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.

COLLECT

Step into your tax lifecycle
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Accounting for every step of the Corporate Compliance cycle.

Explore how ONESOURCE™ partners with you throughout every step.
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Prepare

Standardise & Streamline

The Challenge

From increased globalisation, an ever-changing regulatory environment, amplified transparency and tighter deadlines, today’s tax and finance department faces numerous challenges that demand standardised processes and streamlined data.

The Solution

ONESOURCE is the web-based tool to help you simplify your complex processes to create efficiencies. Manage tight deadlines through task determination and automation features, as well as complete calendar management, allowing you to prioritise tasks, automate manual efforts, monitor projects, and track due dates. ONESOURCE’s flexible modules allow you to automate data collection from a variety of sources so you spend less time manipulating data and more time adding value to reporting.

With ONESOURCE, you can:
  • Obtain control and visibility over compliance processes
  • Automate the collection and dissemination of reports
  • Collaborate across and within teams

From Cloud Consumer to Cloud Corporate User: The Business Impact of Cloud Applications and Software

The shift by corporations and professional firms towards software as a service and cloud applications enables users and reviewers to drive efficiencies through access of real time data and collapsing of manual tasks. ONESOURCE is the catalyst to drive process transformation using technology. A recent survey conducted by Thomson Reuters indicated that 40% of Tax and Accounting professionals currently don’t use any cloud-based solutions or applications but 50% of the same respondents believe they will be reliant on cloud based solutions in the next three years.

Collect

Optimisation, Organisation and Data Management

The Challenge

Many tax and finance teams can spend up to 80% of their time collecting and manually inputting data, leaving the remainder of the time to review and critique it. The imbalance and inefficiency is largely driven by ‘rusted on’ process and archaic systems.

The Solution

ONESOURCE integrates with your systems to securely gather, validate and collect data regardless of the source, automating the population of data in tax calculations and reports. It delivers harmonised and consolidated trial balance data for all tax processes and keeps it up to date, even as book numbers continue to change, removing the need for manual updates and delivering proven efficiencies.

With ONESOURCE, you can:
  • Gather and integrate data regardless of data source
  • Automate and integrate trial balance data
  • Manage and store workpapers securely

Are your direct tax processes in their best shape?

Shrink the hours you spend on manual tasks and transform your tax department into its best shape. ONESOURCE not only brings Tax to the table but elevates its status as a strategic partner.

Utilise

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 tax calculations, within ever-shrinking windows of time.

The Solution

ONESOURCE provides a comprehensive, configurable set of web-based calculation tools which integrate with your source systems, allowing you to complete all steps of the corporate tax compliance cycle with accuracy and efficiency. ONESOURCE covers all steps of the compliance cycle, from statutory reporting and tax provisioning to tax returns – FBT, Company Tax and BAS.

With ONESOURCE, you can:
  • Produce an accurate and defendable tax provision
  • Share data between your income tax return and tax provision
  • Satisfy reporting obligations with speed and ease
  • Electronically lodge tax returns with the ATO

Tax Technology partnership drives increased efficiency across Cochlears direct tax processes

Utilising ONESOURCE software solutions has enabled Cochlear to manage their direct tax processes more efficiently, watch the full story below.

Deliver

Accurate Results

The Challenge

The typical year end close and report out for tax and finance departments is time-consuming and stressful due to manual inputs, collection of data from multiple sources, searching for legislative updates and, of course, dealing with unforgiving deadlines.

The Solution

With ONESOURCE, you can accurately calculate 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 ‘what if’ scenarios based on different data and view the results in real time, you quickly know the impact of the entries.

With ONESOURCE, you can:
  • Automate the estimated payment process
  • Gain transparency with drill-down, report linking, and user-defined group structures
  • Access extensive review and formatting options for addressing stakeholders’ queries

The complexities of Australia’s tax system

directTaxinfographic

Think about your ideal year-end close and report out. How does it compare to your reality?

Typically year-end is time-consuming and stressful for tax and finance departments due to multiple factors. Our latest infographic explores some of the common year-end themes for tax managers as well as highlights the statistics surrounding the cost of compliance for businesses.

Reflect

Analysis & Planning

The Challenge

The complexity of the tax function continues to evolve beyond manual and time-consuming processes. Technology has become essential in managing the tax function with the increased complexity of tax, escalating level of risk, electronic audit trial requirements, and the need for accurate tax results quickly.

The Solution

ONESOURCE provides the right technology to catapult your organisation to the next level of cost reduction, automation, and operational efficiency. Data analytics goes beyond being a buzz term to a reality with the reporting capabilities driven out of the ONESOURCE Corporate Compliance suite.

With ONESOURCE, you can:
  • Create user-defined reporting and analytics
  • Analyse trends
  • View heat maps of workflow tasks
  • Implement best practices

Essentials to Building a Winning Business Case for Tax Technology

Are you thinking about automating your tax processes but need to convince a results-oriented, cost-conscious management team to invest in the technology?

The right technology for tax has the ability to catapult an organisation to the next level of operational efficiency.

Read how you can build a winning business case for tax technology in your organisation.

What does your vine to wine journey look like?

The Corporate Compliance Process

Thomson Reuters ONESOURCE is a comprehensive offering for every step of your corporate compliance process.

As the foundation of a thriving tax department, the ONESOURCE Corporate Compliance suite provides effective data management and reporting solutions proven to save time, eliminate the hassle of manual process and reduce the risk of error. Delivering a configurable set of solutions that digitises your data, tracks workflows and seamlessly integrates to create a more simplified and synergised corporate compliance process.


Statutory Reporting


Begin the reporting journey with ONESOURCE Accounts Production – a market leading solution which allows financial reporting teams to prepare statutory accounts based on standard Big 4 content which can be configured for your specific reporting disclosures.


  • Easily configure standard reports
  • Automate data population from external sources
  • Provide a transparent audit trail for review purposes

Tax Provision


Get the confidence that comes with delivering tax provisions quickly and precisely. ONESOURCE Tax Provision 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

Corporate Tax


Imagine lodging your corporate tax return an entire month early. Several ONESOURCE users are leveraging finalised provision data, dynamic workpapers, and configurable and powerful tax calculation functionality to complete returns faster and more accurately.


  • Complete and returns faster
  • Reduce errors and maximise efficiency
  • Automate manual tasks
  • Lodge tax returns electronically with the ATO

Process Management


Wrap a single solution around your Corporate Compliance Process. ONESOURCE Workflow Manager provides you with real-time visibility into your project status, resourcing and compliance deadlines, enabling better strategic decisions and reduced risk. This solution provides intelligent task automation through a powerful workflow engine.

  • Automate due date Monitoring and Tracking
  • Control your data collection efforts more efficiently
  • Wrap one single workflow around your Compliance process

Get In Touch Today


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