Tax Strategies
Odessa offers consulting services and a dedicated “captive leasing software” product-line, LeaseWave Captive, aimed at assisting mid to large sized corporations in employing various tax strategies for the purchase, use and management of their internal assets. Companies that purchase a high volume of assets, for instance, may benefit from setting up a leasing entity to act as a procurement agent that leases to the parent company, potentially resulting in deferred sales and use tax payments paid on lease-payments over time (when compared to those paid upfront on asset purchase). Trade-in credits for obsolete assets, benefits from like-kind exchanges, rebates and credits obtained from volume purchases, etc., are all strategies that can result in tax savings. Odessa’s consulting services supplemented by specialized captive leasing software, LeaseWave Captive, are set up to manage each strategy.
Automatically analyze each procurement to determine whether to lease or to sell
Download all asset purchases directly from the GL/Asset Management system
Based on asset location determine whether or not there is benefit to leasing
If there is benefit, automatically book a lease to the parent company
If there is no benefit, sell the asset to the parent company
Manage all booked leases without any manual intervention
Monthly “perfect-pays” are carried out by the system through a scheduled update
Sales & use tax compliance (on lease payments) are automatically managed
All GL entries are uploaded back to the GL
Download ongoing asset transfers and terminations directly from GL
Based on download information, automatically determine impact to lease
Automatically adjust leases for partial terminations, transfers and terminations
Generated GL entries are uploaded back to the GL
Setup any relationship between business, operating and reporting units
Flexibly reconfigure to accommodate future restructures
Automate the generation of intra and inter-company entries
Generate reports, user-defined and canned, for all standard analysis
Automatically download asset information from GL/Asset Management via dedicated service
Purchases
Full and partial transfers
Terminations
Auto-generate all accounting entries for each transaction
Update entries directly or by batch to the GL system via dedicated service