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Oracle Hyperion Tax Provision (HTP)

Posted on October 4th, 2013 by Sanjit Anand ||Email This Post Email This Post

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Oracle Hyperion Tax Provision is a comprehensive, easy-to-use global tax provision solution that is purpose built for the automation of the accounting for income tax process. The Software is designed by tax users for tax users, and leverages the existing finance data and processes without impacting finance’s current financial close procedures.

The solution addresses both IFRS and US GAAP requirements, and includes tax maintenance wizards that are designed to be easily maintained by the tax department. Since Oracle Hyperion Tax Provision is architected on top of the Oracle Hyperion Financial Management (HFM) platform, both finance and tax can realize significant efficiencies in training both the casual and power users involved in the tax reporting process (e.g. regional controllers around the world and power users in the tax department).

Tax Provision calculates your company’s global tax provision, effective tax rate, and deferred tax for tax provisioning purposes. The application is designed to comply with the standards for accounting for income taxes under US GAAP ASC740 and IFRS IAS12.

Those who are not accounting background , can understand

A Tax Provision is…

  • a quarterly and annual disclosure (10Q & 10K)
  • a key part of the Financial Close
  • required for US GAAP & IFRS

Donot get confused with As Tax Provision is NOT…

  • a tax return
  • a requirement for the IRS (US), HMR&C (UK),
  • or other revenue agencies…

To summarize, The new Module encompasses all stages of the corporate tax provision process:

  • A tax provision calculation engine that addresses US GAAP, IFRS, and statutory tax reporting
  • A web-based tax package and integrated workflow for global data collection
  • Integrated with Oracle Hyperion Financial Managment, the solution that is based on the same technology trusted by thousands of corporate finance organizations.
  • An easy-to-use wizard for automation of tax differences
  • A comprehensive suite of tax reports for the consolidated tax provision – including the tax disclosure
  • Reconciliation of the tax accounts to the accounting data, and generation of the tax journal entry
  • A return-to-accrual process that integrates and enhances the tax compliance process
  • Configurable supplemental schedules to address unique data collection and calculation requirements

Why this software care about Tax?

  1. The Tax Provision is very material number
  2. It is a key part of the Financial Close (e.g. same value proposition)
  3. Replacing Excel
  4. The tax department is a new audience
  5. The Hyperion solution can have a material impact

Hyperion Tax Provision provides the tax department with the same strong data collection and management tools that the finance department is accustomed to. By providing the tax department with the same platform as is used by the finance department, the coordination between the two departments improves the financial close process, since the financial close cannot be complete without the tax close.You can get further details at Oracle site .

Installing Hyperion Tax Provision
The Hyperion Tax Provision requires, at minimum, Hyperion Financial Management Release with Patch Set Update:

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