Working in the state tax field for 20+ years, I have experienced companies using all kinds of excel spreadsheets for what-if planning, tax provision analysis, quarterly estimates, and tax audit response. Some have worked well, and others, not so much. If your company or your clients are looking for a new tool, I suggest you check out the BNA State Tax Analyzer by Bloomberg BNA.
The BNA State Tax Analyzer is the industry first and only multi-state, multi-year, multi-scenario state tax analysis tool for corporate income tax. It is a cloud-based solution that delivers a full-audit trail, permissions control, and automatic tax-law updates. In fact, I collaborated (and continue to collaborate) with Bloomberg BNA’s software products group to ensure that state tax law (back to 2000) and recent legislative changes are integrated into the product.
Some of the features include:
- Out-of-the-box calculations, with built-in tax rules and rates for all states that have a corporate income tax, plus the District of Columbia
- Familiar grid approach fits into your current work style
- Audit trail shows who did what when, giving you the SOX controls you need
- Permissions control protects your work
- Customized computations allow you to handle special industry calculations
- Side-by-side comparisons let you see the difference between two scenarios or total across multiple scenarios
- Flexible reporting basis allows you to switch between combined/unitary, consolidated, and separate entity reporting as needed
With its comprehensive set of calculations and audit trail capabilities, BNA State Tax Analyzer can complement or replace risky, time-consuming spreadsheets – saving tax departments hundreds of hours of time and effort every year.
- Take complexity and risk out of corporate state tax calculations
- Gain greater insight with reserve planning for ASC 740 analysis
- Ensure accuracy of state tax returns
- Accelerate tax audits
- Demonstrate compliance with thorough documentation
To learn more, visit here.