ONESOURCE: Streamlining Corporate Tax and Trade Management

ONESOURCE by Thomson Reuters is a comprehensive cloud-based solution designed to simplify and automate the complex processes of corporate tax, trade, and financial reporting. This tool empowers businesses to navigate the intricate landscape of tax regulations with precision and efficiency.

Key Features of ONESOURCE

1. Indirect Tax Management

ONESOURCE provides automation and accuracy across tax and finance workflows, significantly reducing risks from determination through final compliance. This feature ensures that businesses can handle indirect taxes with ease, minimizing errors and enhancing compliance.

2. Direct Tax Automation

With ONESOURCE, companies can confidently report and comply with corporate tax requirements. The automation increases the reliability and accuracy of the compliance and provision process, ensuring that businesses meet their tax obligations efficiently.

3. Global Trade Management

ONESOURCE optimizes supply chain performance and minimizes audit risks. It simplifies the complexities of global trade, from denied party screening to foreign-trade zone management, helping businesses to operate smoothly across borders.

4. Statutory Reporting

This feature allows for the accurate filing of statutory financial statements in 45 languages, standardizing the process to meet ever-changing regulations. It ensures that businesses remain compliant with local and international reporting standards.

5. Information Reporting and ACA Compliance

ONESOURCE simplifies the tracking of contractors, vendors, clients, and payees with automated tools for 1099s, TINs, B-Notices, and 1042s. It also integrates ACA compliance from form creation to error corrections, streamlining the entire process.

6. Trust Tax Management

Businesses can automate a single step or the entire trust tax process with ONESOURCE, creating, executing, and maintaining trusts efficiently.

7. Tax Data and Process Management

ONESOURCE saves time, reduces risk, and increases the accuracy of tax and trade data and processes. It offers greater visibility and control over tax and trade processes, simplifying data preparation for specific purposes.

8. AI-Assisted Regulatory Research

Powered by Checkpoint Edge with CoCounsel, this feature allows users to quickly and confidently find answers to regulatory questions, enhancing decision-making and compliance.

Benefits of Using ONESOURCE

• Increased Accuracy: Stay ahead of continuously changing tax regulatory requirements with automated workflows.
• Enhanced Collaboration: Collaborate across tax and trade ecosystems, whether insourcing, co-sourcing, or outsourcing.
• Improved Performance: Empower tax, trade, and financial reporting teams to accelerate performance and meet deadlines.
• Cost Efficiency: Reduce costs associated with inefficient processes and compliance fines.

Frequently Asked Questions

What is Thomson Reuters ONESOURCE?

ONESOURCE is the industry’s most trusted end-to-end cloud automation solution for tax, trade, and financial reporting professionals. It helps companies reduce compliance risks, lower costs, and navigate regulatory complexities.

How does ONESOURCE integrate with existing technologies?

ONESOURCE integrates seamlessly with existing technologies, backed by a global network of experts and deep technology integrations.

Can I see a demo of ONESOURCE?

Yes, Thomson Reuters offers demos of the ONESOURCE platform. Contact their sales team for more information.

Conclusion

ONESOURCE by Thomson Reuters is a powerful tool for businesses looking to streamline their tax, trade, and financial reporting processes. With its comprehensive features and benefits, ONESOURCE stands out as a leader in the industry, providing the clarity and control needed to thrive in complex regulatory environments.

For more information or to request a demo, contact Thomson Reuters today.