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Automate your tax processes

Your tax team should not waste valuable time on recurring and mundane tasks. Automating your tax processes reduces the workload, improves regulatory compliance and supports factual decision making. This enables your team to move activities up the tax value chain.

At Taxtimbre, we truly understand the different elements of tax automation. We bridge the gap between tax, finance and IT. With an open mind and a pragmatic approach. And by selecting and implementing the right software. We help you build smart transfer pricing solutions, transparent tax accounting and a reliable end-to-end tax reporting process.

our expertises
about taxtimbre

At the core of our DNA is “timbre”. Timbre is all about the quality and uniqueness of sound. Just like a good melody requires a careful combination of instruments and vocals, every individual professional has his or her own, unique specialization and contribution to make to a project. The slightest tweak in just one of the sounds can result in a very different outcome.

Our team is built up of tax professionals with extensive experience in transfer pricing, tax accounting and technology, including industry and Big Four experience.

main contactS
Monica Erasmus-Koen
Partner Transfer Pricing
+31 (0)6 20 40 88 38 monica.erasmus@taxtimbre.com
Roelf Kloen
Partner Tax Accounting
+31 (0)6 54 61 65 50roelf.kloen@taxtimbre.com
Benno van Ingen
Partner Performance Management Solutions
+31 (0)6 10 84 79 79benno.vaningen@taxtimbre.com
Patrick van Gerven
Partner Tax Accounting
+31 (0)6 48 78 09 85patrick.van.gerven@taxtimbre.com
Peter van Tiggele
Partner Tax Accounting
+31 (0)6 52 39 65 35peter.van.tiggele@taxtimbre.com
Diana Jimenez
Director Transfer Pricing
+31 (0)6 25 07 51 44diana.jimenez@taxtimbre.com
expertises

Most companies spend around 80 percent of their time compiling data, and only about 20 percent analysing it. It’s a well-known fact that automation significantly reduces manual activities and the quality of data.

We leverage without bias on the technology available in the market, we further refine existing Enterprise Performance Management or tax add-on solutions, or we create our own. Through our products and those of our business partners, we embrace the future of tax technology.

Profit monitoring & transfer pricing adjustments
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Even though we talk about taxes, we approach operational transfer pricing as the automation of a business process. Thus, it is always good to first embed healthy tax processes and, subsequently, digitize the workflows between finance and tax departments. The technology readiness of the company determines whether a partial or complete automation of the transfer pricing process, from data extraction on a transactional level to reporting and dashboarding, makes sense.

We can assist you with that determination and transformation to help you benefit from:

  • eliminating the manual creation of segmented TP reporting to test TP compliance on a “per transaction” basis;
  • continuously managing transfer prices through periodic analysis, and make corrections before the books close;
  • visualization and analyses of data through dashboards which keep the focus on your tax Key Performance Indicators (KPIs), driving quick and accurate decision making together with your internal stakeholders;
  • modelling and simulating scenarios to drive better decisions;
  • improved global collaboration between the Finance and Tax function through an intelligent digital workflow.

Automating operational transfer pricing will give you a single source of truth for TP-related data, information and reporting, and a significant reduction of the time to gather, prepare information and perform calculations to “a push of the button”.

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Cost pooling & distribution
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In theory it sounds simple; cost allocation is the distribution of one cost across multiple entities, business units, or cost centres. In tax, we know from our “benefit test experience” the importance of a cost allocation methodology to identify what services are being provided to a legal entity and the link with the origin of that cost.

Tax departments have been grappling too long with spreadsheets, whereas most Enterprise Performance Management or tax add-on solutions have the capability to extract, pool, allocate and recharge end-to-end costs in an appropriate way.

How does it work? The technology pulls in data from expense accounts, matches it through a mapping table to pre-identified costs pools. Subsequently, the cost amounts based on allocation table(s) are distributed to the relevant beneficiaries, leaving a clear audit-trail for future tax audits. Most importantly, a digital dialogue can be set up between the different stakeholders to capture substantive documentation or sanitize cost pools or allocated amounts. Finally, a number of systems can also be configurated to automatically create all associated journal entries.

This cost allocation system saves significant time by freeing your team from performing cost allocation calculations each period, manually preparing journal entries, and maintaining allocation tables.

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Transfer pricing documentation
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MASTER FILES AND LOCAL FILES

We sincerely believe that simplicity works. Simplicity improves performance and increases the agility of the team. Our transfer pricing documentation support stretches:

  1. from managing your global transfer pricing documentation projects (whether in an automated or traditional way) with our independent international transfer pricing network (that is, a full-outsourced solution),
  2. implementation of a point-solution within your own EPM system,
  3. implementation of a TP document solution as part of an integrated tax platform.

Our TP documentation management solutions are designed to create and manage master files, local files and intercompany agreements. For an example on how we set up our TP Documentation solutions, watch our Webinar on Transfer Pricing Documentation, showcasing our TP Documentation solution in VENA®. Please feel welcome to contact us to see a demonstration of the options you have, have a conversation about your vendor selection process, or simply talk about the possibilities our various solutions have to offer!

Which problems do we aim to fix?

  • One single point of truth.
  • Increase global company collaboration.
  • Reduce compliance risks.
  • Minimize duplication and “copy & paste”.

