When Your Data Comes in From Around the World, Is Everyone Speaking the Same Language?
Your cost, time waste, and errors increase when tax data is entered at every stage. With Data Management from ONESOURCE, your data is streamlined from the moment it’s entered in the system, whether it comes in from your subsidiaries in Brussels, Beijing or Boston. The name says it all. ONESOURCE. One solution.
A Simplified Approach to Complex Taxes
In a data-driven world, success belongs not to those who can gather and store the most facts and figures, but to those who can manage their data while making it the most useful to the most people in your organization.
Nowhere is this more important than global tax accounting. Consider how the process usually works—or doesn’t. Finance professionals in subsidiaries all over the world manually enter their own tax data onto their own stand-alone spreadsheets and forward them to headquarters, where the tax accounting staff faces the monumental task of gathering, sorting, re-keying and manually harmonizing all those mountains of numbers into a uniform, presentable form. It’s more than just time-consuming and expensive. Every time a different person or department handles the numbers, the risk of serious errors rises.
There’s no question that diversity is the spice of life. But what if your pilots spoke one language and air traffic controllers another? In some cases, uniformity is a lifesaver. The same holds true with your global taxes. Collecting data is just the first step. You also need to be able to utilize it for multiple purposes. What good does the data do if it can’t shed light on your analysis and planning processes?
Think of our Data Management solution as an international translator, making sure everyone communicates in the same format. For example, ONESOURCE DataFlow ensures that the information you receive from subsidiaries is uniform and fits seamlessly into your overall data stream. You have the authority to track information automatically, so you know who is submitting what information and when. And, once it’s in your system, automatic harmonization ensures nobody needs to re-enter.
Once it’s part of ONESOURCE, all data is fully compatible with other ONESOURCE applications, depending where you are in the tax lifecycle, including ONESOURCE Income Tax, ONESOURCE Tax Provision, and ONESOURCE State Apportionment. Other tax data management systems address compliance only in pieces, leaving you to finish the puzzle manually. Only Data Management from ONESOURCE gives you the whole picture, from end-to-end.