NetSuite Corporate Tax Reporting

Simplify and speed up tax reporting processes

What is NetSuite Corporate Tax Reporting?

NetSuite Corporate Tax Reporting helps organizations accurately calculate and manage their tax provisions, generate required tax reports, and automate workflows to increase efficiency and minimize errors. By improving and optimizing various tax reporting processes, including tax provision, transfer pricing, and country-by-country reporting (CbCR), NetSuite Corporate Tax Reporting helps businesses meet tax obligations effectively, mitigate compliance risks, and make informed decisions to optimize tax strategies.

Improve Tax Processes

Workflows, configurable tax schedules, dashboards, and robust reporting capabilities let you automate any tax process.

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NetSuite Corporate Tax Reporting Benefits

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Data Accuracy and Consistency. Automate data collection and improve efficiency through the integration of financial data and metadata with NetSuite and financial consolidation systems.
Increased Control and Compliance. Improve control and governance through centralized workflow and task management capabilities that grant access based on a given user’s role.
Confident Reporting. Leverage prebuilt reports and dashboards to facilitate analysis of all tax data to generate tax disclosures with confidence.

NetSuite Corporate Tax Reporting Features

NetSuite Corporate Tax Reporting is a comprehensive solution designed for companies reporting under IFRS and/or US GAAP standards.

Tax Provision

Calculate Tax Provision. Automate tax provision calculations and the generation of tax journal entries, from individual legal entities to comprehensive consolidated tax disclosures. Calculations can follow both US GAAP and IFRS standards to promote compliance.
Ad-Hoc Data. NetSuite’s Supplemental Data Manager automatically collects ad-hoc data used for footnotes, disclosures, and supporting details.

Country-by-Country Reporting

Streamlined Reporting. Populate your country-by-country reporting template with data pulled straight from your NetSuite general ledger. Provide complete transparency back to the source financial numbers.
Advanced Tax Analysis. Dashboards provide preconfigured KPIs designed to flag potential audit concerns, such as revenue per employee and return on equity, to automatically assess your tax data.

Tax Workflow

Task Management. Monitor, manage, and coordinate the entire tax process. Define sequential, logically grouped tasks for all tax-related activities, assign tasks to preparers and reviewers, and monitor progress. Approvals provide a structured, multilevel review process for entity data, with email notifications and sign-off requirements.
Data Collection. Through automated workflows, collect data from regional controllers around the globe, boosting accuracy and compliance and improving internal control by having real-time visibility into the tax data collection process.

Challenges NetSuite Corporate Tax Reporting Solves

Complexity of Tax Regulation. Manage and automate tax provision calculations and country-by-country reporting and simplify compliance with a unified system.
Manual Processes and Spreadsheets. Automate repetitive tasks, reduce reliance on manual data collection and inputs, and provide audit trails to improve accuracy and compliance.
Limited Reporting. Access real-time dashboards, leverage ad-hoc reporting, and utilize data visualization tools to analyze all tax data effectively.

How Much Does NetSuite Corporate Tax Reporting Cost?

Companies of every size, from prerevenue startups to fast-growing businesses, have made the move to NetSuite. Looking for a better way to run your business but wondering about the cost?

Customers subscribe to NetSuite for an annual license fee. Your license is made up of three main components: core platform, optional modules, and number of users. There is also a one-time implementation fee for initial setup. As your business grows, you can easily activate new modules and add users—that’s the beauty of cloud software.

NetSuite Corporate Tax Reporting is available as an add-on module.

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