Cloud migration benefits for tax integration
How far can you take tax transformation? Tax modernization efforts need to accelerate for most businesses. The legacy tax systems are being challenged by the rapid evolution of economic and political events. Aggressive regulators and increasing compliance requirements are also putting pressure on the teams who manage them. The Thomson Reuters ONESOURCE platform is a powerful tool that helps busy corporate tax professionals accomplish much more with less. That’s why the Thomson Reuters ONESOURCE platform is so powerful: it helps busy corporate tax professionals accomplish much more with less.
Highlights:
Accelerate tax modernization with ONESOURCE for streamlined operations and strategic clarity.
Experts spend significant time ensuring data between workflows are accurate and complete, despite technical integrations.
ONESOURCE modernizes tax processes by integrating seamlessly with cloud ERP systems.
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Cloud modernization has brought many changes
Building in the cloud simplifies operations by replacing complex and costly legacy systems, enabling businesses to move with greater speed and flexibility. This shift allows experts to spend less time managing infrastructure and more time focusing on increasing the strategic role of technology within the organization.
Even after two decades, most enterprise clouds are still a work in progress. The challenges persist, whether you’re choosing between public and private options, modernizing legacy mission-critical systems, or addressing security and compliance concerns. The next big shift will be to simplify your tax technology stack.
While cloud computing was supposed to simplify IT and business, the proliferation of SaaS applications have made it more difficult. The ease of selecting, deploying and integrating solutions can be a double edged sword. They can offer quick fixes but hinder long-term planning. Despite market innovations, 49% of respondents in our 2024 survey feel unprepared to make meaningful investments in tax modernization.
Despite advanced cloud technology, many departments are wrestling with the complexity of their SaaS tax stack. Teams are working within a single ERP while still utilizing disparate tax solutions. From direct and indirect determination, to connected workflows, and global reporting. This fragmentation can hinder the very efficiency that cloud solutions aim to achieve, emphasizing the necessity for a more integrated approach.
Streamline indirect tax compliance by leveraging integrated technology
Overcomes compliance challenges while enhancing efficiency
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How complicated is your tax tech stack?
Working across multiple solutions can deliver many big, basic benefits of transformation inside the enterprise, making tax and finance teams more productive. But even with those gains, persistent software and SaaS complexity mean that:
Users and IT staff are constantly learning new applications and platforms.
Important tax processes must be mapped to disparate, sometimes disconnected tax systems. This includes compliance and risk controls.
Even with technical integrations in place, tax and finance experts dedicate significant time to ensuring data flows between workflows are correct and complete.
Embracing new technologies like AI becomes more difficult as vendors, rather than businesses, take control of the critical innovation roadmap.
This is why moving towards a unified solution is imperative. Businesses can bring state-of-the-art automation and advanced intelligence into more tax workflows while managing a single ERP cloud integration–a huge win for both business and IT.
ONESOURCE: One cloud platform with many benefits
- From the detailed management of indirect tax across global jurisdictions to accelerating time to achieve big-picture strategic clarity, Thomson Reuters ONESOURCE gives tax and finance departments everything they need to bring the scale and capabilities of an ERP to the intricate tasks of corporate tax.
- ONESOURCE has been built by tax experts for tax experts, equipping teams to tackle today’s tax requirements while preparing for future demands. Designed for more effective integration with your cloud ERP, it transforms your business from inconsistent tax digitalization to a steady pace of modernization.
- Multiplied expertise and effectiveness
- A unified cross-tax platform, integrated with a cloud ERP, dramatically increases the reach of automation. This integration improves work quality, reduces the need for manual processes and allows tasks to be completed in less time with less retraining. As questions and answers move between teams, everyone works within the same platform.
This consistency and predictability empower teams to confidently tackle more difficult tax transformation goals. ONESOURCE customers achieve more work in less cost and time. Integrating with multiple applications allows you to generate answers for various workflows in a seamless manner. The ONESOURCE determination engine gives teams robust coverage and unmatched accuracy across all tax workflows.
ONESOURCE answers boost confidence and drive greater visibility across the business, giving stakeholders that single source of tax truth everyone seeks. The ability to delve deeper and trust your findings is a game-changer.
Strong global scalability
Whether you’re rapidly expanding in one location or overseeing a global enterprise, you need a tax platform designed to help you navigate the intricacies of global tax, from transactional taxes to transfer pricing. ONESOURCE offers comprehensive coverage of the world across its entire suite.
On infrastructure, ONESOURCE makes sure tax teams can keep up with rapid growth. Instead of helping multiple applications grow and adapt, businesses obtain a single consolidated path and platform.
The next step in tax transformation
No matter where your business sits on its tax transformation journey, the next step is always important. The value that tax and finance teams add to the business has already been enhanced by moving from manual to digital tools and then to the cloud. Leverage Thomson Reuters ONESOURCE and let us help guide your business in achieving its tax transformation goals.
Thomson Reuters ONESOURCE
Enhance digital transformation by utilizing integrated tax technology.
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More from this blog series:
Part 1: The time is now for cloud migration and tax transformation
Part 2: Navigating challenges in tax integration during ERP cloud migration
