Thomson Reuters is releasing ONESOURCE Operational Transfer Pricing, transforming the approach to transfer pricing for companies globally. With the searing focus that transfer pricing is being paid by governments and the media, companies need to approach transfer pricing in their organizations in a new way, or they will be faced with increased risk and continued volatility in their effective tax rates. This software is a revolutionary; it facilitates the proactive review of the results of transfer pricing transactions on a monthly basis without wasting time manually extracting data and populating spreadsheets. Few companies globally have the manpower, single source, or resources to do this on a monthly basis without the right technology solution.
To get a sense of the transformative nature of this new software, we put together the top 5 reasons why you need to consider ONESOURCE Operational Transfer Pricing for your company:
5. Automation of a process results in a transition from the mundane tasks to analytical, higher value activities such as planning, review, as well as reducing risks associated with manual processes and key man dependencies.
4. Visibility into the data that goes into transfer pricing calculations, whether tangible goods or headquarter calculations; one system or 160. Centralization of data and standardization of processes across the globe can help to provide improvement and stability to intercompany profits, and the ability to positively impact financial results
3. Precision in the implementation of transfer pricing strategy ensures that all direct and indirect costs are included to ensure the accuracy of the transfer pricing calculation.
2. Proactive review of intercompany results compared to transfer pricing strategy allows for confidence in the accuracy of the financial results.
1. Companies have significantly increased risks because current processes don’t provide organizations the level of transparency into the transfer pricing process and calculations.
This is an exciting time within the ONESOURCE Transfer Pricing business; when a company sees this technology they almost get giddy when they appreciate how this new technology can completely change their organization.