insightsoftware, a global provider of reporting, analytics, and performance management solutions, announced the evolution of Longview Tax with capabilities for BEPS 2.0 Pillar Two.
Organizations can “implement the comprehensive solution for all tax reporting challenges, or opt for a new standalone offering for BEPS 2.0 Pillar Two with the ability to add functionality as needed.”
The all-in-one tax solution “enables organizations to confidently meet BEPS 2.0 Pillar Two requirements, improving financial planning with consistent, correct tax payments and reliable tax forecasting.”
Managers of tax, finance, and auditing can now “align provisioning, projecting, country-by-country reporting, operational transfer pricing, and Pillar Two compliance in a single solution.”
Josh Schauer, VP of Finance at insightsoftware, said:
“Inconsistent data integrity leads to errors in tax reporting and forecasting, which can result in enormous financial and legal costs for organizations. These challenges around consolidating, cleansing, and analyzing tax data from across the organization will be magnified once BEPS 2.0 Pillar Two is made official in 2024. For organizations with existing tax systems and processes that aren’t able to execute a full move to a new tax solution, the standalone BEPS 2.0 Pillar Two offering can help immediately.”
Nearly 60% of organizations “with more than 1000 employees are still using spreadsheets across teams, resulting in siloed, error-prone data.”
This forces organizations “to spend more time cleansing and manually rekeying data before it is integrated with finance systems.” Manual processes “slow time-to-insight and prevent organizations from realizing the full impact of their financial data.”
BEPS 2.0 Pillar Two “takes effect in early 2024, imposing new data reporting requirements and additional global tax compliance challenges for every multinational business with turnover greater than 750M EUR.”
This legislation “increases the pressure surrounding already over-stretched tax teams that will now have to collect more data from multiple sources and across departments.”
Based on input and collaboration from multinational and Fortune 500 brands, Longview Tax has evolved “into a flexible, cloud-based corporate software that improves tax function across the enterprise, including meeting the complex data requirements surrounding Pillar Two.”
Tim Poole, Director, Global Tax Reporting and Regulation at IHG Hotels & Resorts, said:
“We have been using Longview Tax for our tax close process for over 10 years, taking advantage of the in-built logic and control that it offers. We added the Tax Transparency capabilities to our solution a few years ago in order to automate much of our Country-by-Country reporting requirements and we are looking forward to implementing and utilising the Pillar 2 functionality in the near future. We see there to be a large benefit of using a single set of data within a single system for all of these different reporting requirements, reducing the need for manual reconciliations and the risk of error.”