Oracle Announces Oracle Hyperion Tax Provision
REDWOOD SHORES, CA, Feb 13, 2013 (MARKETWIRE via COMTEX) --
Oracle (NASDAQ: ORCL)
-- In order to help customers increase efficiency, achieve stronger
internal controls and improve transparency between book and tax data,
Oracle announced Oracle Hyperion Tax Provision.
-- Oracle Hyperion Tax Provision allows customers to collect, calculate
and report on the consolidated tax provision and more closely align
tax with financial reporting.
-- Built on the Hyperion Financial Close Suite, Oracle Hyperion Tax
Provision is a web-based tax application that addresses the full scope
of the global tax provision process.
-- Oracle Hyperion Tax Provision replaces the highly manual methods used
by most organizations with an automated and standardized process that
increases efficiency. Furthermore, it integrates with tax compliance
software and improves the overall compliance process by providing a
more streamlined book-to-tax process.
-- Integrated with Oracle Hyperion Financial Management, Oracle Hyperion
Tax Provision is based on the same technology trusted by thousands of
finance organizations to ensure the accuracy of financial reporting.
-- The calculation of the income tax provision is a key part of an
organization's financial close process. Therefore, a stronger
alignment of the tax provision with the financial close process
benefits both tax and finance by helping to eliminate redundant
processes and increasing transparency of the broader financial
-- Oracle Hyperion Tax Provision helps Oracle, and its partners, add more
value for their customers; delivering a more comprehensive solution
that helps address the needs of both tax and finance executives.
-- Oracle Hyperion Tax Provision is available in North America and the
Addressing the Corporate Tax Provision
Oracle Hyperion Tax Provision integrates with the Hyperion Financial
Close suite and offers the following benefits:
-- Efficiency, Speed & Data Integrity: Integration of the tax
provision with the financial process helps ensure that tax and finance
data reconcile at all times, and eliminates the need for redundant
maintenance of data and metadata. This allows tax to always work with
the latest financial data. Tax can spend less time on data and more
time on analysis.
-- Autonomy: Tax can realize the efficiencies of being more closely
integrated with the financial close process, but both finance and tax
still retain the autonomy that is necessary to meet their individual
-- Enterprise-quality Tax Reporting: The corporate tax department is
empowered with the same robust reporting tools as used by finance.
This allows for easy drill-down and variance reporting (e.g. actual
vs. history, actual vs. forecast). It also leads to economies in
training and on-boarding new users. This includes both Oracle Hyperion
Financial Reporting and Oracle Hyperion Smart View for Office
(Microsoft Office Add-in).
-- Stronger controls & easier access for users: Regional controllers
that submit data to both corporate finance and corporate tax during
the financial close can work from the same easy to use interface --
instead of switching between two different solutions. This results in
a stronger control environment enabling regional controllers to
perform efficiently and quickly -- instead of reconciling data between
two separate systems.
-- Transparency between book and tax data: Finance has better
transparency between book and tax data -- especially for tax journal
entry, disclosures and key metrics such as effective tax rate.
-- "Today's globalized economy requires more agility and transparency in
financial reporting," said Hari Sankar, vice president of product
management at Oracle. "Tax provisioning is a key step in the financial
close process, yet in most corporations tax and financial reporting
are not well integrated. With Oracle Hyperion Tax Provision, customers
can use their investments in Oracle Hyperion Financial Management to
collect, calculate and report on the global consolidated tax
provision, and integrate it with their financial reporting."
-- "We believe that a corporate tax provision process that is not closely
aligned with the financial reporting process may expose companies to
unnecessary risk and inefficiencies. Aligning corporate tax and
finance systems may greatly enhance the ability of tax departments to
execute their responsibilities more effectively," said Michael J.
Johnson, performance management technology leader for Deloitte's Tax
Management Consulting Practice.
-- Oracle Business Analytics
-- Oracle Hyperion Tax Provision Data Sheet
-- Oracle Hyperion Financial Management
-- Oracle Financial Close and Reporting Solutions
-- Connect with Oracle Business Analytics via YouTube, Facebook and
Oracle engineers hardware and software to work together in the cloud
and in your data center. For more information about Oracle (NASDAQ:
ORCL), visit www.oracle.com.
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SOURCE: Oracle Corporation
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