Direct Tax Provisioning
Automate corporate tax provisioning seamlessly within Workday - accurate, compliant, and audit-ready.
About
The Direct Tax Provisioning App, built on Workday by CloudRock, streamlines and automates the corporate tax provisioning process end-to-end. It eliminates the dependency on manual spreadsheets and external systems by seamlessly integrating with Workday Financial Management. The app automatically extracts ledger data, calculates Profit Before Tax, and enables adjustments for permanent and temporary differences to determine the taxable income. Users can apply country-specific tax rates—flat, progressive, or split—and generate tax provision journals directly in Workday, leveraging predefined templates for accuracy and consistency.
The application maintains full traceability of data, adjustments, and approvals, ensuring audit readiness and compliance. Its flexible configuration supports multiple accounting standards, jurisdictions, and worktag structures, making it adaptable for global enterprises. With an intuitive user interface and built-in validation capabilities, tax teams can easily review, approve, and finalise provisions with confidence.
By automating calculations and journal generation, the app reduces closing cycle time, minimises human error, and ensures complete alignment with Workday Financials. Designed for scalability, audit transparency, and ease of use, the Direct Tax Provisioning App empowers organisations to manage their tax processes efficiently while ensuring compliance and accuracy across every reporting period.
Features
Automated Data Integration: Pulls financial data in real time from Workday reports and ledgers for accurate calculations.
Flexible Adjustments: Supports full, partial, and manual adjustments for permanent and temporary differences.
Configurable Tax Rates: Allows country-specific tax rate application—flat, progressive, or split band.
Automated Journal Generation: Creates provision journals directly in Workday using predefined templates and worktags.
Audit-Ready Workflow: Tracks every calculation and adjustment, ensuring full traceability and compliance.
Multi-Jurisdiction Support: Configurable templates support different accounting standards and tax rules.
Benefits
Eliminates Manual Effort: Replaces spreadsheet-based calculations with a fully automated, integrated workflow.
Enhances Accuracy & Compliance: Reduces calculation errors and ensures regulatory compliance through traceable data.
Saves Time & Improves Efficiency: Shortens the financial close cycle by automating tax provisioning and reporting.
Strengthens Audit Readiness: Maintains a clear data lineage and approval trail for audit and compliance purposes.
Scalable & Adaptable: Easily configurable for multiple jurisdictions and evolving tax regulations.