Archive for Tax Provision Software

Learn Why Companies Are No Longer Using An Excel Spreadsheet To Do The Tax Provision

Best Tax Provision Software

When it comes to doing the complicated corporate tax provision, we have discovered in our surveys many corporate tax professionals are still using an in-house, homemade excel format. The problem is an in-house excel program will miss important information and calculations. What we learn from experts is the disproportionate amount of time tax professionals are spending on making sure the Excel spreadsheets are calculating correctly versus the real technical issues in an ASC 740 context.

For most companies, the facts change from year to year. For example, changes occur to accommodate new facts such as new entities, states or foreign jurisdictions, uncertain tax benefits or even new perms and temps. These changes require significant knowledge of the design and links within the excel spreadsheet model. Spreadsheet users are often required to make modifications to multiple tabs in the spreadsheet and ensure that they don’t break any formulas. This whole process introduces risk into the spreadsheet. For example, something that should be very simple like adding a new entity will require numerous changes to a spreadsheet model.
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What Corporate Tax Executives Should Know About Tax Provision Software

Best tax provision software - asc740

With the tax provision a primary concern for corporate tax organizations today, we interviewed Nick Frank, Tax Prodigy CEO for an inside look at tax provision software. More Fortune 500 to 5000 companies are now implementing this software because it is so easy to use! When you are a corporate tax executive and expected to know so much these days, it is nice to have software that cuts the provision time down from weeks to a few days.

Here is an interview about tax provision software Tax Prodigy. For companies undergoing transformation and change, this is the ideal tax software to implement in a tax organization. It does not require you buy some big complicated software system you do not need or know how to use.

KAT: What are areas of the tax provision the auditors are looking at closely right now?

NICK: Auditors really want traceability, clarity and reconciliation. The easier that they can see these three things, the more straightforward their job will be.

KAT: What are three things that you would advise corporate tax to pay attention to about their tax provision?

NICK: Corporate tax accountants need to step back and understand what ASC740 and tax reform really requires from them. The process of doing your tax provision correctly has changed and requires a balance sheet approach.
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Tax Professionals: Using Excel To Do The Tax Provision? Now You Can Do The Quarterly Tax Provision In 3 Days!

Best Tax Provision Software

Tax professionals doing the tax provision want to save time and money. When it comes to doing the complicated corporate tax provision, the majority of corporate tax professionals are still using an in-house, homemade excel format. It may work for some but it is no longer for most corporations the way to go.  The problem is in-house excel programs miss important information and calculations.

As many corporate executives are now looking at tax provision software, you should know what many corporate tax executives are telling us about the tax provision software, Tax Prodigy. Learn how national tax provision expert Nick Frank has changed the world for anyone preparing the corporate tax provision today. He has made preparing the corporate tax return that was done in 30 to 90 days, completed in three days! This is impressive!

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Corporate Tax Provision Software Big Hit With Tax Executives

Tax Provision Complimentary Webinar Nov

Nick Frank, Tax Prodigy CEO teaches Accounting For Income Taxes as an Adjunct Professor at the University of Minnesota – Carlson School of Management. We asked Nick to teach corporate tax professionals step by step how to do the tax provision and simplify the tax provision process for corporate tax organizations.

If you attended the Corporate Tax Executives Call In Conference we hosted earlier this year, you would have heard our four expert consultants working inside corporate tax departments predict corporate tax professionals and their CFOs would be unprepared for the Tax Cuts And Jobs Act impact on the tax provision. They warned that some would have “provision panic” in the 4th quarter of 2018.

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Step By Step Instructions How To Do A Corporate Tax Provision – Complimentary Webinar Friday June 15th

Nick Frank, Tax Prodigy CEO, Tax Provision Software

Nick Frank, Tax Prodigy CEO teaches Accounting For Income Taxes as an Adjunct Professor at the University of Minnesota – Carlson School of Management. We asked Nick to teach corporate tax professionals step by step how to do the tax provision and simplify the tax provision process.

If you attended the Corporate Tax Executives Call In Conference we hosted last month, you would have heard consultants say that many tax professionals are unprepared for the Tax Cuts And Jobs Act. Registering for this complimentary webinar for corporate tax professionals is an ideal best solution in preparation for the tax provision and the Tax Cuts And Jobs Act.

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Written by | Posted in Tax Provision Software • Tax Provision/Tax Reporting