Well-structured data promotes a solid performance across the tax lifecycle—from consuming data for reporting to sharing intelligence with the C-suite. But too often, multiple source and tax systems, massive spreadsheets, manual intervention, and dynamic reporting requirements get in the way.
An automated data management solution puts the right data at your fingertips for numerous processes and purposes—and reduces rekeying, error risk, and the need to search for and port data between systems.
Smart Data Import and Multi-level Storage
Source data is used by stakeholders in different ways. Mapping data upon import and storing it at the right level of detail makes it much easier for departments such as Tax and Finance to access and use it. An efficient data management process:
- Automates source data mapping
- Structures data for different uses
- Stores data at the right level of detail for multiple reporting needs
- Eliminates time spent manipulating data based on data dependencies
Reduced Data Dependency Risk
Managing dependencies in spreadsheets results in an endless loop of updates, checking, and rechecking; missing errors could lead to unwanted issues. How do you track changes and make sure they’re 100% accurate? How can you validate data dependencies while maintaining source data? Using a powerful data management solution accounts for data dependencies automatically, maintains version control, and makes audit trails instantly visible throughout all reporting.
Direct Data Access
Manually reviewing multiple spreadsheets is a labor-intensive way to find and check changes, analyze data, and understand trends and anomalies. Instead, tax teams need direct access to data where it lives and the ability to directly connect data to analytics programs. Analyzing and visualizing real-time data supports financial reporting and tax positions.
CSC Corptax® single system automation allows tax preparers to collect data easily, calculate quickly, access data instantly, account for data dependencies, and visualize analytics using real-time information. In the words of Morgan Stanley Executive Director Ketan Patel, “Corptax automation positively affects our business by putting data at our fingertips, so we can make informed decisions.”
Download the whitepaper: Best Practices for Better Tax Data Management for an in-depth look at data management strategies.