We’re with You from Vine to Wine

Like crafting fine wine, the tax lifecycle is a long journey. From data management to analytics, only Thomson Reuters ONESOURCE™ has a comprehensive offering for every step of your direct tax processes.

Step into your tax lifecycle
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Accounting for every step of the tax cycle.

Explore how ONESOURCE™ partners with you throughout every step.
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Prepare

Standardise & Streamline

The Challenge

From increased globalisation and ever-changing regulation to greater transparency and tighter deadlines, today’s corporate tax department faces numerous challenges that demand documented tax processes, standardised workflows and streamlined data.

The Solution

ONESOURCE enables you to take ownership of your tax data and to manage and monitor workflow processes globally through a customisable and collaborative web-based platform that can be accessed from anywhere. Together with task determination and automation features, as well as complete tax calendar management, ONESOURCE enables you to prioritise tasks, automate manual efforts, monitor projects, and track due dates, across the entire tax department.

With ONESOURCE, you can:
  • Manage tax data and processes globally
  • Collaborate across teams
  • Assign tasks and monitor project progress
  • Keep track and comply with due dates and highlight risk areas
Collect

Optimisation, Organisation and Data Management

The Challenge

Most tax departments spend 80% of their time collecting and manually inputting data and 20% reviewing it. Largely, this time-drain is a result of non-tax-sensitised trial balance data that isn’t tailored to a tax teams needs, as well as sending, managing and consolidating multiple data requests and workpapers.

The Solution

Using web enabled standardised workpapers, ONESOURCE manages global data requests, securely gathers and collects data. You can then extract, manipulate and move data in to your tax workpapers and get harmonised, consolidated and tax sensitised trial balance data for all your tax processes always up to date, even as numbers continue to change.

With ONESOURCE, you can:
  • Gather, centralise and manipulate data regardless of source
  • Manage and store workpapers securely
  • Automate tax sensitised trial balance data
  • Reuse and repurpose data throughout your tax processes and lifecycle
  • Minimising manual data touchpoints
Utilise

Calculation and Validation

The Challenge

Organisation and regulatory pressures require tax departments to produce an accurate, defendable and efficient tax provision, as well as comprehensive corporate tax computations and returns, within ever-shrinking windows of time.

The Solution

With ONESOURCE, you have readily available data to produce workpapers, calculate an accurate tax provision and generate reports that support calculations – all on a tight deadline. You can also manage, complete and e-file corporate tax returns with accuracy and efficiency, while seamlessly sharing data between different stages of the tax process.

With ONESOURCE, you can:
  • Utilise tax sensitised trial balance data to produce an accurate and transparent tax provision
  • Harness trial balance data to complete tax filings with speed and ease
  • Utilise configurable journal entries for all jurisdictional levels and any ERP system
  • Spend more time analysing and less time verifying data by relying on ONESOURCE’s calculation engine, trusted by 1,000s of global organisations across the globe
Deliver

Reporting Accurate Results

The Challenge

Producing tax disclosures for the group companies’ statutory accounts and being dependent on finalised statutory accounts before the corporate tax computations and returns can progress eats up time and takes months out of the tax calendar time which could be better spent on value add activities.

The Solution

With ONESOURCE, you can utilise the group provision to minimise reworking for the purposes of statutory accounts tax disclosures, produce your IFRS, FRS 101 or FRS 102 statutory accounts using our trusted statutory accounts production solution. Seamlessly move your statutory accounts data directly in to the tax computations and avoid unnecessary reworking and analysis, producing your group’s tax computations in just a few clicks.

With ONESOURCE, you can:
  • Seamlessly share data between your statutory accounts, corporate tax return and tax provision minimising manual data touch points
  • Gain clarity with system-provided, customisable templates
  • Minimise workload and fees relating to audits
  • Access extensive review and formatting options
Reflect

Analysis & Planning

The Challenge

In order to determine best practices and plan strategically, corporate tax departments need the ability to analyse results and effectively benchmark against companies in their peer group. This capability has not existed—until now.

The Solution

ONESOURCE offers a comprehensive set of analytic tools designed to help tax professionals gather insight from their data and develop a tax strategy for their company. By building visualisations, you can easily facilitate multi-period comparisons, scenario analysis and trend analyses, with dashboards that monitor key performance indicators of your tax processes. In addition, with secure benchmarking, you can compare your company results to those within your peer group.

With ONESOURCE, you can:
  • Create user-defined analytics
  • Benchmark against peers
  • Analyse trends
  • Implement best practices

What does your vine to wine journey look like?

The Direct Tax Suite

Accounting for every step of the tax cycle.


Click on different areas of the image for further information.

Tax Provision – ONESOURCE Tax Provision gives you control over the complete tax provision process. Collect the right information, calculate accurate tax accruals, and produce reports and workpapers that support the amounts that were booked — all on a tight deadline. Find out more

Corporate Tax – ONESOURCE Corporate Tax is designed by tax professionals, for tax professionals. Fully iXBRL compliant, ONESOURCE Corporate Tax facilitates the preparation and review of corporate tax returns and online filing. Find out more

Schedules & Data Collection – Most tax departments spend 80% of their time collecting and manually inputting data and 20% reviewing it. ONESOURCE DataFlow can flip those proportions and transform how you gather, use, store, and reuse data across your tax processes. Find out more

Statutory Accounts Reporting – Imagine a world of statutory reporting where the preparation and review process is simple: taking hours instead of days, having consistent data throughout the report and automating repetitive tasks. Find out more

Workflow Management – In an ever changing tax landscape, tax departments are increasingly in the spotlight to ensure they have a timely and accurate compliance process, combining automated statutory deadline tracking, document management, and data management. Find out more

Trial Balance Management – In an ever changing tax landscape, tax departments are increasingly in the spotlight to ensure they have a timely and accurate compliance process, combining automated statutory deadline tracking, document management, and data management. Find out more


TaxProvision Corporate Tax Accounts Production Data Management Workflow Management Trial Balance Management

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