SOURCE: Oracle Corporation
REDWOOD SHORES, CA--(Marketwire - Feb 13, 2013) - Oracle (NASDAQ: ORCL)
- In order to help customers increase efficiency, achieve stronger internal controls and improve transparency between book and tax data, Oracle announced Oracle Hyperion Tax Provision.
- Oracle Hyperion Tax Provision allows customers to collect, calculate and report on the consolidated tax provision and more closely align tax with financial reporting.
- Built on the Hyperion Financial Close Suite, Oracle Hyperion Tax Provision is a web-based tax application that addresses the full scope of the global tax provision process.
- Oracle Hyperion Tax Provision replaces the highly manual methods used by most organizations with an automated and standardized process that increases efficiency. Furthermore, it integrates with tax compliance software and improves the overall compliance process by providing a more streamlined book-to-tax process.
- Integrated with Oracle Hyperion Financial Management, Oracle Hyperion Tax Provision is based on the same technology trusted by thousands of finance organizations to ensure the accuracy of financial reporting.
- The calculation of the income tax provision is a key part of an organization's financial close process. Therefore, a stronger alignment of the tax provision with the financial close process benefits both tax and finance by helping to eliminate redundant processes and increasing transparency of the broader financial reporting process.
- Oracle Hyperion Tax Provision helps Oracle, and its partners, add more value for their customers; delivering a more comprehensive solution that helps address the needs of both tax and finance executives.
- Oracle Hyperion Tax Provision is available in North America and the United Kingdom.
Addressing the Corporate Tax Provision
Oracle Hyperion Tax Provision integrates with the Hyperion Financial Close suite and offers the following benefits:
- Efficiency, Speed & Data Integrity: Integration of the tax provision with the financial process helps ensure that tax and finance data reconcile at all times, and eliminates the need for redundant maintenance of data and metadata. This allows tax to always work with the latest financial data. Tax can spend less time on data and more time on analysis.
- Autonomy: Tax can realize the efficiencies of being more closely integrated with the financial close process, but both finance and tax still retain the autonomy that is necessary to meet their individual reporting needs.
- Enterprise-quality Tax Reporting: The corporate tax department is empowered with the same robust reporting tools as used by finance. This allows for easy drill-down and variance reporting (e.g. actual vs. history, actual vs. forecast). It also leads to economies in training and on-boarding new users. This includes both Oracle Hyperion Financial Reporting and Oracle Hyperion Smart View for Office (Microsoft Office Add-in).
- Stronger controls & easier access for users: Regional controllers that submit data to both corporate finance and corporate tax during the financial close can work from the same easy to use interface -- instead of switching between two different solutions. This results in a stronger control environment enabling regional controllers to perform efficiently and quickly -- instead of reconciling data between two separate systems.
- Transparency between book and tax data: Finance has better transparency between book and tax data -- especially for tax journal entry, disclosures and key metrics such as effective tax rate.
- "Today's globalized economy requires more agility and transparency in financial reporting," said Hari Sankar, vice president of product management at Oracle. "Tax provisioning is a key step in the financial close process, yet in most corporations tax and financial reporting are not well integrated. With Oracle Hyperion Tax Provision, customers can use their investments in Oracle Hyperion Financial Management to collect, calculate and report on the global consolidated tax provision, and integrate it with their financial reporting."
- "We believe that a corporate tax provision process that is not closely aligned with the financial reporting process may expose companies to unnecessary risk and inefficiencies. Aligning corporate tax and finance systems may greatly enhance the ability of tax departments to execute their responsibilities more effectively," said Michael J. Johnson, performance management technology leader for Deloitte's Tax Management Consulting Practice.
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