By John Pavlakis
A database is only as good as the reporting available to it. Until recently, tax reporting was still a largely manual process, even when its finance cousins in accounting and treasury had automated their systems long ago.
Transitioning to automated reporting can be difficult. However, the standard SSRS tax reports make it easy and are an ideal complement to the CAMRA (from SS&C) Tax basis. These crisp, concise, user-friendly reports provide automated Tax functionality that efficiently and effectively capture and process tax data.
CAMRA offers seven standard tax reports:
- Tax Book Value Progression
- Tax Lot Holdings
- Realized Gain Loss
- Earned Income – Taxable
- Earned Income – Tax Exempt
- Earned Income – Stock Dividend
- Dividend Received Deduction
When exported to excel, the data can be sorted at an account, portfolio, or lot level, as well as by asset class or security type. This functionality allows CAMRA users to now use the tax reports for more efficient reporting, reviewing, and testing, as well as enhanced data analytics, modeling, and scenario planning.
The standard SSRS tax reports allow clients to more effectively and efficiently review data for both holdings and transactions, related to basis adjustments, income inclusions, or gains and losses, and bifurcated between both realized and unrealized amounts. The reports and all their associated data can also be run in either base or local currency. These extensive data points and efficiencies are available to make your tax data processing – and ultimately, your tax function – better, faster, more reliable, and more sustainable.