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February 2013

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Oracle Launches New Oracle Hyperion Tax Provision

This month, Oracle launched Oracle Hyperion Tax Provision, the industry's first solution that integrates tax provisioning directly into the broader financial reporting process.

Many organizations still rely on Excel to perform tax calculations, a manual and potentially error-prone process. Some have adopted standalone tax provision solutions or add-ons to tax return software. However, these solutions can exacerbate the issue by replicating data and processes.

Book and Tax Reporting on a Single System
"Both the financial close and tax provisioning processes involve many of the same people, run on the same calendar/timeline, and ultimately are dependent on each other, so it only makes sense to bring the processes together onto the same technological DNA," John O’Rourke, vice president of product marketing, Oracle Business Analytics.

Oracle Hyperion Tax Provision brings both processes onto a single system, enabling organizations to leverage existing investments in Oracle Hyperion Financial Management for tax data collection, consolidation, and reporting.

At the same time, out-of-the box data entry forms, calculation logic, and reports get organizations up and running quickly. And easy-to-use, purpose-built wizards speed and simplify setup and maintenance of tax applications.

Designed for multinational companies reporting under IFRS (IAS 12) or US GAAP (ASC 740/FAS 109), Oracle Hyperion Tax Provision is a comprehensive solution encompassing every stage of the corporate tax provision process, including

  • Tax automation. Calculate permanent and temporary differences directly from the source financial data in the general ledgers or from the financial consolidation system.
  • Tax data collection. Maintain strong internal control over the data collection process and gain instant insight into the exact status of the tax provision process at all times.
  • Tax data calculation. Automatically calculate tax provision from the lowest level of detail (legal entity) all the way up to the consolidated tax disclosure, and generate the tax journal entries.
  • Tax reporting and analysis. Support consolidated and detailed analysis of the corporate tax provision as well as the generation of the tax disclosure with a full suite of tax reports. Give tax departments complete access to the live book and tax data in a single solution.
  • Insight into late adjustments. Gain insight into late consolidating adjustments booked by the finance department during the financial close process.
  • Return-to-accrual automation. Leverage a return-to-accrual process that works seamlessly with your tax return software.

"Unlike both Excel-based approaches and third-party solutions, Oracle Hyperion Tax Provision gives your entire finance team complete transparency, from book numbers to tax numbers and vice versa," says O’Rourke. "This reduces risk, improves efficiency, and lets you sleep better at night during the close."

Get more detailed information about Oracle Hyperion Tax Provision. Listen to a recent podcast, read a recent blog post, or visit the product overview page.

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