at Financial Technnology Year
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Features in Tax Management Software
for Finance and Accounting
Tools that address the complex tax requirements of insurance companies, including premium taxes, federal income taxes, and international tax considerations.
We ask vendors to mark their product against our feature list. It is not available for all products and in some cases we have derived data from publicly available sources. The list of features follows. Vendors can add a further 10 key features of their own.
Collaboration and Communication
Enables effective teamwork and communication within tax departments and with external advisors.
- Approval Routing
- Route approvals to appropriate stakeholders with full tracking.
- Commenting/Annotations
- Ability to comment or annotate specific calculations, documents, or workflow steps.
- Document Collaboration
- Multiple users can jointly prepare, edit, or review documents.
- Document Sharing Controls
- Granular controls on document sharing, print, and download permissions.
- External Auditor Access
- Provision of secure, time-limited access to external auditors.
- Internal Messaging
- Built-in communication tools for team discussions and queries.
- Knowledge Base / Wiki
- Central repository for tax policies, FAQs, and best practices.
- Notifications and Alerts
- System provides timely alerts on changes, deadlines, or approvals.
- Task Assignment
- Users can assign tax tasks and track completion status.
- Workflow Status Tracking
- Real-time visibility of progress and workloads across teams.
Configurability and Scalability
Ability to adapt to organizational complexity and scale as needs grow.
- Configurable Workflows
- Ability to customize process flows to align with business practices.
- Custom Field Creation
- Users can add custom data fields.
- Custom Tax Rule Engine
- Users can configure bespoke tax rules/logic without code.
- Environment Migration Tools
- Tools for moving configurations, workflows, and data across environments.
- Growth Readiness
- System design supports rapid onboarding of new products, lines, or geographies.
- Limitless Data Storage
- Support for virtually unlimited data records.
- Multi-entity Support
- Handles multiple business units, companies, or subsidiaries.
- Number of Concurrent Users
- Supported simultaneous user sessions.
- Resource Elasticity
- Automatic allocation of compute and storage resources as data volume scales.
- Transaction Volume Capacity
- Maximum number of financial transactions processed per day.
Integration Capabilities
The ease and breadth with which the software interacts with other systems and data sources.
- API Availability
- Accessible APIs for custom integrations.
- Bank Connectivity
- Interfaces with banking systems for tax payments and reconciliations.
- Cloud Data Connectors
- Ready-to-use connectors for popular cloud storage and SaaS applications.
- Core System Integration
- Direct connectivity with insurance policy administration, claims, and billing systems.
- Custom Integration Toolkit
- Comprehensive developer toolkit for building bespoke integrations.
- Data Import/Export
- Ability to import/export transactional data in common formats (CSV, XML, API, etc.).
- Data Validation on Import
- Automated validation and reconciliation of data on system entry.
- ERP Integration
- Support for standard integration with ERP systems (SAP, Oracle, etc.).
- Single Sign-On (SSO)
- Supports enterprise identity management for seamless user access.
- Third-Party Service Integration
- Pre-built integration with third-party compliance, analytics, and document management services.
Internationalization and Cross-border Support
Handles the tax needs of global insurance businesses.
- Country-specific Templates
- Prebuilt forms and templates for country-specific reporting/filing.
- Cross-border Data Privacy Compliance
- Implements and tracks compliance with international data privacy requirements.
- Cross-border Transaction Handling
- Ensures correct application of treaties, international taxes, and compliance rules.
- Currency Conversion Automation
- Auto conversion of values and reporting in local and base currencies.
- Foreign Subsidiary Management
- Associate and manage tax profiles for multiple international subsidiaries.
- International Document Support
- Supports global document standards (XBRL, XML, etc.).
- Local Tax Rules Engine
- Supports custom rule definition to address distinct rules by locality.
- Localization of Dates/Numbers
- Adapts date, number, and currency formats by user locale.
- Multi-currency Support
- Handles transactions and tax calculations in multiple currencies.
- Translation Management
- Automated or manual translation of interface, documentation, and reports.
Regulatory Compliance
Ensures the product meets current local, national, and international tax laws and insurance regulations.
- Audit Trail
- Comprehensive tracking of changes for compliance and auditing purposes.
- Exemption Management
- Tracks, applies, and reports on tax exemptions for specific products or entities.
- FATCA/CRS Compliance
- Ensures product supports reporting under the US Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS).
- Filing Assistance
- Guided workflows for regulatory filings (e.g., premium, income, sales taxes).
- Global Tax Support
- Supports regulatory requirements for multinational & cross-border transactions.
- Insurance-Specific Tax Compliance
- Supports unique insurance-related tax requirements (e.g., premium taxes, excise taxes).
- Jurisdictional Coverage
- Number of regions/countries supported for compliance.
- Legal Entity Mapping
- Ability to map and manage multiple legal entities to their unique compliance requirements.
- Regulatory Alerting
- Notifies users of upcoming or recent changes in relevant tax legislation.
- Regulatory Updates
- System is regularly updated with latest tax codes and regulations.
- Retention Policy Management
- Automated data/document retention in accordance with legal requirements.
- Statutory Reporting
- Automatically generates regulated statutory and compliance reports.
Reporting and Analytics
Tools for generating, analyzing, and distributing routine and ad-hoc tax-related reports and dashboards.
