ASC 740 software is an automation tool that makes it easier for businesses to calculate their income tax. It uses artificial intelligence to make the calculation process more efficient and less prone to human errors.
The Drawbacks of Using Excel Spreadsheets for Tax Calculation
For a long time, people have been using manual means such as Excel spreadsheets to calculate income tax. This method may produce inaccurate results arising from normal human errors. Excel is also very tiresome since it involves many manual calculations, which makes you waste time and money in the process. It is also difficult to onboard new accountants to the job since the calculation history may be untraceable and inaccessible.
Why You Need to Start Using ASC 740
To solve the problems caused by the manual methods of calculating taxes, you may need to make use of ASC 740 software. The AI is highly developed to give you accurate results all the time, with an impressive implementation speed. With it, you can complete the implementation in just a few weeks, as opposed to the manual means, which could take months.
The software has a simple compact design that allows you to upload your data and the system will automatically do the rest for you. The system allows you to set and control user permissions for a secure tax-provision process. You will also get summaries and footnotes of your calculations, as well as comprehensive reports, which you can export directly and send to your auditors in form of an Excel spreadsheet that is easy to comprehend and evaluate.
