Thomson Reuters today announced the integration between the industry-leading Thomson Reuters ONESOURCE Indirect Tax solution and NetSuite, the No.1 cloud ERP. Connecting the ONESOURCE cloud-based tax engine to NetSuite using modern, purpose built, cloud APIs allows customers to access the power of the award-winning ONESOURCE tax engine seamlessly, without any modification to NetSuite.
The integrated solution, also called ONESOURCE Indirect Tax for NetSuite SuiteApp, has met NetSuite’s standards and best practices and achieved ‘Built for NetSuite’ verification. Built using NetSuite’s SuiteCloud development platform, the new SuiteApp allows users to transfer high volumes of transaction specific financial data in real-time from NetSuite to the ONESOURCE Indirect Tax engine, which automatically evaluates each transaction line and calculates the appropriate tax. Detailed tax result data is automatically returned to NetSuite for planning, reporting, audit, and governance and compliance activities. ONESOURCE enables businesses to process both large numbers of tax transactions and complex tax transactions with optimal speed and performance, eliminating the risk and complexity associated with calculating, collecting, reporting and remitting sales, use and value-added taxes that can occur in traditional, siloed business systems.
“By integrating ONESOURCE Indirect Tax with NetSuite, we are coupling our tax technology expertise with the industry’s fastest-growing cloud ERP, allowing companies of all sizes to leverage our combined strengths,” said Chris Carlstead, managing director of Indirect and Property Tax at Thomson Reuters. “Together we can better help companies manage the ever-increasing rate of change, regulation and complexity inherent in corporate taxation.”
This integration offers mid-to-large sized businesses, including firms with international subsidiaries running on NetSuite OneWorld, a simple, easy-to-deploy solution for calculating U.S. sales and use taxes. The integration will help companies to stay compliant, avoid penalties and audits and achieve company-wide efficiency at a lower cost. It will also help to eliminate the need for customers to make modifications to enable tax automation; maintain their own tax schedules and details; independently research tax laws; or manually enter tax rates.
“The evolution of our SuiteCloud platform API technologies and the release of Thomson Reuters’ ONESOURCE Indirect Tax integration ensure that our mutual customers have access to best-in-class solutions that will increase the agility and efficiency of their global business,” said Craig Sullivan, SVP, Enterprise and International Products at NetSuite. “Our partnership with Thomson Reuters can help companies of all sizes adapt and scale as their business and tax needs change.”