From local tax pack to group provision

AlphataxFinance

Local tax packs in, group provision out. Inside Alphatax Provisioning: setup questions tailor each pack to the entity, taxable income updates as you work, the return is keyed and every difference to the provision shown, built-in checks clear once the input is corrected, reviewers reject or close and closed packs are locked, and the group ETR reconciliation is ready for the accounts.

Transcript: the words on screen

1. 0:00Every entity. Every adjustment. / One controlled close.
2. 0:03Alphatax Provisioning / From local tax pack / to group provision. / Collect / Calculate / Check / Consolidate
3. 0:06How it works / Local tax packs in, group provision out.
4. 0:06Data in / Trial balances / Excel calculation templates / Local teams / Tax pack inputs / Comments on every line / Every entity / Alphatax Provisioning / Calculate, check, sign off
5. 0:09Group / Consolidation / ETR, payables, journals
6. 0:1301 · Visibility / Every entity on one board, from initialised to closed.
7. 0:14Initialised › Preparing › Review › Rejected › Closed
8. 0:1701 · Visibility / Preparers and reviewers see what's to do, and what's done.
9. 0:2102 · Tailored packs / Setup questions tailor each pack to the entity.
10. 0:2603 · Data in / Upload trial balances straight into the provision.
11. 0:3003 · Data in / Excel templates calculate PBT and differences.
12. 0:3503 · Data in / Results flow into each tax pack, linked to the upload.
13. 0:3904 · Calculate / Permanent differences, categorised line by line.
14. 0:4404 · Calculate / Taxable income updates as you work.
15. 0:4704 · Calculate / Enter carrying value and tax base. The temporary difference follows.
16. 0:5204 · Calculate / Tax losses tracked by year, with expiry and usage.
17. 0:5604 · Calculate / Deferred tax assets and liabilities, rolled forward for you.
18. 1:0104 · Calculate / Deferred tax netting, checked line by line.
19. 1:0505 · True-up / Return to provision: key the return, see every difference.
20. 1:1006 · Results / The P&L tax charge, current and deferred, calculated for you.
21. 1:11Current tax on taxable income
22. 1:1506 · Results / The ETR reconciliation, produced automatically.
23. 1:16Total tax expense = current + deferred tax
24. 1:1906 · Results / Compared with last year, with trends.
25. 1:2307 · Built-in checks / Tax payables flag anything that doesn't tie.
26. 1:2707 · Built-in checks / Correct the input and the check clears.
27. 1:3107 · Built-in checks / Journals produced and balanced, ready to post.
28. 1:3507 · Built-in checks / Checked against the financial system.
29. 1:37Test difference: caught and reported
30. 1:4008 · Sign-off / Preparers sign off and hand over for review.
31. 1:4408 · Sign-off / Handed over, time-stamped and signed.
32. 1:4908 · Sign-off / Reviewers reject or close. Closed packs are locked.
33. 1:5309 · Audit trail / Every change logged, by user and time.
34. 1:5709 · Audit trail / Reopen a closed pack when needed, values unchanged.
35. 2:0210 · Group / Group currency and FX rates, set once.
36. 2:0610 · Group / Every entity consolidated, side by side.
37. 2:1110 · Group / The group ETR reconciliation, ready for the accounts.
38. 2:1510 · Group / Group tax payable, by entity.
39. 2:19In summary / From local tax pack to group provision. / A tailored tax pack for every entity / Trial balances in, calculations done / Built-in checks, sign-off and audit trail / Group ETR and payables, consolidated
40. 2:26Alphatax Provisioning / Implemented by Osprey Consulting / Book a 30-minute call on our website / ospreyconsulting.co.uk

Recorded by Osprey Consulting: Thomson Reuters ONESOURCE Certified Implementers, Alphatax partner, Registered Alteryx Solution Provider Partner.