What tax provision software is the easiest?

Tax Prodigy provision software organizes your legal entity structure, jurisdictions, and related income returns allows you to input each relevant fact only once. That fact is then available for use across the application. It is now just as easy to create a precise state rate calculation based on historical or projected apportionment as it ever was to “s.w.a.g.” a blended rate.

As you set up each non-U.S. jurisdiction you also enter the local country tax rates and each of the required currency exchange rates to enable automated currency translation including the always challenging “currency translation adjustment”. Finally, as the next period comes around, roll the corporate structure straight into the next provision cycle so you can focus on the things that matter instead of triple checking that the spreadsheet model didn’t break in the process.

ASC 740 mandates a balance sheet approach. Tax Prodigy provision software delivers it. But the way we get there is revolutionary. Tax Prodigy provision works the way you already work. Now you can put your information into an application purpose-built for tax professionals and designed to flow with your normal process. Once the information is in Tax Prodigy Provision, whether it is actual financial results or estimates, you only put each item in once and it available throughout the application and in each part of process. If late changes to the financials show up, simply drop in the new numbers in where it belongs.

Deferreds

You will never have a mismatch between your deferred roll forward and the current payable calculation again.
Tax Prodigy Provision’s deferred roll forward allows you to easily navigate between entities and returns on either a gross or tax effected basis. Track your NOLs and credits by entity jurisdiction and year while letting Tax Prodigy Provision’s sophisticated logic calculate utilization of prior year attributes and the generation of new carryforwards.

Uncertain Tax Benefits

Tax Prodigy Provision‘s unique UTB rollforward is organized around the footnote disclosure requirements which saves time and drives efficiencies.
The UTB roll forward leverages off of the (corporate structure data) to automate the UTB related deferred consequences that are often cumbersome to calculate and maintain in spreadsheets.

Footnote
After all the work required to calculate an accurate provision, why is it so hard to get the journal entries and footnote presentation done? Those struggles are a thing of the past when you implement Tax Prodigy Provision. All the details needed to close out your provision process are at your fingertips. The required footnote disclosures are calculated for you. Now you can spend time editing the verbiage instead of tinkering with numbers.

After all the work required to calculate an accurate provision, why is it so hard to get the journal entries and footnote presentation done? Those struggles are a thing of the past when you implement Tax Prodigy Provision. All the details needed to close out your provision process are at your fingertips. The required footnote disclosures are calculated for you. Now you can spend time editing the verbiage instead of tinkering with numbers.

Security/Permissions/Audit Trail

One of the greatest weaknesses in many companys’ current provision process is a lack of security and accountability controls. If the company uses a spreadsheet there is no way of knowing whether a value was changed after the provision was reviewed, or who changed it.
PCAOB now requires that reviewers prove that they have reviewed the provision in detail. All values require (& have) traceability back to the workpapers. All workpaper values support preparer’s notes. The provision can be reviewed and approved in stages. Once approved, any changes require extra effort and are immediately obvious. Tax Prodigy Provision supports an intuitive commenting and review process.

Want A Tour Of Tax Prodigy Tax Provision Software? Request Tour Here.