Loctax

TL;DR

What is it? A comprehensive Tax Control Centre designed for in-house tax teams.
What's the benefit? It automates compliance, centralizes global tax data, and proactively manages risks.
Who is it for? CFOs, Heads of Tax, and global finance managers in multinational companies.

What is Loctax

Loctax is an AI-powered Tax Control Centre, a centralized software platform designed to help in-house tax teams manage all their global tax obligations. It solves the core problem of disorganized and scattered tax data, which often resides in disparate spreadsheets and folders, leading to compliance risks and inefficiencies. By automating workflows, centralizing documents, and providing real-time visibility into tax positions and risks, Loctax acts as a single source of truth for all tax-related processes, from compliance monitoring and reporting to risk and controversy management.

Key Features

Intelligent Document Processing (IDP): Utilizes AI to automatically read tax documents, recognize key data points, and auto-populate them within the platform, drastically reducing manual data entry.
Automated Workflows: Allows teams to set up repeatable, automated processes for various tax obligations, ensuring tasks are assigned and completed on time with clear stakeholder accountability.
Centralized Data Repository: Provides a single, secure location for all global tax data, including filings, payments, deadlines, and supporting documents, making information easily accessible for audits and reporting.
Risk and Controversy Management: Enables teams to monitor tax risks across all jurisdictions in real-time, track dispute resolutions, and centralize audit questionnaires and documents for confident management of tax controversies.
Comprehensive Oversight and Reporting: Offers visual reporting tools and proactive alerts that give leadership a clear, at-a-glance view of the company's global tax compliance status and cash tax position.

Who is Loctax for?

CFOs: Seeking visibility into the company’s cash tax position and a way to reduce tax-related penalties and risks.
Heads of Tax: Needing to manage global compliance risks, ensure timely filings, and demonstrate strong tax governance.
Tax Managers: Responsible for managing tax compliance and risk across multiple jurisdictions without errors or missed deadlines.
Local Finance Managers: Tasked with providing accurate data for local tax filings and staying aligned with the central tax team.
External Advisors: Requiring centralized, up-to-date client data to provide accurate recommendations and audit support.

Key Use Cases & Applications

Automating global tax compliance: Track and manage deadlines for VAT, GST, Corporate Tax, and more across all jurisdictions to avoid penalties.
Streamlining audit preparation: Centralize all necessary documents, working papers, and data in one repository for quick and easy access during tax audits.
Managing cross-border tax risks: Monitor regulatory changes and potential risks in real-time to proactively address issues before they escalate.
Enhancing stakeholder collaboration: Create a single source of truth for internal teams (Finance, Legal) and external advisors to work from, reducing email traffic and miscommunication.
Gaining cash tax visibility: Provide CFOs and leadership with a clear, up-to-date view of the company's global cash tax liabilities and payments.

Pros

Reduces manual workload and inefficiencies with powerful AI and automation.
Centralizes all tax information, eliminating reliance on scattered spreadsheets.
Advisor-agnostic platform provides flexibility in collaborating with preferred experts.
Offers robust implementation support and change management for smooth adoption.
High-security standards, including SOC 2, GDPR, and ISO 27001 compliance.

Cons

Pricing is not available and requires contacting the sales team for a custom quote.
Does not offer an on-premise hosting option, though a private cloud is available.

Pricing Info

Pricing is not publicly available, You need to book a demo with them.

FAQs

Will Loctax increase my team's workload?

No, it reduces workload. Loctax automates manual tasks, streamlines processes, and enhances efficiency so your team can focus on strategic priorities. It also reduces email traffic by centralizing communication and collaboration with key stakeholders like finance, legal, and treasury, enabling teams to complete projects faster and with less back-and-forth.

Do you support change management?

Yes, we offer comprehensive support to ensure a smooth transition. Our Customer Success team and Tax Technology Implementation experts work closely with your team, handling much of the setup for you, so adoption is effortless.

Is importing our data into Loctax hard?

Not at all. Our AI-powered Intelligent Document Processing (IDP) quickly extracts data from your existing documents and spreadsheets. With our implementation experts assisting you, data migration is seamless and doesn't burden your team.

Is Loctax independent from advisors?

Yes, Loctax is an advisor-agnostic platform, giving you the freedom to collaborate with your preferred advisors for any tax job in any country. This flexibility ensures you maintain full control over your tax operations while leveraging the best local expertise.

How secure is our data in Loctax?

Your data is highly secure. Loctax is hosted on servers compliant with international standards like SOC 2, GDPR, and ISO 27001. While we don't offer on-premise hosting, we can provide a private cloud environment to meet data residency requirements. Robust encryption and strict access controls keep your data protected.

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