Thomson Reuters today unveiled the latest version of its market-leading tax technology platform, Thomson Reuters ONESOURCE. The ONESOURCE platform is an end-to-end, web-hosted solution for managing the entire corporate tax lifecycle, ensuring global compliance, and supporting accounting decision-making.
The new release features improvements that address the biggest challenges of tax professionals, as reported in a recent Thomson Reuters survey of 1,993 corporate tax professionals.
Forty-four percent of survey respondents identified compliance and reporting as their biggest corporate tax challenge. As part of their global compliance and reporting requirements, tax professionals face management and regulatory pressures to produce accurate, defensible tax provision calculations within shrinking preparation windows. ONESOURCE addresses these challenges by helping to collect, process and report data to compute tax provisions across global entities.
The survey also found that managing tax information is a constant challenge for tax professionals, with 27 percent of respondents citing data management as their biggest corporate tax challenge. Moreover, the survey reported that using disparate systems and data sources is the greatest data management challenge for tax departments. Addressing these common data management issues, ONESOURCE standardizes users’ existing tax packages and workpapers with controls, validation and year-over-year data recall. Data can flow directly from source systems to users’ tax applications, significantly reducing preparation time.
“Customer feedback is at the core of ONESOURCE, and we’re constantly innovating our technology to answer the greatest challenges of tax professionals,” said Joe Harpaz, managing director of the corporate sector in the Tax & Accounting business of Thomson Reuters. “With this release, we’re not only looking to help fulfill their global compliance and reporting requirements, but also to delight our customers with a great user experience.”
The ONESOURCE platform benefits from the insights, advice and experience of over 150 customers who have tested the platform and applications over the past year to ensure a simple, seamless experience for tax professionals. The new user platform allows all stakeholders to personalize their experience and access their tax and accounting information whenever they need it via their mobile devices.