Did you know that in a recent poll of 230+ corporate tax professionals, 31% said thier biggest challenge around estimated payments was that they are way too dependent on error-prone Excel spreadsheets?
Coming in as the second biggest challenge – with 29% response rate, was that process was too time-consuming. As we announced last month in our post Are Estimated Payments Taking Time Away from your Tax Department?, we’re excited to introduce new functionality to save businesses time, while increasing accuracy of filings around the estimated payments process.
“A typical large corporation spends five to ten weeks a year per preparer extracting data from their systems and calculating estimated payments,” said Joe Harpaz, managing director of the corporate division within the Tax & Accounting business of Thomson Reuters.
“Much of the data required to calculate estimated payments already resides in ONESOURCE, so it made sense for us to streamline this necessary but labor-intensive task. The addition of estimated payments functionality is one of the many ways we are helping ONESOURCE customers better comply with changing tax laws, avoid unnecessary penalties, and experience a more accurate, efficient tax compliance process.”