Like many in finance and accounting, tax departments have historically relied on spreadsheets for tax data collection, provisioning and reporting. With Tax accounting still a leading cause for financial restatements and material weaknesses, a purpose-built tax provisioning application can materially decrease accounting close cycles while delivering increased accuracy and transparency.
This white paper highlights:
- The problems caused by using spreadsheets for tax provisioning
- The advantages provided by aligning financial reporting and tax provisioning