Deloitte Fast Track for Oracle Tax Reporting (2024)

Deloitte Fast Track solution for Oracle’s EPM Tax Reporting

Learn about the Deloitte Fast Track approach which dramatically reduces the cost and time associated with implementing Oracle’s Cloud EPM Tax Reporting. The Deloitte method combined with Oracle’s solution can make it easier for organizations to gather, calculate, and automate US-GAAP and IFRS tax calculations.

A painful process

Many companies are burdened with collecting and reconciling data details as well as the supporting documentation which leaves less time to invest in analysis to gain insight on the tax situation. Reviewing and then reconciling multiple calculations and supporting documentation in spreadsheet format can be a painful process.

The inherent challenge is that the Financial Close is performed in a small window of time, numbers keep changing and the spreadsheets do not tie what is reported for Financial purposes. Typically, more time is spent on data collection and reconciliation efforts, rather than reviewing the calculations for insightful observations that add value to the process.

Could we automate the process, standardize the calculations, and integrate the Tax Close with the Financial Close and improve overall quality? Yes, and Deloitte Fast Track for Oracle’s Tax Reporting can ease the effort, cost, and duration of the transformation.

What does it do?

Where typically the implementation of such global tax reporting solution takes nine months, Deloitte can reduce this to six weeks* through a unique approach, called Fast Track, and leveraging Oracle’s Tax Reporting Cloud.

Through this agile approach, we deploy market standard workpapers, reports and dashboards, and give clients valuable time back in such implementations. This enables clients to focus on solution adoption and thus the success of the implementation, rather than spending time on requirements gathering and design discussions.

*US-based multinationals may have longer implementation times.

How does it work?

Oracle offers one of the few mature tax reporting solutions in the marketplace. Deloitte added its functional knowledge of the process and content involved and turned this into standard material that can be utilized in the implementation. Thus, Deloitte created a uniform method to Oracle’s calculation model, materials and the approach intostandardized (calculation) materials that reduces the implementation time greatly.

What value does it deliver?

Fast Track can deliver great value quickly. It automated one client’s 2,400 entities and 2,000 tax permanent differences in just six weeks. And another client reduced repetitive and manual reconciliation work previously connected to a spreadsheet-based process by 90% with Fast Track.

With the Tax Close purpose established, the Deloitte global content library can provide additional value by expanding the solution in other (tax) areas. This includes managing withholding taxes, cash taxes, or uncertain tax positions. Typically, clients seek localization efforts to bolster efficiency in preparing corporate income tax returns.

Unique methodology

Our team is highly diversified with global capabilities and knowledge of tax, tax accounting, and IT. Instead of gathering requirements, Deloitte starts with training the super-users and unboxes the solution amongst others within the company’s accounting organization. Data integration is set up with the consolidation system to ensure that the Finance Close and Tax Close are aligned. Also unique to Fast Track is the Deloitte 10-step approach to tax accounting that manages the workpapers in the solution.

Import functionality

The Block Importer automates the digitization process by taking existing documentation and breaking it down into ‘blocks’ which can be assembled into required reports. Pre-formatted questionnaires map responses automatically into template reports consistent with local requirements and OECD/BEPS guidelines. Standardized accelerators include test scenarios, documentation, training and PMO material.

Standard configured content

We developed a leading practice of IFRS and US GAAP compliant data model that includes workpapers, reports and dashboards to process the Tax Close. This can best be summarized as the 2011 integrated IFRS and US GAAP tax workpapers, including tax specific dashboards and reports for visual review purposes that are set up to produce the IAS 12 or ASC 740 disclosure notes, and thusimplementing a stand-alone tax accounting process that is compliant with IFRS or US GAAP.

Global content library

Deloitte manages a global content library that is continually expanding and offers clients the opportunity to receive more value out of the solution.

How Deloitte helps

EPM Enterprise license deals

Tax Reporting Cloud is included in the bundle. We can easily add value to the use of the licenses.

Deloitte SuperLedgerTM

Financial Close is implemented with Deloitte SuperLedgerTMand Tax Close is included.

Replace on-premise

Tax Reporting Cloud can replace self-built tax schedules in HFM and offer more value to the process.