Tax / International Tax

Introduction

Every business has a requirement to record Tax of some description, but not all systems give you the flexibility to customise the Tax area to support required statutory reports. Cloud accounting has a wide range of features that can give you the required information.

Typical Problems

Many systems have very rigid tax setups, not allowing Tax code customisation, which means tax calculations must be performed out of the system, restricting reporting.

For UK businesses, many systems do not allow for estimates or calculation of corporation tax, stopping you from creating estimates for the following year.

There is also the requirement to create tax return reports for different jurisdictions and countries, which most systems cannot do, or assist you with complex tax calculations such as sales and use tax in the US,

Solutions

You can customise tax codes, to assist with tax calculations that are outside the norm. Using the pre-built and custom global tax functionality allows you to create tax solutions for different countries.

Powerful scheduled reporting can be used to calculate mid-period reports, assist you with your tax calculations, and can be scheduled to run automatically.

You can also integrate cloud accounting systems with systems which will allow you to manage the tax calculation and submission within different countries.

Benefits/ROI

You can calculate tax for different entities and countries, in one solution, meaning no more manual calculations and submissions outside of the system.

You can run more detailed reporting, with the power of automated, scheduled reports, to give you the information you need, when you need it.

You can truly have a multi-entity, multi-tax solution in one finance system, keeping all information in one place.