Core Insights - PowerPlan has launched Provision NXT, a next-generation SaaS solution for income tax provision, aimed at transforming tax department operations by automating complex calculations and reducing manual reconciliations [1][3][8] Group 1: Product Features - Provision NXT automates ASC 740 and ASC 980 calculations, eliminating manual reconciliations that tax professionals face during close cycles [1][3] - The solution integrates with Tax Fixed Assets (TFA), allowing seamless data flow for tax depreciation and deferred taxes without manual exports or imports [4] - Provision NXT offers enhanced data access for analysis, scenario modeling, and variance explanations, supported by a user-friendly interface rated "10 out of 10" for intuitiveness [5] Group 2: Market Needs and Challenges - A recent study by PowerPlan revealed that 61% of tax professionals consider manual reconciliations their biggest challenge, while 60% believe automating repetitive tasks would significantly improve their processes [3] - The launch of Provision NXT addresses these critical market needs by providing tools that allow tax professionals to focus on strategic decision-making rather than manual tasks [3] Group 3: Continuous Improvement - Provision NXT is built on modern SaaS architecture, enabling quarterly releases for functionality enhancements and compliance updates, allowing tax departments to adapt quickly to new legislation without lengthy implementations [6] - The solution was developed with input from tax professionals with an average of over 15 years of experience, ensuring it meets the real challenges faced by tax departments [7] Group 4: Future Developments - PowerPlan plans to launch all products for accounting, tax, and regulatory compliance as SaaS solutions on the NXT platform in early 2026, providing existing on-premises customers with full functional parity when migrating to the cloud [8]