The group tax provision, company by company

Tax Provision

Every entity, every currency, one provision. Inside ONESOURCE Tax Provision: last year's return trued up into the provision, profit before tax translated at your rates, permanent and timing differences company by company, the tax charge and effective rate on one screen, datasets compared in seconds, your own journals and Excel workpapers, group and sub-group reports, and local teams working in a browser.

Transcript: the words on screen

1. 0:00Every entity. Every currency. One provision.
2. 0:05ONESOURCE Tax Provision / The group tax provision, company by company. / True-up · Calculate · Review · Report
3. 0:11How it works / Every company, every currency, every GAAP, one provision. / Last year · The return: Trued up into the provision · Local teams · Global Access: Figures entered in a browser · Every entity · Tax Provision: Calculate, review, journal · Group · Reporting: Group and sub-consolidations
4. 0:2101 · True-up / How the return to provision works. / Filed · Tax return: Corporate Tax automated, or other software by API or manual · Last year · Provision dataset · Tax provision · Post RTP / PYA: Return less provision · This year · Current provision: True-up / PYA posted
5. 0:2901 · True-up / The filed return, from Corporate Tax or other software. / Final computation: adjusted profit
6. 0:3501 · True-up / Bring the return figures in through a ONESOURCE Workpaper. / Workpaper import
7. 0:4101 · True-up / Or pull them from Corporate Tax or another return system via API, or enter them manually.
8. 0:4701 · True-up / Then post the true-up for every company in one run.
9. 0:5201 · True-up / Return less provision lands in this year's dataset as the true-up. / Analysis Reports Ltd: (2,250) true-up
10. 0:5801 · True-up / Run the provision report: the true-up is already in. / True-ups: CT (£47,250) · DT £45,000 · Total (£2,250)
11. 1:0302 · Dataset and rates / One dataset: every company, its country and currency.
12. 1:0802 · Dataset and rates / Profit before tax in local currency, exchange rates applied. / Average rates by currency
13. 1:1302 · Dataset and rates / Translated to reporting currency for you.
14. 1:1803 · Calculate / Permanent differences, company by company.
15. 1:2203 · Calculate / Timing differences close at the company's rate, or an override. / 10% override: withholding tax
16. 1:2803 · Calculate / Payments in any currency complete the tax payable.
17. 1:3204 · Results / Every company's tax charge and effective rate on one screen.
18. 1:3704 · Results / The computation, line by line.
19. 1:4204 · Results / Total tax provision and effective tax rate.
20. 1:4605 · Review / Change a number... / Process Improvements: 2,000,000
21. 1:5005 · Review / ...save it, and everything recalculates. / Now 2,400,000
22. 1:5405 · Review / Compare datasets side by side, in seconds. / +100,000 tax provision
23. 1:5905 · Review / Follow the change through to the effective tax rate.
24. 2:0406 · Journals and workpapers / Build your own journal profiles. / 4 journal lines · 5 UK companies
25. 2:0806 · Journals and workpapers / Map each line to your chart of accounts.
26. 2:1306 · Journals and workpapers / Journals generated and balanced, ready to post.
27. 2:1706 · Journals and workpapers / For one company, or a whole sub-group.
28. 2:2206 · Journals and workpapers / Workpapers in Excel: read or write straight to and from Tax Provision.
29. 2:2607 · Reports / Every report the year-end needs.
30. 2:3307 · Reports / The whole group, one report.
31. 2:3707 · Reports / By company. One setting.
32. 2:4407 · Reports / Just the UK. One click.
33. 2:4907 · Reports / Same figures. Change the view.
34. 2:5308 · Local teams / Local teams work in a browser, on their own companies.
35. 2:5808 · Local teams / Their figures, their currency, the tax worked out.
36. 3:0308 · Local teams / Then signed off, company by company.
37. 3:09Why ONESOURCE Tax Provision / One provision for the whole group. / Every entity and currency in one provision / Return to provision posted, not rekeyed / Exchange rates applied for you / Compare datasets in seconds / Your own journals and workpapers, built in / Group and sub-group reports on demand / Local teams enter and sign off in a browser
38. 3:16ONESOURCE Tax Provision / 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.