Building a Functional Ecosystem: Nine Ways to Boost Your Finance-Tax Synergy
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In the ever-evolving realm of financial and tax management, the age of automation has dawned, and spreadsheets and ledgers alone no longer suffice. Automation is the key, but navigating the vast sea of available technology can be daunting.
To build a flourishing ecosystem that seamlessly connects your tax department to finance and wider company, you need to make sure all aspects of your process are functioning to the best of their ability. Surprisingly, most organizations lag in harnessing the full potential of automation, with only 11% obtaining high-value insights from their Enterprise Performance Management (EPM) systems.
At the same time, each department’s process is becoming more difficult and time-consuming. For tax, the onset of hurdles like the Base Erosion and Profit Shifting (BEPS) Pillar Two, alongside more geographically dispersed teams, makes collaboration and context more difficult.
The combination of an EPM solution and a tax reporting tool can significantly increase collaboration and effectiveness for finance and tax teams in several ways:
- Data Integration. EPM tools often gather and consolidate financial data from various sources, providing a unified view of a company’s financial performance. Integrating this data with tax reporting tools ensures that both teams are working with the same financial information, reducing discrepancies and errors.
- Real-time Data Updates. EPM tools typically offer real-time or near-real-time data updates, allowing finance and tax teams to access the latest financial information. This is crucial for tax teams to make accurate calculations and ensure compliance with changing tax regulations.
- Streamlined Reporting Processes. Combining EPM and tax reporting tools streamlines the reporting process, while maintaining autonomy. Finance teams can generate financial reports within the EPM tool, and tax teams can access the necessary financial data directly from the tax reporting tool, reducing the need for manual data entry and reconciliation.
- Improved Accuracy. Automation features in EPM and tax reporting tools help reduce human errors. This can be especially important in tax reporting, where accuracy is critical to avoid penalties and audits.
- Collaboration and Communication. These integrated tools can facilitate collaboration between finance and tax teams. They can easily share financial data and reports, discuss tax implications of financial decisions, and ensure alignment on tax planning strategies.
- Scenario Analysis. EPM tools often include scenario analysis capabilities that allow finance teams to model different financial scenarios. Tax teams can use this information to assess the tax implications of various business decisions and provide insights to support strategic planning.
- Compliance and Audit Trails. Both EPM and tax reporting tools can maintain detailed audit trails, which are essential for compliance and transparency. This ensures that all financial data changes and tax-related decisions are well-documented, making it easier to respond to regulatory inquiries or audits.
- Forecasting and Planning. Integration between these tools allows for more accurate financial forecasting and planning. Finance teams can use EPM data to create forecasts, and tax teams can adjust tax projections accordingly based on the expected financial performance.
- Enhanced Efficiency. By eliminating the need for manual data transfer and reconciliation between different tools, the integrated approach improves efficiency. Finance and tax teams can focus more on analysis and strategic tasks rather than spending time on data entry and validation.
Take Your Reporting to the Next Level with Longview Tax and CXO
By aligning these core activities around complementary software tools, your team can master your end-to-end process of planning for the future, monitor performance, and analyse your numbers to identify opportunities, threats, and possibilities for improvement.
The Perfect Automation Synergy: CXO and Longview
Enter CXO and Longview, the dynamic duo that will revolutionize your tax management. By integrating CXO’s EPM reporting tool with Longview’s EPM solution, your dull, disjointed data will morph into a coherent, easy-to-comprehend narrative.
The CXO and Longview pairing will place you ahead of the automation curve, offering several advantages:
- Optimizing Your Reporting Process. Streamline your financial reporting process by reducing manual tasks and dedicating more time to analysis. CXO seamlessly builds C-Level reports and dashboards against your Longview tax data, enabling you to present data in a more digestible format.
- Enhancing C-Level Reporting. CXO brings modern reporting capabilities to your Longview applications, featuring a clean interface, user-friendly dashboards, stunning visualizations, and integrated tools for annotating tables and collaborating with colleagues.
- Increased Visualization Sophistication. Transform your data into a compelling narrative with sophisticated visualizations, including charts, graphs, dashboards, and storyboards that create a cohesive storyline for your company.
The potential of your data is continually evolving. With Longview and CXO, your team gains the ability to visualize data effectively, infuse flexibility and collaboration into reports, and craft dashboards that elucidate the narrative behind the numbers. It’s the perfect way to share your financial story and keep your company’s ecosystem flourishing.
To learn more about how Longview and CXO can benefit your organization, contact us today for a free demo.
Bring Your Tax Story to Life with CXO for Longview Tax
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