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August 2023 | Introducing Microsoft Integration
August 2023 | Introducing Microsoft Integration
Kasparas Aleknavičius avatar
Written by Kasparas Aleknavičius
Updated over a week ago

We are excited to announce a new partnership with Microsoft. This opens up a deep synergy between Microsoft's suite of products and Loctax's powerful tax platform, allowing you to navigate your tax obligations with unprecedented efficiency and unseen levels of collaboration. By joining Microsoft’s Cloud Storage Partner Program we unlocked a direct integration between Loctax’s platform and Microsoft’s tools such as Excel, Word, and PowerPoint.
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How Does It Work?

Users can upload, edit, and save any Excel, Word or PowerPoint document, directly within the Loctax platform. These documents can be associated with one or multiple entities, specific datapoints, tasks, compliance workflows, projects, audits, and risks. Any modifications made to a document within Loctax will be immediately synchronised with the original file. It is a truly powerful combination that’s easy to use and delivers immediate results to your tax team.

Integration demo - Local File Preparation

Check this integration demo video by Stevi. He demonstrates the streamlined process of preparing a local file for a specific entity. With the ability to seamlessly upload an Excel file containing intercompany transaction data, Stevi highlights the ease of marking transactions based on materiality thresholds and leaving real-time comments for team collaboration. This feature facilitates live updates within the Excel file and ensures team members are immediately notified about task completions, ensuring smooth sequential workflows. While this demonstration focused on Excel and transfer pricing documentation, the potential applications are vast.
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Key Benefits:

  • Rock-solid Control and Governance: By adding a layer of control, audit trail, and structure to your flexible Microsoft documents, Loctax empowers your tax team to meticulously track any tax responsibilities centrally, no matter how specific or intricate they are. This leads to significantly better data quality.

  • Enhanced Collaboration and Oversight: This integration facilitates seamless collaboration between your tax department and other organisational functions.

  • Robust Tax Workflows: Build intricate tax workflows and processes without compromising the flexibility required for managing complex global tax obligations. From return preparation, to filing and payments. Nothing gets lost, everything gets done.
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Bringing Together the Best of Both Worlds

Flexible tools are not ideal for structured processes, thus we think the solution is to connect the two. You should not give up your love for Excel and other MS products 🫶, instead, you should combine the two! By integrating Microsoft's versatile tools with Loctax's dedicated structure for tax obligation management, we are enhancing both efficiency and reliability in the domain of tax data management. It's not just about meeting the demands of today; we're shaping the future of tax management.


Other improvements and bug fixes

Transfer pricing

  • ICO agreements: possibility to add Agreement type and TP method

  • New panel: TP Advisor memos

  • New panel: TP work files

  • New panel: CbCR notification

  • New panel: a responsible person for TP

  • New doc types included in the document repository

Reports

  • New layout with a list of predefined reports

  • Added a unique entity key to all report exports

  • Tax losses added to the general report

  • Bring back the row numbers in the reports

  • Add general data points to the IDT report

  • Bug fixes for the filters & sorting

Calendar

  • Integration of the TP documents in Calendar: ICO agreement expiry date, Benchmark study expiry date, Advisor memo expiry date. (Filing date Local file not yet included)

Audits is now called Controversy

  • Audits renamed to Controversy

  • Audits & Projects: Viewer role can now be added to the internal team

  • Allow multiple advisors

  • Invite-based access to audits

  • Upload the document via document repository (previously only possible via a timeline)

  • Sorting of audits: For grouped by status: Ongoing → Litigation → Closed; For grouped by country should be A → Z

  • Fix to the dashboard after the audit is shared

  • Various bug fixes for the map

Chart

  • When you click on View Shareholders, you go to the legal tab of that entity (and when clicking back, you go back to the LOC)

  • New filter: Visualise up to the ultimate parent

Emails

  • Tasks are clickable in the task reminder email

  • Ability to set up an email notification when a DAC6 ticket is created

  • Add underline to the resource name

Compliance dashboards

  • Split dashboards per type: specific tab for CTX, VAT, and Other

  • Improved navigation when clicking on entities in the dashboard

  • Enrich the world map with tooltips

  • Fixed exporting

More improvements & fixes:

  • Introduce a button to complete a task (previously only possible via check box)

  • Don’t show completed tasks in “My tasks due today”

  • Design improvements to the fixed approver chain

  • Add region/multiple countries to the risk

  • New panel on Entity page Legal tab: Subsidiaries

  • When you create an entity from the all-entity list, show a snack bar with a button to go to that entity

  • Various bug fixes for graphs on Risks

  • High light filter applied when coming from the Home Page to Tasks

  • Projects: Make the project type field optional

  • Projects: Upload the document via document repository (previously only possible via a timeline)

  • Allow multiple advisors for projects

  • Tree picker improvement — show country code

  • Visual improvements to the attachment block

  • Avatar component: Show user email address on hover

  • A correct error is shown when trying to add a second main VAT/GST registration

  • Compliance dashboards: various bug fixes and UI improvements

  • Loading issue: the proper empty state is shown when the risks/audits/projects page is being loaded

  • New multiple entity selector tree picker

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