Oracle has debuted a new cloud-based solution to help companies operating in multiple countries meet tax requirements.

The tool, called Oracle Tax Reporting Cloud Service (TCRS), is an out-of-the-box cloud solution to help organizations automate their tax provision and country-by-country reporting. Built on best practices from Oracle’s on-premise solution Hyperion Tax Provision, TCRS is designed to streamline tax reporting processes, including data collection, workflow, data automation, and pre-built KPIs for audit flags.

“Tax reporting is a complicated process, especially for businesses operating in multiple countries, which needs automation to help keep up with the increasing demands,” said Hari Sankar, group vice president of enterprise performance management at Oracle, in a statement. “Oracle TRCS enables organizations to transparently unify tax and finance data in the cloud, with pre-built best practice tax reporting, and provides a platform to significantly improve the broader tax function.”

Technology editor for Accounting Today.