The TPdoc Workflow, step 1: Base data preparation
A tech-driven transfer pricing documentation workflow that enables you to document new files swiftly and efficiently update existing files. By following TPdoc’s funneled steps, base data preparation, master file creation, and local data preparation and file creation.
In this and the next series, you’ll learn how you set-up a client’s transfer pricing policy from scratch by completing the first step: Base Data Preparation.
Upcoming series you’ll learn
- Step 2: The master file creation
- Step 3: Local data preparation and local file creation
Step 1: Base data preparation
You start with preparing the so-called base date, through a top-down approach, which contains all the data needed for your documentation. This is the heart of the tool and ensures vertical alignment between your master file and local file. Your base data enforces consistency, time-saving and a reduction of resources in preparation and review.
By gathering the data intelligently, TPdoc automatically discloses your data in tables, and displays parameters such as years, names and legal entities in a consistent manner.
The data-centric control within this environment alleviates possible vulnerabilities within your transfer pricing documentation building process, usually caused by human error through manual actions.
Adding general group information through identifying the name of the group you refer to, including an abbreviation and the country of the global headquarters, is how your base date will be enriched.
When that is done, the next step is to include all relevant entities involved in the group’s intercompany transactions. Securing the entities will ensure consistency on all levels, including its display in the master and local files. In reference: because an entity is always linked to a country, all relevant data will be allocated accordingly.
Discover how TPdoc, the smart documentation tool for savvy TP professionals, supports your transfer pricing documentation process. Gathering data smarter. Creating files faster. Fortifying your compliance 100%. Set-up your demo via email@example.com or get in touch right away by calling + 31 (0)73 800 00 30.