Together with our partner Taxvibes we were invited to Wolters Kluwer’s first episode of their new podcast series Finance Innovation Insiders, Insider’s guide into digital transformation. This is part of a six-episode series by CCH Tagetik, the Enterprise Performance Management (EPM) software from Wolters Kluwer. In the podcasts, partners and clients of CCH Tagetik are invited to talk about how they enable their digital transformation. In this episode, we talk about perfecting Tax Provisioning at Van Lanschot Kempen.
Pressure due to increasing reporting requirements
Today many multinationals face the challenge of complying with ever-increasing compliance requirements due to new rules and regulations. These additional requirements are on top of existing time-consuming activities like Tax Provisioning. In the last years there has been a shift towards more transparency. Reporting requirements like (public) Country-by-Country Reporting (CbCR), ESG (environmental, social, and governance), the Global Reporting Initiative (GRI) and The Total Tax Contribution Framework put even more pressure on tax and finance teams.
Automate and simplify reporting processes
Currently, a lot of multinationals still tackle these reporting requirements using elaborate Excel sheets. Data is often collected from the finance department and manually transferred to these sheets. This is a time-consuming and error-prone process that often has to be done in a limited timeframe, putting great pressure on tax teams. Using EPM solutions such as CCH Tagetik these processes can be automated and simplified.
Perfecting Tax Provisioning at Van Lanschot Kempen
Van Lanschot Kempen wished to bring their tax processes to the next level. Before the changes, they relied mostly on Excel for their tax calculations. With the setup of CCH Tagetik for consolidation by Finext, Van Lanschot Kempen already had a perfect platform to set up the tax provisioning module. Using the Taxvibes tax provisioning template ensured a swift implementation meeting international reporting standards.
The result is an easier and quicker way to do the monthly tax provisioning process. With only one source of truth, the system offers more precise calculations that are automated and therefore less error-prone. Because the system has access to more data additional reporting can be done to inform stakeholders, setting up Van Lanschot Kempen for current and future reporting requirements.
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Interested in what the future brings for tax reporting? Sign up for our event The Future of Corporate Reporting 2022 on March 24 2022!