Answers to frequently asked questions about ONESOURCE.
What is Thomson Reuters ONESOURCE?
Thomson Reuters ONESOURCE is a state-of-the-art tax platform that provides everything corporate tax departments and IT personnel need to manage indirect and direct tax calculations, reporting, and compliance.
Used by companies worldwide, ONESOURCE operates at the intersection of commerce and trade, allowing companies to conduct business without being bogged down by technical drama and busy work. In one of its many functions, the ONESOURCE platform integrates easily with existing enterprise, resource, and planning (ERP) systems and performs tax calculations automatically, enabling tax teams to focus on activities that offer more strategic and financial value to the enterprise.
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How can ONESOURCE help my company?
How does the ONESOURCE suite work?
How can ONESOURCE future-proof our tax operations?
Do ONESOURCE and ERPs work together?
Can ONESOURCE transform tax data into business intelligence?
Is there training and support for ONESOURCE?
How can ONESOURCE help my company?
ONESOURCE is typically used by national and multinational companies. Corporations report the following benefits they get from using ONESOURCE:
- Save time during tax reporting. With a complete, end-to-end tax platform, companies have all the tools they need to automate their tax and compliance operations. Tax departments can create more efficient processes for tax reporting, workflows, data management, and analysis.
- Rely on accurate and compliant tax data. Companies can plan for the future, secure in the knowledge that their tax obligations are being met as accurately and efficiently as possible, with minimal risk and optimized compliance. They get peace of mind with a vast range of tools and resources to extract additional value from tax data and, if necessary, defend against audits.
Flexibility is another hallmark of ONESOURCE. Different companies have different needs, so the ONESOURCE platform offers a comprehensive catalogue of suites and modules—for statutory reporting, indirect tax, direct tax, global trade management, trust tax, tax data and process management, and more—all of which can be packaged in different combinations to create a customized set of powerful tax-management tools.
How does the ONESOURCE suite work?
In many instances, the ONESOURCE suite can provide all the tools a company needs.
For example, ONESOURCE includes a module for Global Trade Management, which gives multinational companies the ability to manage every aspect of the global-trade process, from supplier research and denied party screening to supply-chain compliance and optimization of foreign-trade zones (FTZs). The suite also contains modules for e-invoicing and government connectivity, which multinationals can use to ensure tax compliance in any country, territory, or jurisdiction around the world.
Additionally, the Statutory Reporting module helps companies meet their statutory reporting obligations in over 45 jurisdictions by providing local language support, country-specific reporting templates, and timely content updates from leading accounting firms and in-house experts. The Tax Provision module automates the calculation of corporate tax estimates, provides quick data review with filtering and drill-down capabilities, and streamlines the financial close process and enhances data accuracy.
How can ONESOURCE future-proof our tax operations?
Such solutions are all but mandatory in countries where governments are digitalizing and automating their tax processes. The European Union’s BEPS 2.0 Pillar Two requirements (i.e, global minimum tax) are just one example of how global taxes are being aggressively digitalized and regulated—which is why Thomson Reuters partnered with Orbitax to create an automated Pillar 2 solution that simplifies compliance, reporting, and forecasting for companies affected by the EU’s new tax regime.
A lack of standardization also contributes to the complexity and confusion surrounding global tax rules. ONESOURCE customers don’t need to worry about keeping up with ever-changing tax regulations, however, because ONESOURCE customers are supported by teams of tax experts who continuously update tax rules and regulations from 56,000+ jurisdictions and 200 countries. Furthermore, these updates are automatically incorporated into relevant tax calculations to ensure that all taxes are calculated and reported accurately.
Do ONESOURCE and ERPs work together?
Ease of connectivity with existing ERP systems is an area where ONESOURCE shines. Not only does ONESOURCE tax software use API interfaces to integrate easily with most major ERP systems (e.g., Oracle, SAP, Sage X3), it also connects well with other corporate finance software to create a harmonious, trouble-free technical ecosystem. In fact, three indirect tax ONESOURCE integrations for SAP are premium certified SAP Endorsed Apps, which means that they meet SAP’s own security and performance benchmarks and have been tested by SAP to ensure optimal data quality, ease of integration, and security.
Case study
How Adobe turned a “perfect storm” of tax challenges into an opportunity with ONESOURCE
View case study ↗Can ONESOURCE transform tax data into business intelligence?
Another benefit of integrating ONESOURCE with a company’s existing network of business tools is that it makes it much easier for tax departments to gather and analyze all forms of financial and tax data. Using the software’s powerful analytical tools, this data can then be transformed into actionable business insights.
Not only does ONESOURCE make it easier for companies to collect and organize the data they have, but professionals can also use the data-analysis tools to identify opportunities for tax savings, model tax scenarios, develop tax strategies, conduct risk assessments, assist in high-level decision-making, and more.
These multi-faceted capabilities give organizations of all sizes the means to extract valuable business insights from data that might otherwise be too dispersed, chaotic, or overwhelming to make sense of. In this way, ONESOURCE can be thought of as both a powerful tax-management system and a dynamic driver of business intelligence.
Is there training and support for ONESOURCE?
In one word, yes. Adding an automated tax solution to an already established technical infrastructure is a significant undertaking for many companies, which is why Thomson Reuters has worked so hard to simplify the process and, once operational, provide customers with world-class training and support.
Training begins during the implementation phase, when in-house IT personnel and the platform’s primary users are taught to troubleshoot common issues and make use of the platform’s extensive toolset. Customers also have 24/7 access to the Thomson Reuters knowledge center, online community, and customer-support services and, if desired, can arrange to have a dedicated support representative available who has a deep understanding of the company’s industry, business goals, and technological journey. Customers can also sign up for ONESOURCE University, which is a designed training curriculum specifically for ONESOURCE users to build polished proficiency.
Yes, ONESOURCE is as good as it sounds
In every case, the goal of Thomson Reuters is to provide customers with a smooth, stress-free user experience that inspires productivity and helps propel the organization toward future success and prosperity.
Once ONESOURCE is up and running, much of its day-to-day functionality (automated tax calculations, data storage, content support) is invisible to users—but with ONESOURCE operating in the background, tax professionals and IT staff can rest assured that their taxes are being calculated and reported accurately, and that the data they need is available in just a few keystrokes.
By implementing a cloud-based, state-of-the-art tax-management solution like ONESOURCE, companies of all sizes can plan ahead with confidence knowing that their tax systems are prepared for whatever complexities and uncertainties the world throws at them.
White paper
ONESOURCE reduces IT's burden by offering state-of-the-art connectivity, ease of use, and performance—powered by AI.
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