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    PowerPlan Announces Launch of Tax Fixed Assets (TFA)


    December 7, 2022 - December 7, 2022

     

      ATLANTA – (December 7, 2022) – PowerPlan, Inc., a leading provider of financial software and solutions for the energy industry, announced the launch of its newest SaaS technology solution today, Tax Fixed Assets, or “TFA.” TFA is PowerPlan's next-generation income tax depreciation and deferred tax solution designed specifically for the demanding reporting requirements utility and energy companies face in meeting regulatory standards and in business planning. TFA provides a modernized user experience with streamlined workflows, time-saving data validations and curated insights to surface vital information quickly.

      “We’re thrilled to bring this next-generation tax solution to the utilities and energy industry,” said PowerPlan Chief Executive Officer, Joe Gomes. “Tax Fixed Assets builds on the strengths of our first-generation tax solution, PowerTax, and layers in powerful new features tax teams need to support their organization’s data strategy, compliance reporting and overall financial performance. This product is a direct reflection of PowerPlan’s continued investment in innovation, which is laser focused on giving our customers purpose-built, industry specific solutions that offer flexibility and confidence as they move their critical enterprise software systems to the cloud.”

      TFA is deployed using a SaaS (software as a solution) delivery model and integrates seamlessly with on-premise or cloud-hosted PowerPlan Asset and Project Accounting to give users immediate, actionable, and reliable insight. The software brings together essential fixed-asset-related tax functionality, which includes the following:

      • Book-to-tax reconciliation
      • Tax depreciation and gain/loss calculations
      • Cost of removal and salvage requirements
      • Bonus depreciation
      • Deferred taxes for fixed assets

      This granular data helps tax departments easily manage multiple sets of books, improve efficiency, mitigate compliance and business risk, recognize more tax savings and optimize cash flow. “The launch of PowerPlan’s Tax Fixed Assets (“TFA”) shows the company’s commitment to continually innovate new products,” said Suzanne Ward, Senior Vice President of Product Management and Marketing. “This exciting cloud-based software will be a game changer for tax departments across the energy sector in enabling them to use detailed data to manage the tax function more efficiently and more strategically. As a tax depreciation and deferred tax solution, TFA gives clients control of their financial processes, trust in their data and confidence in their results. It also fills a critical void that ERP systems alone simply can’t fill.”

      Today’s TFA launch is the culmination of months of user-driven development and beta testing, combined with strategic market analysis to deliver a truly differentiated solution for our clients and the marketplace. Key features include the following:

      • Clear, immediate views into the status of key tasks, with visual cues and an intuitive user experience at every step.
      • Detailed and consolidated views of all tax activities, with quick insight into calculation results and seamless ability to drill deeper when needed.
      • Automatic identification and repair of data integrity issues prior to processing, saving teams time, giving stakeholders complete confidence in the results.
      • Readily accessible standard reports to clearly identify the most critical information.
      • Advanced case functionality and scenario modeling give complete visibility to support an optimized tax strategy, help maximize deductions and improve cash flow.
      • In-application tips and Knowledgebase make it easy to onboard new users and ensures online help content is readily available.
      • Frequent releases via SaaS resulting in fast, efficient delivery of updated functionality for complying with the most current tax regulations and tax reform requirements.

      To learn more, visit our website at https://powerplan.com/solutions/tax-fixed-asset or email us at info@powerplan.com.

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