CCH Global Integrator Solves Tax Provision Problems
CCH/Wolters Kluwer Tax & Accounting has introduced a new business line dedicated to the corporate market called Global Integrator. The goal of the product is to simplify tax calculations for local and multinational corporations of all sizes. The new web-based suite delivers CCH's software and international content to provide one centralized solution to streamline tax data collection, tax provision, research, and compliance activity.
"CCH Integrator is an integrated web-based suite that was created for corporate professionals worldwide to help them simplify processes, increase efficiency and improve accuracy," said Scott Gruchot, CCH Corporate Services vice president and general manager.
Created for multinational corporations and domestic corporations with cumbersome tax processes, CCH Integrator promises to leverage the latest technology to streamline current corporate tax data collection, provision, research, and compliance processes, while helping to reduce audit risk associated with global tax regulations.
Typical users are companies that do business in more than one country, according to Chris Donie, director of corporate product management for CCH. The companies that would use this product, "could be very small, obviously could be Fortune 100, in various markets or various jurisdictions, with a complexity of needs that reaches outside their company. We have customers that are fairly small. It could even be companies that don't do business outside the US."
The two key components of the CCH Integrator suite are Global Integrator and Global Tax Research Integrator.
Global Integrator software provides a single platform for data collection, analysis, and tax reporting globally. Scalable for both small and large corporations, Global Integrator offers multi-jurisdictional functionality that delivers benefits to both the head office and local countries. With multi-GAAP reporting, this single solution provides reconciliation from head office GAAP, to local GAAP, to local tax. Global Integrator also offers multi-currency and multi-language capabilities and is completely configurable by the end user to meet the individual data collection, calculation and reporting needs of corporations.
With Global Integrator, companies only need to enter tax data once because the software leverages the same set of reconciled numbers for local and head office accounting, reporting, compliance, and forecasting.
In addition, Global Integrator:
- Standardizes calculations and schedules with flexible templates that provide consistent reporting formats across countries.
- Customizes data collection schedules and questionnaires to suit individual reporting needs.
- Compares and integrates head office and local GAAP reporting for tax accounting under both FAS109 and IFRS in a single calculation.
- Performs full conversions, including reconciliation of exchange rate differences.
- Calculates tax positions based on estimates/restructures.
- Provides a single system that contains all tax provisions and tax returns globally for all years.
- Integrates with general ledgers, local compliance systems, Microsoft Excel, and other tax applications.
- Integrates federal/state, provincial, and dual tax system calculations.
- Offers built-in status tracking, audit controls, electronic sign-off, and transparency of who modified what and when, including drill-down from the tax footnotes back to the source.
- Supports detailed provision calculations (with full tax basis balance sheet) and high-level ETR calculations, and more.
"Global Integrator has not only improved our control environment, it has also provided consistency and visibility to global information we didn't have prior to its implementation," said Patrick Callahan, director, tax accounting & reporting, Kimberly-Clark. "With Global Integrator, we are implementing a single process for both U.S. and local GAAP tax accounting across more than 200 entities and have saved over 9,000 hours and 52 elapsed days from our U.S. tax compliance processes."
Global Tax Research Integrator promises to connect professionals with timely, authoritative, and specific international content in countries where a company does business. It features the full line of CCH international research resources delivered on the CCH IntelliConnect platform. Content includes:
- In-country guidance, attested to each month.
- Real-time country tax rates, translated tax forms, and instructions for more than 120 countries.
- Detailed guidance and analysis written by in-country tax experts.
- Customized daily international tax news and updates delivered via e-mail.
- Access to CCH Mobile; and CCH's International Tax Treaty Expert Library.
Global Tax Research Integrator is customizable, so companies can choose the level of content they want - Pro, Plus, or Premium - to meet their specific needs.
CCH is working with accountants to help deliver the message of Global Integrator to their clients. "We plan to enable them, support them, and work in partnership to their customers," said Donie.
John Heintz, CCH senior segment manager, explained to AccountingWEB that in partnering with accounting firms, CCH is "definitely not limiting ourselves to large public accounting firms." He sees opportunities to help accounting firms of all sizes that represent clients with specific needs that could fit the model for Global Integrator.
"More than 75 percent of large corporations in the US are doing the majority of their provision work in Excel," said Heintz. "There is a huge risk as it relates to Sarbanes-Oxley and transparency that's being pushed from a corporate representation standpoint." An advantage of Global Integrator is that it removes that risk by analyzing all corporate tax situations at one time, in one scenario. By examining the entire presentation at once, accountants can be confident that no tax provision items have been missed or miscalculated.
CCH Integrator is offered through the new CCH Corporate Services business line, serving corporate professionals with dedicated product, sales, customer services and support to meet their specific needs.
To learn more about the new CCH Integrator suite, please visit CCHIntegrator.com or contact a CCH account representative at 1-866-513-CORP (1-866-513-2677).