Tag Archive for: EPM

Oracle Fusion Cloud EPM – 23.08 Update

EPM Cloud August Update

Test Environments: Oracle will apply this monthly update during the first daily maintenance that occurs at or after 22:00 UTC on Friday, August 4, 2023.


Production Environments: Oracle will apply this monthly update during the first daily maintenance that occurs at or after 22:00 UTC on Friday, August 18, 2023.


RELEASE HIGHLIGHTS


HELPFUL INFORMATION

The Oracle Help Center provides access to updated documentation. The updates will be available in the Help Center on Friday, August 4, 2023.

NOTE: Some of the links to new feature documentation included in this readiness document will not work until after the Oracle Help Center update is complete.

Updated documentation is published on the Oracle Help Center on the first Friday of each month, coinciding with the monthly updates to Test environments. Because there is a one-week lag between the publishing of the readiness documents (What’s New and New Feature Summary) and Oracle Help Center updates, some links included in the readiness documents will not work until the Oracle Help Center update is complete.

https://docs.oracle.com/en/cloud/saas/epm-cloud/index.html


FIXED ISSUES AND CONSIDERATIONS

Software issues addressed each month and considerations are posted to a knowledge article on My Oracle Support. Click here to review. You must have a My Oracle Support login to access the article.

NOTE: Fixed issues for EPM Cloud Common components (Smart View for Office, EPM Automate, REST API, Migration, Access Control, Data Management/Data Integration, Reports, Financial Reporting, and Calculation Manager) are available in a separate document on the My Oracle Support “Release Highlights” page.

The full Oracle advisory note can be found here

Introduction to Oracle Tax Reporting Cloud

 

 

Tax reporting (from Oracle) is an incredible application to increase the efficiency of the tax function.

With the rise of digital economies, governments across the world are finding ways to tax the digital income generated from their country. OECD is working on details of the digital tax so that companies and governments can work more efficiently. Meanwhile, France/UK are ready to tax digital companies with their own digital taxes.

In this world of uncertainty, governments are looking to increase their tax revenue and making changes to the tax laws accordingly. It is expected that companies should calculate their tax obligation correctly as per the latest tax codes in that jurisdiction.

However, tax functions in many companies are still using Microsoft spreadsheets to prepare tax calculations. These calculations might be prepared at an entity level in a spreadsheet and then sent to a regional or global the tax function using email. Tax experts review tax calculations at group level and if there are issues with the tax calculation of an entity or formula errors, the spreadsheet is sent back to the local team for correcting or updating. There is so much to and fro of the spreadsheets that tax and finance teams can easily lose track of the versions and corrections. Sometimes tax calculation models refer to many linked spreadsheets which creates further complexity when the spreadsheets need to be updated for a new account, changes in legislation or accounting standards. Formula errors can exist in the spreadsheets that are difficult to identify and correct. The other issue is that the tax models may be maintained and updated by one team member. If that team member leaves the company, there is a big risk to the tax process and financial close. These are a few of the pain points, bottlenecks and risks with using spreadsheets to prepare tax calculations.

Tax reporting is a web-based cloud solution, which has inbuilt functionality for:

  • Configurable tax calculation rules
  • Automatic calculation of tax expense, DTA/DTL
  • Approval process
  • Roll forwarding of tax accounts
  • Loading trial balance data
  • Load fixed assets data
  • Currency translations
  • Consolidation
  • Calculate Effective Tax Rate
  • Reports on local/ regional /state / national tax data
  • Produce tax accounting journal entries
  • Country by country reporting
  • Capture supplemental data for tax calculations and additional disclosure
  • Maintained by the tax and finance users

 

 

The tax reporting solution provides tax departments with the ability to meet global tax reporting requirements on an ongoing basis and ensure compliance with changing tax regulations.

We can help with implementing Oracle’s tax reporting solution for your organization and provide guidance on how to get the maximum value out of it.