Why vCloud Tech?The Altova CbC Reporting App Simplifies the Process for Companies That Report by Creating Country-By-Country Reports Using XML

The Organization for Economic Co-operation and Development (OECD) requires that multinational corporations submit annual financial statements for every country conducting business. This Country by Country (CbC) report must be filed as an XML document by the OECD reporting schema. It permits the OECD to reap the numerous benefits of XML. However, it also presents an enormous challenge for financial professionals unfamiliar with XML technology.

Altova has developed the CbC Reporting application to enable filing companies to quickly create CbC XML by manually entering data through the user-friendly web interface or uploading information using the Excel Country by Country Reporting template. Customers can access this secure cloud-based service immediately and without any software required to install or download. Altova Cloud is a cloud-based service that gives customers the option of US or EU-based datacenters to meet the different laws among jurisdictions. There are two ways to connect to Altova CbCR. You can select which one is most suitable for you.

  • On Altova’s cloud portal, after you sign-up for Altova Cloud Portal, you can sign-up for the Altova Cloud Portal service; you can join the Altova CbC Report Solution and swiftly establish access for your staff and yourself.

 

  • Install Altova CbC Reporting Solution onto your network locally through an on-premises installation. Install the components needed for running Altova CbCR separately. It lets you alter your CbCR structure to meet your particular requirements within your company.

It is simple for non-technical business owners to create XML reports to file with tax authorities. The benefits of this solution are:

 

  • The concept is developed based on Altova’s twenty-plus years of expertise working in the XML field.

 

  • It is easy for users with no technical skills.

 

  • It automatically creates an XML file that is valid and compliant with CBC reports.

 

  • Produces XML reports.

 

  • It accepts data entered manually or data uploaded as Excel data.

 

  • It includes an Excel template for defining recurrent reporting.

 

  • There is no black box. Customers have access to and review the current XML file if required.
  • Generate Correction Reports:

Suppose an organization has to modify an existing report that has been filed, including, for instance, changing, removing, or altering information, correct data, or correct data. In that case, the CbC XML Schema specifies the procedure to create the correction report. The reports have to reference the internal IDs used in the original piece and, consequently, are difficult to produce manually. The Altova CbC Reporting Solution makes it simple to make a correction report from the current CBC message, then compare the changes with the original piece and create the information in a valid CbC XML.

 

  • Instant Access, Affordable Pricing:

There is no need to go through an introductory sales presentation, sign up with credit card information or go through a plethora of complex instructional materials to get started using this Altova CbC Reporting App. Setting up a secure Altova Cloud account takes a few minutes and begins with a free, 30-day trial to access the CbC Reporting App. It’s that simple. Altova Cloud gives you immediate access to the app without having to download any software or sign a license. It is hundreds or even thousands less than comparable options! Users can begin the buying process by selecting Manage Subscription on Altova Cloud.

Request a Quote