Thomson Reuters today announced the release of Thomson Reuters ONESOURCE Indirect Tax Integration for Microsoft Dynamics AX. The integration connects the trusted ONESOURCE Indirect Tax platform already used by thousands of multinational corporations to determine U.S. and Canadian sales tax estimates, with Microsoft Dynamics AX to help companies eliminate the complexities of tax compliance in an ever-changing tax landscape. The cloud-based, end-to-end software solution manages every step of the indirect tax process – including rate calculation, research, reporting and returns – and tightly integrates with existing sales processes to provide a complete view of sales tax liability from a unified platform.
“With over 1,700 VAT changes and 5,000 sales and use tax changes in the US last year alone, configuring rates and rules in Microsoft Dynamics AX can be highly labor-intensive and costly for businesses,” said Chris Carlstead, managing director, Indirect and Property Tax, for the Tax & Accounting business of Thomson Reuters. “ONESOURCE Indirect Tax Integration for Microsoft Dynamics AX is a simple-to-deploy solution that helps businesses easily achieve streamlined and automated sales tax compliance, as well as agility, as they grow globally.”
Designed with growing businesses in mind, the solution scales to support business growth and offers enterprise-grade configurability to meet the specific tax needs of each business.
- Automation streamlines sales tax compliance across a business.
- Supported processes are compatible with sales quotes, sales orders, sales invoices, returns orders, credits notes, and more.
- Tax research provides automatic tax rate updates for over 16,000 taxing authorities in 175 countries, eliminating the need for manual maintenance of tax rules, manual tax setups and rate tracking.
- Tax rate calculator allows users to test, save and rerun transaction scenarios to help ensure accuracy.
- Address Validation uses USPS-certified data to cleanse and verify addresses to confirm accurate tax calculation and shipment.
- Exemption management enables electronic collection and storage of all exemption and resale certificates, allowing for instant access and automated control.
- Dynamic reporting facilitates easy-to-file returns and audits with over 600 signature-ready returns and 40 canned and ad-hoc reports.