Tax management software that is reliable
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
Built with ease of use and data security in mind, the cloud-based architecture of ONESOURCE also utilizes artificial intelligence to diagnose and heal itself, so IT personnel don’t have to worry about maintenance or down time.
Jump to |
How can ONESOURCE help my company?
How does the ONESOURCE suite work?
How can ONESOURCE future-proof our tax operations?
Do ONESOURCE and ERPs get along?
Can ONESOURCE transform tax data into business intelligence?
Is there training and support for ONESOURCE?
How can ONESOURCE help my company?
ONESOURCE has many advantages for all types of companies, from small businesses to large enterprises globally. It is much more than a tax management solution. Companies report that ONESOURCE has provided them with the following benefits:
- Save time during tax reporting. A complete, end-toend tax platform gives companies all the tools needed to automate their compliance and tax operations. They create more efficient processes for tax reporting, workflows, data management, and analysis.
- Rely on accurate and compliant tax data. Companies are able to plan for the future with the confidence that their tax obligations will be met accurately and efficiently, with minimal risks and guaranteed 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. The ONESOURCE Suite includes modules such as Global Trade Management, Statutory reporting, Trust Tax, and Sales and Use Tax. This allows multinational companies to manage all aspects of global trade, from supplier research to denied-party screening. It also includes modules like supply chain compliance or 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 worldHow can ONESOURCE future-proof our tax operations?Such solutions are all but mandatory in a trade environment where governments everywhere are digitalizing and automating their tax processes. Thomson Reuters and Orbitax partnered to create a automated Pillar 2 Solution to simplify compliance, reporting, forecasting, and other aspects of the new EU tax regime. ONESOURCE users don’t have to worry about keeping pace with constantly changing tax regulations because they are supported by tax experts who update tax rules and regulation from 56,000+ jurisdictions in 200 countries. Furthermore, these updates are automatically incorporated into relevant tax calculations to ensure that all taxes are being calculated and reported accurately.
Do ONESOURCE and ERPs get along?
All these capabilities are possible because ONESOURCE was designed from the ground up with ease of integration and usage in mind.To begin with, the cloud-based architecture of ONESOURCE means no extra equipment is necessary for installation. ONESOURCE is available to companies via subscription. They can choose the modules they wish to use and then all services will be delivered and maintained by Thomson Reuters data centers. ONESOURCE excels in the ease of connectivity with existing ERP system. 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, two 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 studyHow 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. The software’s powerful analytics tools can be used to transform this data into actionable business insight. 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 a 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. Thomson Reuters offers a wide range of support services, including 24/7 access to its
knowledge centre
and
online communities
. Customers can also sign up for
ONESOURCE University which is a training curriculum designed specifically for ONESOURCE users to build polished 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 soundsIn 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.
Read white paper