- Ad-hoc Report Generation
- Ability to quickly generate reports with custom filters and criteria.
- Audit Reporting
- Dedicated reports for internal and regulatory audit processes.
- Custom Report Builder
- Ability to design and save custom reports.
- Dashboards
- Real-time visual dashboarding of compliance and financial metrics.
- Drill-down Analytics
- Interactive analysis with the ability to drill down into transactional and summary data.
- Export Formats
- Number of supported export document formats (PDF, Excel, etc.).
- Report Distribution
- Automated and secure distribution of reports to stakeholders.
- Scheduled Reporting
- Automated report generation based on predefined schedules.
- Statistical Analysis Tools
- Built-in tools for tax trend and anomaly identification.
- Variance Analysis
- Compares actuals vs. expected or budgeted tax positions.
- Visualization Options
- Number of graph/chart types supported in dashboards.
Security and Privacy
Measures ensuring data security, privacy, and compliance with standards such as GDPR.
- Audit Log Retention
- Period for which audit logs are retained.
- Data Masking
- Sensitive data can be hidden from unauthorized users.
- Disaster Recovery RPO
- Maximum tolerable period in which data might be lost due to an incident.
- Encryption at Rest
- All data is encrypted while stored.
- Encryption in Transit
- Data is encrypted while being transmitted.
- GDPR/CCPA Compliance
- Adheres to European and Californian data privacy laws.
- Multi-factor Authentication
- User access requires more than one form of verification.
- Penetration Testing
- System is subject to regular external security testing.
- Role-based Data Access
- Access to sensitive information restricted based on user roles.
- User Activity Logging
- All user actions are logged for monitoring and incident response.
Support and Documentation
Resources and services available to assist users and ensure smooth operation.
- 24/7 Helpdesk
- Availability of support staff around the clock.
- Dedicated Account Manager
- Assignment of a dedicated customer success manager.
- Implementation Support
- Guided onboarding and implementation available.
- Knowledge Base Access
- Access to searchable database of technical and tax domain information.
- Multi-channel Support
- Support available via phone, email, and chat.
- Online Documentation
- Comprehensive up-to-date user guides and FAQs.
- Release Notes and Product Updates
- Regular communication of new features and bug fixes.
- Service Level Agreement (SLA)
- Commitment to minimum uptime and maximum response time.
- Training Programs
- Structured training and certification for users.
- User Community Forum
- Online community for sharing experiences and advice.
Tax Calculation and Filing
Automates calculation and submission of various tax types relevant to insurance companies.
- Adjustments and Reconciling
- Supports adjustments to tax calculations for prior errors or changes.
- Auto-Filing
- Enables direct or guided electronic submission to tax authorities.
- Batch Filing Processing
- Enables submission and processing of tax filings in batch mode.
- Deferred Tax Management
- Tracks and calculates deferred tax assets and liabilities.
- Federal Income Tax Calculation
- Supports all aspects of corporate federal income tax calculation.
- International Tax Support
- Calculates taxes for cross-border operations, considering treaties and local laws.
- Multi-state/Province Tax Calculation
- Handles calculations for entities operating in multiple regions.
- Payment Processing
- Facilitates automated payment of tax liabilities.
- Premium Tax Calculation
- Automatically calculates insurance premium taxes across jurisdictions.
- Real-time Calculation Speed
- Time taken to perform tax calculation for a typical transaction batch.
- Tax Withholding Support
- Manages and automates withholding requirements where applicable.
User Experience and Accessibility
The system’s usability, flexibility, and support for diverse user types and locations.
- Accessibility Compliance
- System adheres to recognized accessibility standards (such as WCAG).
- Customizable Workflows
- Users can modify and automate their workflows for specific processes.
- In-app Help & Tutorials
- Integrated walkthroughs and help resources.
- Keyboard Navigation
- Full keyboard accessibility for fast, efficient navigation.
- Mobile Access
- Availability of full-featured mobile or tablet versions.
- Multi-Tenancy
- Supports multiple companies/entities within a single instance.
- Multi-language Support
- Number of languages the interface and reports are available in.
- Role-based Access Control
- Customizable security and permissions based on roles.
- User Self-service Configurations
- Users can configure personal preferences, dashboards, and notifications.
- Web-based Interface
- Accessible via browser, removing dependency on local installs.
Workflow Automation
Automates tax preparation tasks from data entry through filing and reconciliation.
- Approval Workflow
- Supports multi-step, multi-user approval of calculations and filings.
- Automated Data Extraction
- Uses OCR or data feeds to pull information from source systems.
- Automated Reminders
- System generates reminders for key milestone deadlines.
- Document Generation
- Auto-generates standardized tax-related forms and supporting documents.
- Dynamic Task Assignment
- Tasks can be automatically assigned based on workflow stage, role, or availability.
- Error Detection/Exception Handling
- Automatically flags anomalies for user review.
- Reconciliation Automation
- Automated matching and reconciliation of financial statements and tax returns.
- Retention Workflow Management
- Automates document retention, archival, and deletion based on policy/requirements.
- Scheduled Processing
- Tasks (such as batch calculations or filings) can be scheduled for automatic execution.
- Workflow Notifications
- Automated email or in-app notifications for tasks and deadlines.