Thomson Reuters announced its latest solution aimed at reducing the risks and costs related to changes in inventory usage. The ONESOURCE Indirect Tax Integration for Oracle 12 Inventory Movement will build upon the company’s gold level membership in the Oracle PartnerNetwork and offer features currently not available through Oracle standard functionality.
Users will be able to identify, calculate and create tax entries for inventory movements using ONESOURCE Indirect Tax Integration for Oracle 12 Inventory Movement, reducing the risk for possible penalties associated with use tax non-compliance. The solution will determine and calculate the proper tax with ONESOURCE Indirect Tax Determination, create journal entries for Oracle General Ledger and update the ONESOURCE Indirect Tax Determination Audit. Users also have the option to create a report to view the results of any changes.
“Use tax is one of the latest areas that is being scrutinized. Auditors frequently look for inventory movement errors, which makes it even more critical for companies to ensure they are in compliance,” said Stefan Blumer, Senior Director of Application Engineering, Thomson Reuters. “Prior to the ONESOURCE Indirect Tax Integration for Oracle 12 Inventory Movement, customers would have to use manual processes to apply accurate use tax laws. This latest integration not only removes manual processes making sales and use tax compliance more accurate and more efficient than ever, but also reconfirms our commitment to build, maintain, and support Oracle-based tax applications.”
ONESOURCE Indirect Tax Integration for Oracle 12 Inventory Movement is available now as a perpetual license or subscription.