-relevant details from AP invoices.

Flexibility and Scalability: TaxARC™ is designed to be flexible and scalable, accommodating the unique tax complexities and ad-hoc changes that businesses face. Whether a company operates with or without a tax engine, TaxARC™ can serve as either the primary determinant of use tax or as a safety net for reviewing and adjusting transactions.

Enhanced Use Tax Review: TaxARC™ minimizes manual intervention and data manipulation by utilizing auto-processing rules. This improves accuracy and reduces staff review time for month-end accrual analysis. The solution also provides visibility into instances where vendors charge tax in error, allowing for easy accrual and reverse accrual of use tax.

Custom Reporting: Customizable and auto-generated month-end summary and detailed reports are a key feature of TaxARC™. These reports facilitate the analysis and reporting of KPIs and other relevant historical data and trends, supporting both audit preparation and ad-hoc reporting needs.

Month-end Efficiency with TaxARC™

The month-end process for tax departments doesn’t have to be a source of stress and inefficiency. With TaxARC™, tax professionals can transform their approach to tax accruals and reporting, leveraging automation and advanced analytics to streamline processes, improve accuracy, and save time. By addressing the common challenges faced by tax departments, TaxARC™ empowers tax professionals to stay agile and ahead of the curve in a constantly evolving tax landscape.