- Oracle (ORCL) announced a new finance cloud solution that helps companies, operating in multiple countries, meet complex taxation requirements and regulatory reporting standards imposed by each country. In our globalized economy, compliance with sophisticated tax and statutory laws around the world continues to be a constant challenge for finance professionals.
Oracle TRCS delivers an out-of-the-box cloud solution to help organizations automate their tax provision and country-by-country reporting (CbCR). TRCS enables seamless transparency between tax and finance to reduce risk and brings tax and finance functions together in a unified, secure, and scalable cloud platform. It also streamlines tax reporting processes, including data collection, workflow, data automation, and pre-built KPIs for audit flags.
"Tax reporting is a complicated process, especially for businesses operating in multiple countries, which needs automation to help keep up with the increasing demands," said Hari Sankar, group vice president of enterprise performance management (EPM) at Oracle. "Oracle TRCS enables organizations to transparently unify tax and finance data in the cloud, with pre-built best practice tax reporting, and provides a platform to significantly improve the broader tax function."
With a strong tax framework that includes workflow, dashboards, segregation of duties, and transparent calculations, Oracle TRCS allows tax departments to spend more time on analysis and planning instead of on data reconciliation, which can be a complex and time-consuming task in the ledger or stand-alone tax provision system. Oracle TRCS was built for the cloud with the business user in mind and introduces new capabilities and innovations built on best practices from Oracle's on-premises offering—Oracle Hyperion Tax Provision. By efficiently planning, reporting, and automating tax—with transparency and auditability, regardless of country of operation—TRCS also enhances CbCR, US GAAP, IFRS, and statutory tax reporting.
Additional features include:
Task management and calendaring framework that is configurable and integrated with finance systems; businesses can automate the whole tax calendar including tax filing dates, tax provision, and audit management tasksSupplemental data management tool that is configurable and provides a centralized repository for manual inputPre-built dashboards and reports that deliver simple self-service reportingConfigurable dashboards that provide analysis across total tax, including direct, sales & VAT, fixed assets, property tax, and moreOracle Smart View for Microsoft Office provides powerful ad hoc analysis for all tax reporting dataDirect data integration with source finance systems, including both cloud and on-premises applicationsOracle TRCS easily integrates with multiple Enterprise Resource Planning (ERP) systems, as well as Oracle Enterprise Performance Management (EPM) Cloud and on-premises offerings, and specifically enables the sharing of data, metadata, and processes with the finance function during the financial close cycle.
"Many companies have still managed their global tax reporting processes through Excel and struggle to make the step into applying technology," said Bart Janssen, Partner, Deloitte Tax Lawyers. "I am certain that with TRCS, the threshold for making that leap for many clients will become lower."
Oracle TRCS is available now for existing and new customers. Businesses can choose flexible deployment options to best fit their needs. For additional information, visit Oracle Cloud and connect with Oracle EPM Cloud on Twitter.