Tax & Accounting Blog

Are Estimated Payments Taking Time Away from your Tax Department?

Compliance, Estimated Payments, ONESOURCE, State Apportionment, Tax Provision, US Income Tax Compliance September 4, 2012

Did you know a typical large corporation spends anywhere from five to ten weeks a year per preparer extracting data from their existing systems and then calculating their estimated payments? Did you also know that now there’s a better way to streamline the preparation of both federal and state estimated payments?

IntroducingEstimated Payments from Thomson Reuters ONESOURCEThis first-of-its-kind integrated functionality was designed to help today’s tax department comply with changing tax laws, avoid unnecessary penalties and focus on more value-added activities and is only available to ONESOURCE customers.

Prior to the Estimated Payments functionality, customers had to review current assumptions and tax laws for accuracy and updates, gather data, enter the data into Excel spreadsheets, calculate estimated payments, and then enter the results of those calculations into state-approved vouchers.

Here are 5 reasons to leverage the advanced-functionality of Estimated Payments:

  1. Excel spreadsheets (the most common method for calculating estimated payments) are error prone and time consuming to maintain.
  2. Estimated Payments automatically transfers data from ONESOURCE Income Tax, ONESOURCE Tax Provision and ONESOURCE State Apportionment to calculate the estimated payments removing the need to duplicate data and allowing you to use your most accurate and up-to-date data with ease.
  3. Estimated Payments is continually being updated for any tax law changes, thereby freeing you from performing the tax law research.
  4. The final payments are transferred into ONESOURCE Income Tax so the payments in your returns will be accurate without you having to lift a finger.
  5. Estimated Payments from Thomson Reuters ONESOURCE allows you to work with your data in an Excel-like format, just as you do today. It has extreme flexibility with regard to how you view your data, yet it has controls to ensure accurate payments.

Now for the fun part With all the time your tax department saves by using Estimated Payments, you can start those value-added projects you have on the back burner. Or, if you so chose, you can simply throw a party and enjoy your free time.

Tell us… how would you spend the extra time that the estimated payments functionality would allow you to have? Tweet #estpayments …