ONESOURCE Direct Tax
Remarkable SimplicityFrom data management to analytics, only Thomson Reuters ONESOURCE has a comprehensive offering for every step of your direct tax processes.
Intelligent solutions for every challenge through the tax cycle
Explore how ONESOURCE partners with you throughout every step of your direct tax process
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The Challenge
Tax Data Collection: Tax teams spend 80% of their time collecting, cleansing and inputting data, and only 20% on review. This time-sink is a consequence of poor quality source data, as well as the need to consolidate and manage myriad data sources and workpapers.
The Solution
With ONESOURCE Data Flow, you can:
- Gather, centralise and manipulate data regardless of source
- Reuse and repurpose data throughout the entire tax cycle
- Manage and store workpapers securely
- Automate tax sensitised trial balance data
The Challenge
Tax Data Transformation: Organisation and regulatory pressures require tax departments to produce accurate, timely and defendable tax provisions, as well as comprehensive corporate tax computations and returns, within ever-shrinking windows of time.
The Solution
With ONESOURCE Direct Tax, you can:
- Standardise the tax provision process
- Achieve tangible efficiencies through intelligent automation — of tax sensitisation, consolidation, journal entries and Under/Over true-ups
- Minimise risk through seamless integration with local tax compliance and reporting.
The Challenge
Tax Compliance and Reporting: Accurate tax disclosures depend on finalised statutory accounts before the corporate tax computations and returns can progress, which is a significant time sink in the tax calendar — time which could be better spent on value add activities.
The Solution
With ONESOURCE Direct Tax, you can:
- Accelerate tax return preparation through harnessing tax provisioning trial balance data.
- Spend more time on tax analysis and less time on data verification and disclosure matching.
- Eliminate pitfalls associated with incomplete local tax disclosures, with pre-built templates and validated forms.
- Justifiy tax positions with confidence through detailed audit trails
The Challenge
Analysis and Insight: In order to determine best practices and plan strategically, corporate tax departments need the ability to agilely disaggregate and analyse historical performance to unearth tax-cost drivers — the reserve of finance teams traditionally.
The Solution
With ONESOURCE Direct Tax, you can:
- Maximise transparency and assurance over global tax positions, swiftly and with ease.
- Plan for the future by analysing trends in historical tax data.
ONESOURCE
Data Flow
ONESOURCE
Direct Tax Engine