Oracle EPM Tax Reporting
What is EPM?
EPM stands for Enterprise Performance Management, it is a business process and software that helps an organization to Plan, Analise and Report their performance.
Tax Reporting
Tax reporting means collecting and showing our financial information to our government for paying our taxes. It includes providing our income details, expense details, source of income and so on. We need to pay the correct tax amount at the correct time is the goal.
Tax Reporting in Oracle EPM
Oracle EPM cloud platform provides a tool that helps to collect our financial details, automate the tax calculation process and this one tool provides end to end solution for our tax related financial solutions. Oracle EPM provides a full range of financial planning, budgeting, and reporting tools.
Features of Oracle EPM Tax Reporting
- Tax Automation
- Tax Data Collection
- Tax and Accounting Calculation
- Reporting and Analysis
Tax Automation
By automating the Tax process, we have several advantages. Some of those are listed below.
- Accuracy in tax reporting
- Simplify the tax-related procedures
- Reduce manual error
- Maintain Consistency
- Maintain Accuracy
Tax Data Collection
Collecting and combining the necessary financial and operational data for tax reporting is known as tax data collection. We can get those details from various ERP System, Cloud Services and various Databases. By automating the Data collection, we can reduce the errors, easy filing is also possible and, we can be able to get accurate data.
Tax and Accounting Calculation
Oracle EPM provides pre-established tax formula and calculation. It can be worked on based on the recent tax laws provided by the government. We can be able to change the calculations as per our tax law standards. As a result, businesses may save time, increase accuracy, and produce trustworthy financial statements by utilizing.
Reporting and Analyzing
Oracle EPM provides some pre-build tax related reporting and templates. We can be able to create custom reports and templates as per our needs and then we can easily analyze tax data, undertake variance analysis, and get insight into tax positions thanks to Oracle Cloud EPM’s reporting and analysis functionalities.
Benefits of Tax Reporting in Oracle Cloud EPM
- Enhanced Efficiency – Minimize the human work by focusing the tax team can concentrate on some other activities that create value.
- Improved Accuracy – We can provide accurate results, avoid human errors.
- Real-Time Visibility – Real-time visibility helps businesses make smart tax decisions by giving instant access to data
- Streamlined Collaboration – Team members can see how things are going, share updates, and talk to each other instantly so they can work smoothly together and avoid misunderstandings.
Regulatory Compliance – It helps businesses stay up to date with tax laws, avoid fines, and ensure they file taxes correctly and on time.
Source – https://astralsg.com/tax-reporting-trc-in-oracle-cloud-epm/
