Corporate Tax Tool
Make tax accounting an integrated component of the financial closing and reporting processBizAps' Corp Tax Tool (CTT) weaves tax processes into the fabric of your SAP system, allowing corporate tax departments to enjoy the same benefits of integration enjoyed by other finance functions. Many tax departments currently perform tax-related tasks outside of the SAP environment, using either a third-party software package or even internally-developed, MS Excel spreadsheet solutions.
The CTT solution resides within the SAP environment and situates tax accounting where it should be, as a central component of closing the books and producing complete and accurate financial statements. CTT allows tax and non-tax finance managers to view real-time, consolidated financial statements that include actual or projected tax balances prior to completing the closing process.
CTT collects real-time data from the SAP General Ledger and computes the current and deferred tax provisions for each legal entity within the enterprise. The tax provision is then delivered to SEM-BCS, or your consolidation solution of choice, where it can be presented within the consolidated financial results in order to produce real-time, complete, consolidated financial statements.
CTT is the only SAP-dedicated solution for US and international income tax accounting.
The benefits of using CTT include:
- Increased speed and accuracy as provisions are based upon actual data rather than estimates
- More time analyzing results rather than computing and booking provisions and tax balances
- No need to leave the SAP environment
- Automated workflow including notification of changes to tax calculations and report distribution
- Compliance with Accounting Standards FAS 109 and FIN 48
- Reconciliation of statutory and effective tax rates
- Internal Controls & Security
- Sarbanes-Oxley compliance
- Transparent audit trail, including audit logging
- Role-based security and authentication tools to control access and how data is used
