Accuracy and speed are the primary objectives for the tax department during the financial close. To be able to achieve those objectives you must be able to collect the right information, compute accurate tax accruals, and produce reports and workpapers that support the amounts that were booked — all on a tight deadline. With Thomson Reuters ONESOURCE Tax Provision software, you can be confident that you are using the industry-standard technology to deliver the global tax provision quickly and precisely.
Collecting data for global income tax provision
Data may come from systems like a general ledger or from individuals in the field, and it may be constantly changing. The advanced capabilities in ONESOURCE quickly collect & consolidate data in a controlled and auditable environment so that you have the data required for your global tax provision readily available.
Global tax provision software enables business intelligence
Let our patented tax calculation engine assist with your global tax provision computation while also ensuring that changes in tax rate and currency are all being taken into account. The elements of the complex computations can easily be expanded by their dimensions, enabling tax departments to effortlessly drill into data. Add value to your tax department all year, as data from ONESOURCE Tax Provision flows to and from other processes in the ONESOURCE software such as the corporate tax return, workflow manager, and spreadsheet.
Flexible reporting of your provision for income tax
Tax results must be reported in multiple formats to satisfy the different ways the information is utilised. With ONESOURCE, reports accommodate for the wide range of requests you receive around your provision for income taxes. Whether it is an internal or external auditor or management, various capabilities to group, combine, expand / contract the information and produce journal entries — as well as the option to save those choices for later – will allow tax professionals to deliver data to all stakeholders with a click of the button.
ONESOURCE Tax Provision delivered greater visibility into the effective tax rate, deferred balances, and effects of currency translation and changes in tax rates, which is exactly what we needed for our international business. – PAUL JACKSON
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