NEW YORK —The Tax & Accounting business of Thomson Reuters today announced the ONESOURCE global tax workstation – the world's first global tax software solution. As the only true ?one-stop? workflow solution for multinational corporations (MNCs) and large accounting firms, it not only integrates existing global tax compliance software with local tax compliance tools in a growing number of countries, but can easily adopt new offerings and technologies to meet the future needs of accounting firms and corporate tax personnel. The announcement was made to more than 1,000 corporate tax professionals at the 2010 ONESOURCE User Conference in Washington, D.C.
Building on the success of the existing ONESOURCE platform, which provides U.S.-centric tax and compliance data to over 38,000 global users in more than 80 countries, ONESOURCE manages a company’s entire tax workflow -- linking global staff, controllers, finance, and even tax advisors and auditors -- on one system. This new integrated workstation leverages solutions such as ONESOURCE WorkFlow Manager, ONESOURCE Fileroom and ONESOURCE Calendar, and combines Tax & Accounting offerings such as Checkpoint, ONESOURCE Indirect Tax, and ONESOURCE Tax Provision with revolutionary technology, to address the needs of a company’s tax lifecycle. It provides the solutions needed to handle tax planning, transfer pricing compliance, tax return compliance, and global tax reporting needs -- all in one platform.
This evolution of the ONESOURCE platform suite is expected to build on the existing success of the flagship ONESOURCE solutions, which serve 90 of the Fortune 100 and 728 of the Fortune 1000 corporations. The launch is the latest in a series of steps by Tax & Accounting to provide MNCs and global accounting firms with Web-based solutions designed to better serve them in the global market.
"Thousands of companies are increasing their cross border activities, and we’re here to provide them with what they need to meet the ever-changing demands of a complex global tax environment," said Roy M. Martin, Jr., president and CEO of Tax & Accounting. "ONESOURCE is now the most comprehensive and integrated solution for a company’s tax, accounting and financial reporting compliance lifecycle. It transforms a company’s global tax function by optimizing the compliance process while implementing new tools to help tax leadership enhance overall profitability."
These enhancements fill the knowledge gap that previously existed between multinational companies and the countries they operate in, and synthesizes increasingly complex global tax and compliance regulations onto one platform, to enable businesses to make smarter business decisions and seamlessly manage their tax needs across evolving tax regulations around the globe.
"ONESOURCE is a revolutionary new platform that provides local domain knowledge and automation on a global scale in one systematic, Web-based platform," said Brian Peccarelli, president of Workflow & Service Solutions at Tax & Accounting. "We’ve designed a platform that enables tax professionals to easily react to changing business strategies and tax environments in order to ensure every tax return and statutory compliance requirement is met globally."
ONESOURCE Tax Provision, ONESOURCE Transfer Pricing, ONESOURCE Indirect Tax, ONESOURCE Corporate Income Tax, ONESOURCE Property Tax, ONESOURCE Tax Information Reporting, ONESOURCE Trust Tax, ONESOURCE WorkFlow Manager, ONESOURCE Calendar, ONESOURCE Entity Manager, and ONESOURCE Global Tax Planning.
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The Tax & Accounting business of Thomson Reuters is the leading provider of technology and information solutions, as well as integrated tax compliance software and services to accounting, tax and corporate finance professionals in accounting firms, corporations, law firms and government. Headquartered in New York, Tax & Accounting has major operations in Ann Arbor, Dallas, Hyderabad, London, Sydney, and Toronto. For more information, go to http://thomsonreuters.com/products_services/taxacct.