Thomson Reuters today announced the release of Thomson Reuters ONESOURCE Indirect Tax Certificate Manager 2.0. Designed to control all aspects of the exemption certificates lifecycle to reduce operating costs, mitigate risks and increase accuracy, the release features a new user interface and provides tight integration with ONESOURCE Indirect Tax Determination. The offering can also be deployed in a cloud environment to better support the complete suite of ONESOURCE Indirect Tax cloud product offerings.
“With the looming risk of audit exposure due to poor exemption certificate management, it’s imperative for businesses to have a solution that accurately and efficiently manages the entire process – from collection and storage to reporting,” said Chris Carlstead, managing director, Indirect and Property Tax, for the Tax & Accounting business of Thomson Reuters. “ONESOURCE Indirect Tax Certificate Manager 2.0 does this while also tightly integrating with the leading indirect tax calculation engine in the market for more accurate tax calculations.”
Key new features include:
- Exemption certificate management reduces the total cost of managing a company’s exemption certificates. With a centralized repository of exemption certificates across the organization, tax professionals are better able to enter, find and report on exemption certificates to accurately calculate indirect tax calculations, compliance reporting, audit defense and exemption status disputes.
- Determination integration enables more accurate tax calculations via integration with the market-leading tax calculation engine. Tax exemptions are immediately applied to the ONESOURCE Indirect Tax Determination tax engine, providing users with consistent data across the applications for compliance and audit purposes.
- Notifications allow users to easily notify their customers of upcoming expired certificates to proactively begin the process of receiving updated certificates. Users can streamline their customer notification process by saving templates for easy re-use of messages. By using the built-in library of message variables, users can develop templates that can be used in mass notifications, but still be personalized for each customer and their certificate record data.
- Built-in forms library includes over 300 current and historic forms for use and is maintained and regularly updated by the Thomson Reuters tax research department. The forms library saves tax department resources from constantly researching new or updated exemption forms, and form definitions help to streamline data entry by building rules and required fields into the form content.
- Reporting allows users to easily create customized reports specific to their needs, including driving business processes, data extraction, audit requests, data integrity, and data reconciliation. Users can save reports definitions, making them available to all users, and easily export data into Excel or CSV formats as needed to share with auditors or stakeholders.