Accelerate your digital transformation by using TP documentation solutions for intelligent process automation, document creation, - monitoring, - review and approvals.

BENCHMARKING

With benchmarking, we search through third-party databases containing company data (including financial fundamentals) for independent companies performing similar functions, and in markets similar to the company being researched.

Although the general theory around benchmarking is simple, practice often proves that it is not that straightforward. Our experts can help you not only with performing the benchmarks, but also with putting them in context and identifying any particularities that should be taken into account. We can assist irrespective of whether the benchmark is for your company, or as a service to your firm, under your own brand.

INTERCOMPANY AGREEMENTS

Similar to transfer pricing reports, intercompany agreements have proven to be quite a challenge to manage. Amongst other things, it’s labour-intensive, results in excessive lead times to finalize, and requires a herculean effort to work out signatories and get them actually signed. Not managing your intercompany agreements is like building a house and not finishing the roof.

We gladly help you to navigate through the different automation solutions available in the market. There are several proven legal related document management solutions accommodating:

  • digitized templates: easy digitization of contracts with dropdown selections and other built in logic to speed the drafting. Most solutions can be combined with a template repository;
  • digital signing of documents;
  • a repository of all signed documents.

These solutions not only create an automated workflow to allocate roles and responsibilities and make progress visible, it also gives you one version of truth that is reviewed and edited by all relevant persons in the workflow.

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Country-by-Country reporting
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Governments around the globe demand more transparency and information from multinational companies, increasing the risk of controversy. Country-by-country reporting requires a robust collection of relevant data in a consistent format across the international group. The reality is that companies battle with diverse ERP systems, data formats, and collecting structured and unstructured data.

We are software-solution-agnostic and can guide and support you through the design and implementation of a suitable solution within your own reporting environment, or with the vendor selection of an add-on solution.

With respect to the filing of your Country-by-Country report, we can prepare accurate XML Country-by-Country reports for submission to the relevant tax authorities. The end-to-end process of CbCR is supported by:

  • data collection, interpretation and processing of source data (fiscal and financial) for CbCR;
  • integration of CbCR input and output reports in your reporting environment;
  • technical validation of the CbCR data and conversion to the correct data file format;
  • submission to the relevant tax authorities irrespective of which country.

Automating the tax processes and integrating the various systems containing data will make the whole process of CbCR reporting less time-consuming and more reliable.

For our Country-by-Country Reporting solution built in Anaplan, please watch the video below:

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ETR reporting
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The ETR (effective tax rate) is a key metric in today’s tax world. It is widely used as a driver of tax decisions, measure of the performance of tax departments and a comparable for many companies. The ETR reconciliation is also a key part of the mandatory disclosures, all the more reason that the calculation of this ratio should be spot-on.

Our experts have the knowledge to help you determine the correct ETR and the correct process to monitor this KPI. Together with you, we determine which choices make the process more efficient, which software could act as an enabler, and support you in implementing these choices. Our tax specialists combine extensive experience within the Big4 with practical experience as in-house tax specialists and knowledge of reporting and tax solutions, such as Anaplan, CCH Tagetik, Excel, HFM, Longview, OneSource, SAP and Vena.

Optimizing the tax processes requires connecting tax, finance and IT. After selecting the right software, we guide you through the implementation process and ensure that your specific needs are properly reflected in the result. When the system is operational, a large data flow starts. To manage this effectively, we support and train your people.

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Tax disclosures
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Figures do not always tell the whole story. Drafting a good explanation for the figures is an important part of the financial report. However, this requires a lot of insight and a thorough analysis of the underlying information. It is often a time-consuming process to get the relevant information from various departments within the organization. Proper preparation prevents you from encountering surprises during the year-end!

Knowing beforehand what you need to disclose and what you additionally want to tell the public will be a first step towards a smoother disclosure process. Secondly, automation of large portions of the tax disclosures can save you a lot of time during this stressful process.  

Our experts help you to design the correct disclosure and a smooth process to prepare these disclosures, enabling you to comply with tax and accounting regulations such as IFRS, US GAAP and Local GAAP.

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Tax provisioning
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The process of tax provisioning causes peaks each reporting period. The internal process of retrieving and evaluating all relevant data for the tax closing process makes this workload even heavier; reason enough to take a critical look at whether smart solutions can make the entire tax provisioning process more effective.

Our specialists have that critical eye. Together with you, we determine how reporting and tax solutions can optimize the tax provision process. This will give you a number of benefits:

  • Spend less time on endless reconciliation of tax reports to their source data.
  • An intelligent model can help you prevent and catch any mistakes in the tax calculations.  
  • Reuse the data for the purposes of tax risk management and tax opportunities.
  • Create and increase tax awareness within the entire organisation.

The market for tax-reporting software is growing rapidly. There are more and more possibilities to automate the tax process: integration into existing EPM systems, spreadsheet solutions or separate tax software. The next steps are robotics and the use of artificial intelligence. We help you to choose the right system. What suits the tax process and the existing IT landscape in your organization, now and in the future?

For an example of the possibilities, discover how W.P. Carey automated their tax reports.

To make your entire tax process more effective, we developed a Tax Provisioning template for OneStream.

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