Why Thomson Reuters is the best choice for corporate tax professionals
In today’s rapidly evolving business landscape, companies of all sizes are upgrading their technological infrastructure to improve productivity and remain competitive. These “digital transformations” typically involve transitioning to a cloud-based business system, and they are important to corporate tax leaders because the tax function touches virtually every aspect of a modern organisation. Consequently, tax leaders are crucial participants in the conversation about what type of tax technology to invest in and how to deploy it.
But where do you start?
Companies looking to modernise their tax technology need look no further than Thomson Reuters ONESOURCE tax technology suite, which is essentially a “one-stop shop” for tax technology modernisation. The platform equips companies with numerous modules and tools to address tax-related challenges in the digital age. Integrated with a cloud-based enterprise resource planning system (ERP), ONESOURCE supports compliance across multiple jurisdictions and helps streamline tax processes and operations in the evolving landscape of global taxation.
Why Thomson Reuters ONESOURCE?
With ONESOURCE, corporate tax professionals can be confident their enterprise’s digital transformation includes a tax solution that can manage:
1: Increasingly complex tax situations: In addition to ever-changing tax rules and regulations, today’s multinational corporations face many daunting tax challenges. The European Union’s (EU) Pillar 2 requirements; digital services taxes (DSTs); online VAT/GST calculations; nexus issues; cross-border transaction rules; e-invoicing and continuous transaction control (CTC) mandates; real-time tax reporting, and compliance; and more. ONESOURCE users don’t need to worry about any of these problems because the suite has modules and tools to manage them all—many of them automatically.
2: Advanced cloud technology: Integrating advanced tax software into a company’s cloud infrastructure is crucial to any digital transformation. Thomson Reuters designs its software to leverage the latest cloud technologies, ensuring seamless integration with major cloud platforms through built-in connectors. The software benefits from established partnerships with leading ERP providers such as Oracle and SAP, guaranteeing system compatibility and simplifying the management and maintenance of tax operations. These advanced cloud technologies ensure that tax processes are always available, scalable to meet demand, and resilient against disruptions, providing a robust and future-ready solution for corporate tax operations.
3: Automation/efficiency/accuracy: As stated in the 2024 State of the Corporate Tax Department report, 80% of respondents indicated that their departments have automated fewer than 50% of their work processes. These companies may be missing significant advantages, however, as automating routine tax processes offers numerous benefits, including:
- Time and cost savings (no more manual data entry and spreadsheets)
- Improved accuracy (less than a 1% error rate on tax calculations)
- Better regulatory compliance (content support for ever-changing tax laws, rates, and rules)
- Streamlined workflows (centralised data management breaks down information silos and roadblocks)
- Superior data management (tax data is clean, consistent, and easily accessible)
- Scalability (the system adapts to meet a company’s current and future tax needs)
- Better financial control (real-time tracking and monitoring of tax-related activities)
- Simplified reporting (generates financial reports quickly and easily)
4: Tax compliance: Compliance is about making sure all taxes are reported in the right way, and on time to the tax authorities. The problem for many companies is that tax authorities around the world want more data in ever-shrinking windows of time—so much data, so quickly, that manual processes can’t keep up.
ONESOURCE solves compliance issues by automating the data-gathering and validation process, and then transmitting the appropriate tax data to authorities in whatever format they require. Automating compliance helps report accuracy and time, saves money on compliance, and reduces penalties, fees, and fines.
5: Data analytics: ONESOURCE’s solution-wide API strategy allows timely and flexible data access and presentation, a feature built into both standard and custom reporting. This means that users can easily extract and analyse their tax data in real-time, providing them with valuable insights and enabling them to make more informed business decisions. With ONESOURCE, businesses can gain a deeper understanding of their tax processes and operations, leading to increased efficiency and cost savings.
6: Risk management: Navigating the increasingly complex terrain of global tax regulations is a daunting task—and, if managed incorrectly, can open companies up to unnecessary risk. Using Thomson Reuters reporting and analytics tools, tax professionals can mitigate (and often eliminate) those risks by proactively checking the organisation’s tax liabilities and compliance status.
7: Regulatory updates: Keeping up with ever-changing tax rules and regulations is time-consuming and prone to errors. To ensure our content engine follows the rules, we have over 200 tax experts and engineers who watch for changes in the rules around the world. When changes happen, they immediately add them to the software’s algorithms. Changes to tax rules and rates are automatically factored into tax calculations, ensuring that all calculations are correct and timely.
Future-proofing tax: The Thomson Reuters difference. There are several reasons why the Thomson Reuters ONESOURCE tax suite is used by over 7,000 companies and 65% of the Fortune 1000. The most important reasons are because we have the most experience, performance, and ROI. These are the key ingredients to a tax strategy that will work in the future.
8: Unmatched experience Thomson Reuters has an 18-year history of partnering with SAP on tax-engine implementations, and that deep well of experience and trust means ONESOURCE customers can pursue their digital transformation confident in the knowledge that the teams behind the technology know what they are doing. Indeed, Thomson Reuters has more SAP awards than any other tax provider, and the company’s partnerships with Oracle, Sage, and other major ERP providers ensure that all ONESOURCE implementations are equally smooth and harmonious.
9: Superior performance/ROI: Investing in a tax technology solution like ONESOURCE can yield significant savings in the long run, and ROI is another area where Thomson Reuters excels. But don’t take our word for it.
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Thomson Reuters recently conducted an independent Forrester Research study to evaluate the true ROI delivered by the ONESOURCE platform. Overall, the study found that for a company with $5 billion in revenue, ONESOURCE delivered $2.1 million in net-positive benefits over three years, representing a return on investment of 120%. Furthermore, the system paid for itself in a mere 15 months.
Thomson Reuters understands how crucial it is to future-proof a company’s tax strategy in this era of rapid technological developments and global uncertainty. Corporate tax leaders who choose Thomson Reuters as their go-to tax solutions provider can rest assured that they will be well-positioned to help their companies transition to a more prosperous future.
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