Wolters Kluwer launches tax & financial reporting software

Wolters Kluwer has announced the launch of its latest solution, CCH Tagetik Tax Provision & Reporting, aimed at supporting companies in streamlining group tax provision and accounting processes.

The  software bridges the gap between financial and tax reporting, offering a comprehensive tool for finance and tax leaders in multinational companies.

CCH Tagetik Tax Provision & Reporting's primary functionalities include data collection and group tax provision calculations, covering areas such as current tax, deferred tax, and effective tax rate. Additionally, it facilitates group tax reporting for financial consolidation figures, enabling more integrated and efficient financial and tax workflows.

Ralf Grtner, Senior Vice President and General Manager of Corporate Performance & ESG at Wolters Kluwer, highlighted the necessity for advanced technological solutions in transforming tax and financial reporting processes.

"Companies are seeking advanced technology solutions to enable them to transform their approach to tax and financial reporting. We are committed to continuously developing innovative and integrated technologies to support the Office of the CFO," he said.

"This new solution enables finance and tax leaders to harness the AI capabilities of our Intelligent Platform to drive efficiency for group tax provisioning and to streamline integration with core financial processes."

The CCH Tagetik Tax Provision & Reporting solution incorporates AI capabilities from the CCH Tagetik Intelligent Platform. These capabilities are designed to enhance the efficiency, accuracy, and strategic capacities of finance departments. The key features of the new solution include improved data governance and process management, leveraging advanced analytics and data management technology to ensure control at the group level.

It also offers a unified accounting and tax model to facilitate consistency across different jurisdictions, streamlined data entry and commentary capabilities for efficiency and auditability, and comprehensive dashboarding and reporting functionalities that align tax processes with financial operations for better strategic decision-making.

The launch of CCH Tagetik Tax Provision & Reporting is the latest in Wolters Kluwer's series of corporate tax innovations.

This follows the introduction of the CCH Tagetik Global Minimum Tax solution in 2023. The Global Minimum Tax solution has been recognised by industry bodies, including the Software & Information Industry Association (SIIA) for best financial management solution and by the Business Intelligence Group as the new product of the year.