Digital Automated Tax
An effective solution to the challenges of Group Tax Accounting
TaxPacc.™ is an IFRS tax accounting software solution that automates the tax process to generate tax journals and provide company and group tax disclosure. It drives the corporate tax life-cycle, allowing for easy conversion to a digital tax process.
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The sky's the limit - from built-in workflow and tasking review to accommodating your company spreadsheets to optimised provisional tax calculations and much, much more. TaxPacc.™ simply is a smarter tax process for Group Tax Accounting.
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TaxPacc.™ is created, distributed and supported by Visit Xnovos →
TaxPacc™ is a smart tax system that ticks all the right boxes.
It stands out as the group tax accounting software solution for your tax life cycle.
Explore below to find out what TaxPacc does and how this can benefit your tax process.
Tailored templates with built in logic and controls guide the users through their current and deferred tax calculations. TaxPacc provides system tax journals with a general ledger reconciliation to pick up one-sided journals and payments/refunds. Templates roll forward across calculations and tax years.
TaxPacc can be fully or partially integrated with your ERP system or can be run on a standalone basis. Even as standalone your calculations can be automated by importing a trial balance and other reports. An integrated spreadsheet allows the importation of your existing spreadsheets and workings.
TaxPacc caters for divisions, companies and adjustment journals/companies. Group reports can be run with drill-down to investigate the make-up of balances and anomalies. These are easily configured by the user to be run for segments, countries, business divisions and the group.
Built in workflow and tasking ensure calculations are reviewed and issues are dealt with timeously. Tasks are created within the system, providing users with a to-do list of new and pending tasks. An email is created with each task event to alert users not logged into the system. This assists with period close and tight reporting.
TaxPacc provides IAS 12 disclosures and caters for any local, functional and reporting currency. The disclosure includes automatic tax rate reconciliations and unrecognised deferred tax assets. Reports can be generated for management and board.
A company’s tax return calculation can be performed in TaxPacc by leveraging the financial statement accrual. A deferred tax proof ensures an accurate calculation with prior-year current and deferred tax adjustments. A local tax return is then easily integrated.
Provisional calculations are performed in TaxPacc. This ensures an accurate estimate which optimises cash flow whilst avoiding under-estimate penalties. We have found the payback on TaxPacc by optimised provisional payments alone more than exceeds the cost of the software.
TaxPacc accommodates the local tax rules by applying a unique flexible template, which is constantly modified for any new requirements and is currently used in 14 countries.
The software is updated for changes in IFRS and tax legislation. These are downloaded from our update server whereupon users are updated automatically from their group server.
TaxPacc is designed to be user-friendly and flexible. This allows for quick training uptake by users within a group, which in turn assists with the adoption and change management issues experienced when a system is changed. Training requires one to two days for users and super users. Implementation is carried out by our partner.