Thomson Reuters ONESOURCE: A tax technology solution for the modern IT professional
In today’s digitally-driven world, businesses across all sectors undergo significant technological transformations. These changes, often involving transitions to cloud-based systems, are reshaping how core business functions operate, including taxation. For example, reduced IT maintenance can save businesses an average of $297k.
IT professionals are essential to driving successful digital transformation across the indirect tax department. A key tool in their arsenal for achieving these transformations is robust tax technology such as ONESOURCE Determination. But how do you know when it’s time for an upgrade, and what features should you prioritise?
Knowing when to upgrade your tax engine
Several factors can signal the need for a tax engine upgrade:
- Increased complexity: Are you expanding into new markets with varying tax regulations? Are your current systems struggling to keep up with the intricacies of global tax laws, including digital service taxes (DSTs), e-invoicing mandates, and real-time reporting requirements?
- Integration challenges: Is your current tax solution difficult to integrate with your existing ERP and business systems? Are you experiencing data silos and manual reconciliation nightmares?
- Lack of automation: Are your tax processes still heavily reliant on manual data entry and spreadsheets? Are you experiencing errors, inefficiencies, and increased risk?
- Scalability issues: Can your current tax engine handle your company’s growth and evolving needs? Will it support future growth and changes in tax legislation?
- Rising compliance costs: Are you spending too much time and resources on maintaining compliance? Are you concerned about the risk of penalties due to errors or outdated information?
- Lack of real-time insights: Can you easily access and analyse your tax data to make informed business decisions?
- Gen AI strategy: Does your current tax engine align with your AI adoption strategy? Does it future-proof increased usage of Gen AI?
- Security concerns: Does your tax engine meet your increased security requirements? Do you have to comply with data residency requirements?
If you’re experiencing any of these challenges, it’s likely time to consider upgrading your tax engine.
This is where Thomson Reuters ONESOURCE comes into play. More than just tax software, ONESOURCE is a strategic asset for IT professionals managing the complexities of digital transformation. Here’s why:
1. ONESOURCE addresses the challenges of cloud integration
Modernising any business system inevitably involves integrating new software into existing or planned cloud infrastructures. ONESOURCE works well with big cloud platforms through built-in links. It has strong partnerships with leading ERP providers like Oracle and SAP. This means fewer headaches for IT during implementation and ensures compatibility, streamlined management, and reduced maintenance burdens. ONESOURCE also offers different ways to use it, like edge computing, to meet customer needs such as data storage and self-control, etc. It also has the same high performance and security as an enterprise-level product.
Learn how Lenovo overcame the logistical and geographical challenges of consolidating its tax processes to achieve alignment of its tax strategies with business processes. Read Lenovo case study
2. ONESOURCE enables automation, driving efficiency and accuracy
Automation is a cornerstone of digital transformation. ONESOURCE excels in this area by automating routine tax processes, a critical advantage considering the finding that 80% of corporate tax departments have automated less than half of their processes. For IT professionals, this translates to demonstrable value:
- Time and cost savings: Reduced reliance on manual data entry and spreadsheets.
- Improved accuracy: Achieve less than a 1% error rate on tax calculations.
- Improved compliance: Benefit from content support for ever-changing tax laws, rates, and rules. #
- Streamlined workflows: Centralised data management breaks down information silos and removes bottlenecks.
- Superior data management: Clean, consistent, and easily accessible tax data.
- Scalability: A system that adapts to meet evolving tax needs.
- Enhanced financial control: Real-time tracking and monitoring of tax-related activities.
- Simplified reporting: Generate financial reports quickly and easily.
3. ONESOURCE solves complex tax situations with advanced technology
The modern tax landscape is increasingly intricate, with challenges like evolving regulations, digital service taxes (DSTs), e-invoicing mandates, and real-time reporting requirements. ONESOURCE equips IT professionals with the tools to navigate these complexities. Its applications handle various tax situations, automating many tasks and ensuring compliance in a rapidly changing global regulatory environment.
4. ONESOURCE enables data-driven insights
The ONESOURCE solution-wide API strategy allows for real-time data access and presentation. IT professionals can leverage this capability to extract and analyse tax data, offering valuable insights for strategic decision-making. This data-driven approach enhances efficiency, facilitates cost savings, and fosters a deeper understanding of tax processes.
5. ONESOURCE strengthens risk management and ensures regulatory compliance
Global tax regulations are complex and require constant vigilance. ONESOURCE simplifies risk management and ensures regulatory compliance by proactively monitoring tax liabilities and updates. With a dedicated team of tax experts and engineers, the platform stays current with complex global tax regulations, allowing IT teams to focus on system implementation and changes.
Furthermore, the platform features a dedicated team of tax experts and engineers who monitor and incorporate regulatory updates, ensuring calculations remain accurate and compliant.
6. ONESOURCE offers proven experience, performance, and ROI
Choosing the right technology partner is paramount for any IT professional. ONESOURCE boasts a strong track record, with over 21,000 businesses worldwide, including 96% of the Fortune 1000, relying on its capabilities. The platform’s history of successful partnerships, proven ROI (120% over three years for a company with $5 billion in revenue, according to a Forrester Research study, and quick payback period (15 months) solidify its value proposition.
7. Comprehensive implementation, onboarding and support
A smooth implementation process and ongoing support are critical for success. ONESOURCE offers dedicated implementation services, training, and responsive customer support.
We collaborate with partners to enable them to deploy our solutions for customers, who can also benefit from additional services provided by these partners.
The right technology for modern IT professionals
For IT professionals tasked with leading digital transformations, Thomson Reuters ONESOURCE presents a strategic advantage. It seamlessly integrates with existing systems, automates crucial processes, provides data-driven insights, mitigates risk, ensures compliance, and delivers a tangible return on investment. By using ONESOURCE, IT professionals can confidently guide their organisations toward a more efficient, compliant, and prosperous future.
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