One of the key advantages of the OneStream XF SmartCPMTM platform is that customers can extend the value of the platform beyond the basics of corporate performance management (CPM). While the platform supports the complex requirements of global enterprises in financial consolidation, planning, reporting, analysis and data quality – it can be extended to support additional requirements such as account reconciliations, cash forecasting, lease accounting and tax provisioning.
This was the focus of a recent webinar featuring OneStream customer Victaulic, highlighting their use of OneStream to support their total tax provision requirements. Moderated by yours truly, the featured speakers were Jennifer Koorie, Corporate Tax Manager at Victaulic and Karen Blackmon, Principal Consultant and tax expert at OneStream. Here are some highlights from the discussion.
Victaulic Extends OneStream Investment
Founded in 1919, Victaulic is the world’s leading producer of mechanical pipe joining solutions, with 3600 employees at over 40 locations. Victaulic adopted OneStream initially to address their financial consolidation and reporting, as well as planning and budgeting requirements.
The Tax department at Victaulic had been using spreadsheets to manage tax provisioning and reporting and was looking for a better solution. Having evaluated several other tax solutions in the market, Victaulic chose to leverage their investment in OneStream and extend their use of the platform for their total tax provision requirements. One of the key drivers of this decision was their ability to align tax provisioning with financial consolidation and reporting in a single platform.
OneStream’s Tax Provision Solution
Having been announced at OneStream’s Splash User Conference in May, the Tax Provision Starter Kit is a new XF MarketPlace solution that is being developed based on work completed with several OneStream customers, including Victaulic. While the starter kit is scheduled for release in the Fall of 2018, OneStream’s Services team can deliver the solution as a consulting engagement for interested customers immediately.
The Tax Provision Starter Kit solution leverages many existing OneStream XF platform capabilities including data integration and validation, guided workflows, supporting documentation, security and reporting. In addition, it will include many tax-specific capabilities:
- Tax-specific data views (living in the same application as financial reporting)
- Tax-specific workflow
- Tax-specific scenarios
- Tax-specific accounts dimension
- Tax account hierarchies
- Tax calculations and business rules
- Tax input forms and reports
The initial release of OneStream Tax Provision will be oriented around supporting single country, US GAAP, year-to-date actual provision requirements. But it will be configurable by OneStream Services to address additional requirements. In subsequent releases the OneStream Tax Provision starter kit will be extended to address Country by Country Reporting (OECD), State and Local Provision, FIN 18 (forecast), Fin 48 and other US GAAP tax reporting requirements. In addition, it will be extended for other accounting disciplines including IFRS.
Jennifer Koorie of Victaulic commented that the OneStream Tax Provision solution has made her life a lot easier compared to the spreadsheet approach, automating 86% of the tasks. The believes there is more automation to come, and cited several key benefits of the solution:
- Provides the ability to view both Statutory and US GAAP tax provisions
- Leverages information from the OneStream Financial Consolidation & Reporting Solution
- Provides multiple levels of detail to all levels of management:
- Consolidated and entity level tax reports and tax analytics
- Consistent input and reporting format for all tax preparers and reviewers
- Control over who has access to what information
- Streamlined preparation process for global financial statement and footnote reports
Victaulic plans to continue enhancing their Tax Provision solution to support state apportionment, tax return preparation, as well as tax budgeting and planning.
To learn more, contact your local OneStream account representative or watch and listen to the replay of the webinar “Victaulic Takes on Tax Provisioning with OneStream.”
John O’Rourke is Vice President of Product Marketing at OneStream Software. With a background in accounting and finance, John has over 30 years of experience in the software industry, including 20 years of experience in product marketing at Hyperion Solutions, Oracle and Host Analytics. He has worked with many customers and partners on financial reporting and planning initiatives and has spoken and written on many topics in corporate performance management. John has also held positions in strategic marketing and product marketing at Dun & Bradstreet Software, Kenan Systems and Decisyon. Find me on: