Accomplishing tax reports can be daunting. With shifting government policies, tax professionals always need to keep up with updates on regulations to ensure corporate compliance.
Furthermore, tax data can come from varied sources, which makes it harder to collect, manage, and analyze information. So, how can this process be improved?
The solution lies in the use of top tax software that comes with superb automation features and data management capabilities. One such example is Longview Tax. It is designed to automate tax data collection and processing so you can streamline your tax reporting activities. In this article, we will take a look at the pros and cons of Longview Tax to find out how this solution measures up to your expectations of a modern taxation system.
Tax departments continue to face tough demands when it comes to completing tax reports. In a survey conducted by Thomson Reuters, 43% of tax professionals agreed that compliance is their top tax challenge, followed by data management at 27%. This is not surprising at all since strict compliance usually demands increased reporting, which directly compounds the data management burden.
Around data management, 55% of tax professionals agreed that they need to improve data collection, while 28% reported that disparate systems and multiple data sources are the biggest problems their tax team is facing. Another 23% said that the issue of data volume has become even more difficult compared to previous years.
In order to address these challenges, you need to utilize the technology found in tax software such as automation features, data management, and reporting tools. If your tax team is still relying on manual data input and static spreadsheets, they will probably deal with tons of paperwork, spend long hours checking entries and revising data, and finalizing computations. This does not help when you have numerous tax consolidations to make and different deadlines to meet.
Source: Thomson ReutersDesigned by
Longview Tax is a cloud-based corporate tax software that aims to help tax teams reduce manual tasks and streamline calculations via automation features. It integrates with ERP software, consolidation applications, and supplemental sources to create a central location where you can access your tax data. Automation features can help finance departments save long hours of repetitive data entry, checking, and validation; thus, reducing error-prone processes and improving data accuracy.
Furthermore, Longview Tax offers detailed reporting and analytics. You can generate reports based on up-to-date information, so your team can become more confident with their forecasting, analysis, and scenario-building. Real-time reports are presented using easy-to-digest visual graphs and charts on an equally clean, customizable dashboard.
Even without a dedicated IT team, you can manage Longview Tax, thanks to its user-friendly interface. It integrates with other finance solutions such as Tidemark, Longview Analytic, and Longview Close so you can benefit from seamless data sharing across platforms.
Detailed Longview Tax Review
In the past, spreadsheets may have been the most practical tool for companies when it comes to handling tax management. However, they are no longer the most effective approach to accomplishing tax processes.
As we learned from the Thomson Reuters survey, the workload of tax departments is increasing. Also, tax authorities are demanding more transparency and implementing strict compliance with regulations. Since spreadsheets are hard to troubleshoot and test, it also takes longer for your tax team to complete their reports.
Moreover, spreadsheets are susceptible to human errors and fraud due to the lack of permissions and access control. Using the automation features of Longview Tax, you can standardize manual processes and produce automated calculations with improved internal control. This eliminates error-prone manual tax management, which saves your team long hours of validation checks. As a result, your organization will be able to meet rigid tax report deadlines with confidence and in good time.
Shifting to an automated tax system like Longview Tax also ensures data remains accurate and consistent across your organization. You will have a single source of truth where tax and finance teams can refer to when doing their analysis, consolidation, and reporting.
On the downside, some users reported that it can be challenging to learn the complexities of the program. You will need to invest time to learn how to run the system properly. For example, there are specific details and several steps to follow in order to successfully pull up data for a scenario, forecast, or time period. This issue is common, though, for software with a lot of robust features. Users did mention that Longview Tax has a dedicated support team able to provide assistance whenever they have issues with using the application.
Tax data can come from different departments within an organization. It can also originate from overseas offices. As a result, the job of tax professionals in connection to data gathering becomes harder.
This is where Longview Tax can help. Since the software integrates with finance solutions, including Microsoft Excel, it can aggregate data from different sources. It becomes a central hub, so organizing and collecting data becomes faster and more efficient. It also facilitates audit defense because all formulas, calculations, and notes are saved as they existed in previous processes.
Longview is fully scalable and can support the tax activities of global enterprises. Being packaged as an enterprise tax solution, though, highlights an issue about Longview—the price. Several users commented about the cost associated with using the software. Pricing is by quote and can vary depending on your company’s requirements.
Earlier we mentioned how reporting is challenging to tax departments. By utilizing Longview’s powerful reporting and analytics tools, tax teams can have an easier time putting their reports together. They can use data visualization tools such as charts and graphs to make their reports easy to digest.
Another benefit of Longview’s data analysis and reporting tools is that it allows your team to drill down in their reports. It becomes easier to compare rate drivers in different business units and identify your group’s effective tax rate (ETR) early on and take steps to improve it.
On the other hand, senior executives and managers can use reports to assess tax data and identify issues that may arise from taxes paid. Reports also assist companies in decision-making and preparing strategies in response to any business challenges. Additionally, you can export final reports to Excel and upload them to third-party compliance software.
In this guide on the pros and cons of Longview, we highlighted the best features of the software. These are automation, reporting and analytics, data management, and integration. With these features, your tax team will be equipped with the tools they need to face corporate tax challenges head-on.
Moreover, because Longview Tax acts as a single source of truth for all your tax data, it can make tax reporting more convenient for your tax specialists. They will be able to perform in-depth tax data analysis faster and your organization will improve transparency and accuracy in your tax reporting.
There are, of course, a few caveats from users who have implemented Longview. The steep learning curve is one of them. But don’t let this discourage you from trying out the software. The best approach is to just be prepared to invest some time and effort into learning the software’s interface, tools, and functionalities.
Another point to consider is the cost of using Longview as your tax reporting solution. Based on reviews, the pricey licensing cost of the software is a recurring reason why users were more inclined to recommend it to enterprises that need to address complex compliance, reporting, and data management requirements.
Currently, Longview does not offer any free trial for their product. However, if you want to have a better understanding of what it can do for your tax reporting, contact the vendor to schedule a live demo. You can also request a customized quote.
Using cloud-based tax software like Longview Tax is just one way to improve your business processes. Here are more reasons why you should implement cloud-based solutions for payroll and accounting.
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