Tax technology for the modern IT professional

In the digitally-driven age, businesses in all sectors are undergoing significant technological transformations. These changes, which often involve the transition to cloud-based software, are reshaping core business functions, including taxation. Reduced IT maintenance, for example, can save businesses on average $297k.

IT professionals are essential to driving successful digital transformation across the indirect tax department. A key tool in their arsenal for achieving these transformations is robust tax technology such as ONESOURCE Determination. But how do you know when it’s time for an upgrade, and what features should you prioritize?

Knowing when to upgrade your tax engine

Several factors can signal the need for a tax engine upgrade:

• Lack of automation: Are your tax processes still heavily reliant on manual data entry and spreadsheets? Are your tax processes prone to errors, inefficiencies, and increased risks?–

• Scalability: Is your current tax engine able to handle your company’s growing and evolving needs? Is your company spending too much money and time on compliance? Are you worried about penalties due to outdated or incorrect information? Does it support the increased use of Gen AI?

• –Security concerns – Does your tax engine meet increased security requirements?

• Do you have to comply with data residency requirements? If you’re experiencing any of these challenges, it’s likely time to consider upgrading your tax engine.

• This is where Thomson Reuters ONESOURCE comes into play. ONESOURCE offers more than just tax software. It is a strategic tool for IT professionals who are managing the complexity of digital transformation. Here’s why:1. ONESOURCE addresses the challenges of cloud integrationModernizing any business system inevitably involves integrating new software into existing or planned cloud infrastructures.

• ONESOURCE works well with big cloud platforms through built-in links. It has strong partnerships, including with Oracle and SAP. This reduces IT headaches during implementation, ensures compatibility and streamlines management. It also reduces maintenance costs. ONESOURCE offers different ways of using it, such as edge computing, to satisfy customer needs, including data storage, self control, etc. It has the same performance and security of an enterprise-level product.
  Read Now /

  2. ONESOURCE enables automation, driving efficiency and accuracy

Automation is a cornerstone of digital transformation. ONESOURCE excels at automating routine tax processes. This is a crucial advantage, as only 80% of corporate tax departments automate less than half of the processes. For IT professionals, this translates to demonstrable value:

Time and cost savings:

Reduced reliance on manual data entry and spreadsheets. Enhanced compliance: Benefit from content support for ever-changing tax laws, rates, and rules.

Streamlined workflows:

Centralized data management breaks down information silos and removes bottlenecks.

Superior data management: Clean, consistent, and easily accessible tax data. Scalability:

• A system that adapts to meet evolving tax needs. Enhanced financial control:

• Real-time tracking and monitoring of tax-related activities. Simplified reporting:

• Generate financial reports quickly and easily. 3. O

• NESOURCE solves complex tax situations with advanced technologyThe modern tax landscape is increasingly intricate, with challenges like evolving regulations, digital service taxes (DSTs), e-invoicing mandates, and real-time reporting requirements. ONESOURCE provides IT professionals with tools to navigate through these complexities. Its applications handle various tax scenarios, automating many tasks and ensuring compliance in a rapidly changing global regulatory environment.4. ONESOURCE provides data-driven insights.

• The ONESOURCE API strategy allows real-time data presentation and access. IT professionals can use this capability to extract tax data and analyze it, providing valuable insights for strategic decisions. This data-driven method increases efficiency, reduces costs, and promotes a better understanding of tax processes. ONESOURCE strengthens risk management and ensures regulatory complianceGlobal tax regulations are complex and require constant vigilance. ONESOURCE simplifies the risk management process and ensures regulatory compliance through proactive monitoring of tax liabilities and updates. With a dedicated team of tax experts and engineers, the platform stays current with complex global tax regulations, allowing IT teams to focus on system implementation and changes.Furthermore, the platform features a dedicated team of tax experts and engineers who monitor and incorporate regulatory updates, ensuring calculations remain accurate and compliant.

• 6. ONESOURCE has a proven track record of performance, experience, and ROI. ONESOURCE has a proven track record with over 21,000 companies worldwide, including 96% Fortune 1000. The platform’s successful partnerships, ROI (120% in three years for a company that has $5 billion in revenue according to a Forrester study), and quick payback (15 months) solidify the value proposition. Comprehensive implementation/onboarding and supportA smooth implementation process and ongoing support are critical for success. ONESOURCE provides

• dedicated training, implementation services, and responsive customer service. We collaborate with partners to enable them to deploy our solutions for customers, who can also benefit from additional services provided by these partners.

The right technology for modern IT professionalsFor IT professionals tasked with leading digital transformations, Thomson Reuters ONESOURCE presents a strategic advantage. It integrates seamlessly with existing systems and automates key processes. It also provides data-driven insight, mitigates risks, ensures compliance and delivers a tangible ROI. By using ONESOURCE, IT professionals can confidently guide their organizations toward a more efficient, compliant, and prosperous future.

Indirect tax automation

Harness the power of automation with ONESOURCE Indirect Tax Determination

Find out more about this now

Story originally seen here