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Tax & Accounting

We’re with You from Vine to Wine

Like crafting fine wine, the tax lifecycle is a long journey. From data management to analytics, only Thomson Reuters ONESOURCE™ has a comprehensive offering for every step of your direct income tax processes.

 

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Accounting for every step of the direct tax cycle.

Explore how ONESOURCE™ partners with you throughout every step.
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  • Prepare
  • Collect
  • Utilize
  • Deliver
  • Reflect
Prepare

Standardize & Streamline

The Challenge

From increased globalization and ever-changing regulation to amplified transparency and tighter deadlines, today’s corporate tax department faces numerous challenges that demand standardized tax processes and streamlined data.

The Solution

ONESOURCE enables you to take ownership of your tax data and manage workflow processes globally through a customizable and collaborative web-based platform that can be accessed from anywhere. Together with task determination and automation features, as well as complete calendar management, ONESOURCE enables you to prioritize tasks, automate manual efforts, monitor projects, and track due dates.

With ONESOURCE, you can:
  • Manage tax data and processes globally
  • Assign tasks and monitor project progress
  • Manage calendars and track due dates
  • Collaborate across teams
Collect

Optimization, Organization and Data Management

The Challenge

Most tax departments spend 80% of their time collecting and manually inputting data and 20% reviewing it. Part of this time-drain is a result of trial balance data that comes from multiple general ledgers, ERPs or other extracts that may have different account-coding structures.

The Solution

ONESOURCE securely gathers and collects data regardless of the source, while allowing you to extract and move it to your income tax return or tax provision workpapers. It also delivers harmonized and consolidated trial balance data for all tax processes and keeps it up to date, even as book numbers continue to change.

With ONESOURCE, you can:
  • Gather and integrate data regardless of data source
  • Manage and store workpapers securely
  • Automate and integrate trial balance data
  • Interact with foreign controllers without using Excel
Utilize

Validation, Calculation, & Reporting

The Challenge

Management and regulatory pressure require tax departments to produce an accurate, defendable and lightning-fast tax provision, as well as federal and state income tax calculations, within ever-shrinking windows of time.

The Solution

With ONESOURCE, you have readily available data to compute accurate tax accruals and produce reports and workpapers that support the amounts that were booked—all on a tight deadline. You can also manage, complete and e-file the federal, state and local corporate tax returns with accuracy and efficiency, while seamlessly sharing data between your income tax return and tax provision processes.

With ONESOURCE, you can:
  • Produce an accurate and defendable tax provision
  • Complete tax filings with speed and ease
  • Share data between your income tax return and tax provision
  • Estimate your tax liability quickly and accurately
Deliver

Accurate Results

The Challenge

The typical estimated payment process for a corporate tax department is time-consuming and stressful due to manual inputs, searching for tax law updates and, of course, dealing with unforgiving deadlines.

The Solution

With ONESOURCE, you can accurately calculate federal and state income tax payments and access up-to-the-minute tax law, along with full reports documenting your estimated payment process. With the ability to run scenarios among different datasets and view the results in real time, you know the impact of the entries—all within a few minutes.

With ONESOURCE, you can:
  • Automate the estimated payment process
  • Gain transparency with drill-down, report linking, and user-defined hierarchies
  • Utilize configurable journal entries for all jurisdictional levels and any ERP system
  • Access extensive review and formatting options for addressing stakeholders’ queries
Reflect

Analysis & Planning

The Challenge

In order to determine best practices and plan strategically, corporate tax departments need the ability to analyze results effectively and benchmark against companies in their peer group. This capability has not existed—until now.

The Solution

ONESOURCE offers a comprehensive set of analytics tools designed to help tax professionals gather insight from their data and develop a tax strategy for their company. By building visualizations using provision data, you can easily facilitate multi-period comparisons and trend analyses, while dashboards monitor key performance indicators of your tax accounting processes. And with secure benchmarking, you can compare your company results to those within your peer group.

With ONESOURCE, you can:
  • Create user-defined analytics
  • Benchmark against peers
  • Analyze trends
  • Implement best practices

What does your vine to wine journey look like?

The Direct Income Tax Suite

From data management to analytics, only Thomson Reuters ONESOURCE has a comprehensive offering for every step of your direct income tax processes.

Data Management

As the foundation of a thriving tax department, ONESOURCE provides effective data management that saves time, eliminates the hassle of manual processes and reduces the risk of error. Through data digitization, tracking capabilities and seamless integration, a more simplified and synergized direct tax process emerges.

  • Manage tax data and processes globally
  • Collaborate across teams with anytime, anywhere access
  • Customize to meet your needs

Income Tax

Imagine filing your corporate tax return an entire month early. Several ONESOURCE users are doing just that by leveraging finalized provision data, dynamic workpapers, and the most widely used corporate income tax compliance functionality on the market to file returns faster and more accurately.

  • File returns faster
  • Maximize efficiency
  • Increase accuracy

Provision

Get the confidence that comes with delivering tax provisions quickly and precisely. ONESOURCE securely gathers and collects data regardless of source and allows you to extract and move it to your income tax or tax provision workpapers seamlessly, resulting in an accurate and reliable tax provision that is iron-clad upon audit.

  • Compute accurate tax accruals
  • Collect information seamlessly
  • Forecast and plan for the future

Analytics

Get a competitive edge you didn’t know you could. From provision visualizations to key performance indicator dashboards, ONESOURCE provides powerful analytics to validate your results, determine best practices and benchmark against your peers.

  • Create user-defined analytics
  • Securely benchmark against peers
  • Analyze trends

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