The Tax Process

Web Data Collection

Longview Tax is engineered to be a best-of-breed tax data system. This starts with collecting all the data that will ultimately drive the tax provision. This includes automatically collecting book and tax data from general ledgers (such as SAP, Oracle, or any other G/L), consolidation systems (such as Hyperion, BCS, etc) and other source systems (such as fixed assets or other sub-ledgers). It also includes all the data that must be manually collected – via our easy-to-use, web-based tax packages. The web tax packages include robust workflow and internal controls to ensure you are always on top of the time consuming process managing numerous tax packages. The web tax data collection is completely integrated with the provision system (e.g. not two separate modules).

Tax Consolidation

As data enters the system it is dynamically consolidated, translated for foreign currency and tax differences are calculated with the results validated against the book details. The information can then dynamically consolidate into complex tax consolidation and sub-consolidations. Longview Tax’s ability to display the transparency of the consolidations and sub-consolidations is unique in the marketplace.

Tax Accounting

The next step is the automatic calculation of the provision details. This includes current, deferred, rate reconciliations, tax basis balance sheet, tax account reconciliations, and tax journal entry. The provisioning capabilities address the very specific requirements under ASC 740 (formerly FAS 109), IAS 12, and uncertain tax positions ASC 740-10-50 (formerly FIN 48). The software also addresses Federal, State, and Provincial requirements. Once complete, Longview Tax provides boardroom quality disclosures for theincome tax disclosure. This also includes full support for interim reporting requirements (FIN 18 & IAS 34).

Interim Reporting

Longview Tax calculates interim reporting to support ASC 740-270-30 (formerly FIN 18)  or IAS 34.  The interim reporting process provides the ability to forecast the estimated annualized ETR at the legal entity and consolidated level.  The interim reporting is seamlessly integrated with the annual provisioning process to provide powerful comparative analysis of the tax provision throught-out the entire year.

Analysis & Planning

Although often overlooked, the transparency and analytical capabilities of a tax solution may be the single most important factor leading to improving your tax department processes. Longview Tax includes analytical tools that provide you unparalleled access to your results. Intuitive reports allow you to compare year-over-year, quarter-over-quarter, or even actuals-vs- forecasted ETR. Ad hoc analysis that once may have taken days is available to you in a matter of seconds. This capability empowers your resources to focus on truly value-added activities.

Interface with Compliance

Longview Tax provides robust capabilities to ensure seamless integration with your compliance system. Provision details can flow directly to your compliance system. And, likewise, the final return details are easily brought into the software to support the return to provision true-up. The flexibility of the tool allows you to keep your compliance system of choice, but rely on the best-of-breed provisioning technology from Longview.

Tax Data Warehouse

The Longview Tax Data Warehouse (TDW) is an incremental addition to the Longview Tax provision system. It provides a single, accurate version for all tax department data. The Tax Data Warehouse represents the solution to the never-ending scramble to find the right data at the right time. It is a single, accurate version of all tax department data. By storing both structured and unstructured data it provides a 360 degree view of the data needed by tax departments on a daily basis. Download the Tax Data Warehouse brochure to learn more!