Our polls revealed there are significant amounts of data and it’s difficult to reconcile it all efficiently. With more of a focus on standardization and automation, corporate tax leaders are tuning in to learn how data management can be improved. Andrew Bazil, Product Specialist for ONESOURCE, was joined by 200+ tax professionals this month to focus on the biggest data management issues and strategies for addressing them.
Q: Why is this a relevant topic right now?
In one poll of 229 tax professionals, 31% said reconciliation and 26% said volume was their biggest challenge. So, managing all of this information, having visibility back to the source data and being able to track all modifications are really important. We’ve seen companies like Dupont and Monsanto face challenges such as scattered and siloed data in the past. They’ve been able to better manage their data already in the system using sophisticated software like ONESOURCE. My goal of the discussion was to explain there is a proven method to tackle these problems.
Q: What was an interesting question you received during your discussion?
One attendee asked How they could use ONESOURCE for tax forecasting and other more robust analysis. Honestly, I wish I heard this question more. One of our goals is to help tax departments bring more value to the organization and forecasting and analysis is the most effective way to do so. Using ONESOURCE Tax Provision, especially coupled with the reporting capabilities of Active Workpapers and/or ONESOURCE Data Query can lead to a variety of analytics. Datasets within ONESOURCE Tax Provision can be rolled into the future to do planning or copied for all kinds of analysis. There is also a tool designed specifically for tax planning within the ONESOURCE suite that is powered by Orbitax.
Q: What was the most popular recent feature you introduced?
I’m not surprised that according to our poll of 229 respondents, 51% said it was the Excel Add-in. It’s a personal favorite of mine, as it not only streamlines incoming data but modernizes the interface. The Excel Add-In is a more intuitive and easy-to-learn interface. Most importantly, I think the Excel Add-In is more audit-friendly than the previous methods of getting data from Microsoft Excel to ONESOURCE Tax Provision.
Q: What’s next on the horizon for provision and data management at Thomson Reuters?
We break up data management into three parts: Collect; Process and Report. So I think that reporting is the next key chapter. As I mentioned earlier, with tax departments striving to bring more value to the table, better reporting is essential and ONESOURCE Data Query tool is key. I’m just really proud of what’s possible now and excited to show everyone what we have coming out later.
Q: What do you like most about these experiences with clients?
It’s definitely getting questions from clients and comments on how ONESOURCE is being developed. That feedback gives us new ways of looking at our solutions and what they do. I love learning more about what our clients are doing and how they are using ONESOURCE in ways we may not have considered. So to anyone reading this, please send feed back to me directly or to you representative and we’ll continue to do our best to incorporate it into future releases.