Tax & Accounting Blog

Tax Document Processing: It’s your bottom line – control it!

ONESOURCE, ONESOURCE Property Tax, Software March 15, 2012

 

How do corporate tax departments and service providers evaluate solutions for processing tens of thousands of assessments and tax bills each year?  Two factors are cited as the most important by most tax leaders:  Cost and Accuracy.

Teams that process hundreds or even thousands of documents per day are continuously seeking the best solution to meet both these goals.  Collaborating with some of the largest volume processors, Thomson Reuters is launching a new workflow built around document process.  This new workflow includes:

  • Scanning documents from any location into a central task queue.
  • Routing documents automatically to the appropriate team to identify the documents and enter data into the system.
  • Validate the data input, regardless of the input method, against prior year data, jurisdiction information, and company standards.

Each module is built to support the future integration of evolving technologies into any or all steps in the process.  As OCR matures and accuracy improves to the point it is viable, OCR can be integrated yet still take advantage of the validation process.  The same is true for importing electronic files from tax jurisdictions.

Whether in house or co-sourced, when examining labor, software, and equipment costs, this new process promises the lowest cost with the strongest controls in the industry.