For large and multinational corporations, remote data collection and consolidation is a critical part of the tax provision process. The gathering of multinational tax provision data can slow down and complicate the tax process of a corporate tax department.
The iTaxStream web-based remote data collection module allows remote users to log in over the web, and follow a simple, step-by-step process to enter in their local tax provision information in local currency. The data flows automatically into TaxStream’s database and generates the foreign tax provision reports in real time, displaying the results in local and reporting currencies. Sign-off and user controls allow for extensive foreign work-flow automation.
The iTaxStream remote data collection module allows large, multinational corporations to fully streamline and optimize their tax process, both foreign and domestic.
- Simplified Data Collection - Facilitate accurate data collection from foreign sources with iTaxStream’s simple, step-by-step, data gathering process.
- Currency Translation & Rate Changes - Data is gathered and entered in local currency and translated to reporting currency using the appropriate exchange rates. Currency translation adjustments are automatically generated and posted. Changes in foreign statutory rates are tracked and appropriately affected throughout the system on both a P&L and balance sheet basis. The currency translation adjustment and the change in rate are isolated in separate columns on the reports.
- Workflow Automation - iTaxStream allows for multiple levels of sign-off, automating the work-flow from preparer to reviewer to auditor. Data can be automatically locked down at any point in the sign off process.
- Document Attachment - Allow foreign controllers to attach documents supporting their data.
- Real-Time Data Collection - Tax information entered by foreign controllers flows to the corporate tax database in real time.
- Consolidation - Automate your global consolidation, and generate real-time reports on a consolidated and entity basis.