Oracle Modern Best Practice for Finance

Seamless Tax Provisioning
Seamless Tax Provisioning

Period Close to Tax Provision

New regulations such as country-by-country reporting and BEPS put more pressure on multinational businesses to provide timely, accurate tax provisions for financial reporting. With this Oracle Modern Best Practice, you can make the tax calculation an integral part of the financial close to deliver accurate tax provisions quickly and seamlessly. Take advantage of the cloud to access the most up-to-date accounting data—regardless of the source. Calculate taxes automatically based on each jurisdiction’s rules. Automatically refresh figures and supporting data on the financial report. Resolve issues through secure social collaboration. Manage tasks, reviews, and approvals anytime, anywhere—from any device.


Complete Period Close
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Complete Period Close

Monitor enterprise-wide close status. Automatically transform the subsidiary results to the corporate standard.



Calculate Tax Provision
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Calculate Tax Provision

For each jurisdiction, automatically calculate tax provisions from ledger results based on current tax rates, rules, and applicable return to accrual. Review and approve adjustments via secure collaboration.


Finalize Provision Reporting
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Finalize Provision Reporting

Review and approve statutory and consolidated tax rates. Calculate and adjust the tax account roll forward (TAR).



Post the Tax Provision
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Post the Tax Provision

Post the tax journal entries. Book the return to accrual for entities with new return filing.


Publish to Financial Reporting
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Publish to Financial Reporting

Create and incorporate tax footnotes for financial reporting.



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