Help your business optimize and centralize tax functions while adopting cloud solutions.
How far can tax transformation take you? For most businesses, the need is clear: tax modernization efforts must accelerate. Rapidly evolving economic and political events, increasingly aggressive regulators, and rising compliance requirements are straining legacy tax systems and the teams that manage them.
Moving to the cloud is an important yet insufficient first step. Businesses still need to streamline, consolidate, and centralize their toolsets further. That’s why the Thomson Reuters ONESOURCE platform is so powerful: it helps busy corporate tax professionals accomplish much more with less.
Part 1: The time is now for cloud migration and tax transformation
Part 2: Navigating challenges in tax integration during ERP cloud migration
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| Cloud modernization has brought many changes |
| The next big shift is simplifying your tax technology stack |
| How complicated is your tax tech stack? |
| ONESOURCE: One cloud platform with many benefits |
| The next step in tax transformation |
Cloud modernization has brought many changes
Building in the cloud simplifies operations by replacing complex and costly legacy systems, enabling businesses to move with greater speed and flexibility. This shift allows experts to spend less time managing infrastructure and more time focusing on increasing the strategic role of technology within the organization.
Even after two decades, most enterprise clouds are still a work in progress. Challenges persist, whether it’s choosing between public or private options, modernizing mission-critical legacy systems, or addressing compliance and security concerns. Cloud modernization is an ongoing process, and the complexities do not stop there.
The next big shift is simplifying your tax technology stack
While the cloud was meant to simplify business and IT, the surge in SaaS applications has made that more difficult. The ease of selecting and deploying solutions can be a double-edged sword, offering quick fixes that hinder long-term strategic planning.
The rapid accumulation of point solutions can lead to the same problems that made cloud transformation necessary in the first place. Despite market innovations, 49% of respondents in our 2024 survey feel unprepared to make meaningful investments in tax modernization.
Despite advanced cloud technology, many departments are wrestling with the complexity of their SaaS tax stack. From direct and indirect determination to connected workflows and global reporting, teams are now working inside a single ERP instance while still stretching across disparate tax solutions. This fragmentation can hinder the very efficiency that cloud solutions aim to achieve, emphasizing the necessity for a more integrated approach.
Streamline indirect tax compliance by leveraging integrated technology
Overcomes compliance challenges while enhancing efficiency
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How complicated is your tax tech stack?
Working across multiple solutions can deliver many big, basic benefits of transformation inside the enterprise, making tax and finance teams more productive. But even with those gains, persistent software and SaaS complexity mean that:
- Users and IT staff are constantly learning new applications and platforms.
- Important tax processes must be mapped to disparate, sometimes disconnected tax systems. This includes compliance and risk controls.
- Even with technical integrations in place, tax and finance experts dedicate significant time to ensuring data flows between workflows are correct and complete.
- Embracing new technologies like AI becomes more difficult as vendors, rather than businesses, take control of the critical innovation roadmap.
This is why moving towards a unified solution is imperative. Businesses can bring state-of-the-art automation and advanced intelligence into more tax workflows while managing a single ERP cloud integration—a huge win for both business and IT.
ONESOURCE: One cloud platform with many benefits
From the detailed management of indirect tax across global jurisdictions to accelerating time to achieve big-picture strategic clarity, Thomson Reuters ONESOURCE gives tax and finance departments everything they need to bring the scale and capabilities of an ERP to the intricate tasks of corporate tax.
ONESOURCE has been built by tax experts for tax experts, equipping teams to tackle today’s tax requirements while preparing for future demands. Designed for more effective integration with your cloud ERP, it transforms your business from inconsistent tax digitalization to a steady pace of modernization.
Multiplied expertise and effectiveness
A unified cross-tax platform, integrated with a cloud ERP, dramatically increases the reach of automation. This integration reduces challenging manual processes, increasing work quality while completing tasks in a shorter timeframe with less retraining. As questions and answers move between teams, everyone works within the same platform.
This consistency and predictability empower teams to confidently tackle more difficult tax transformation goals. ONESOURCE customers consistently achieve more work in less time and at a lower cost.
One excellent engine, one unified view
Whether it’s complex analysis or robust, real-time determination, your tax technology must be built around a high-quality tax engine. By integrating with multiple applications, you can gather and generate answers across various workflows seamlessly. The ONESOURCE determination engine gives teams robust coverage and unmatched accuracy across all tax workflows.
ONESOURCE answers boost confidence and drive greater visibility across the business, giving stakeholders that single source of tax truth everyone seeks. The ability to delve deeper and trust your findings is a game-changer.
Strong global scalability
Whether you’re rapidly expanding in one location or overseeing a global enterprise, you need a tax platform designed to help you navigate the intricacies of global tax, from transactional taxes to transfer pricing. ONESOURCE provides comprehensive, worldwide coverage across its entire suite.
On the infrastructure side, ONESOURCE ensures tax teams can keep pace with rapid growth. Instead of helping multiple applications grow and adapt, businesses obtain a single consolidated path and platform.
The next step in tax transformation
No matter where your business sits on its tax transformation journey, the next step is always important. Moving from manual to digital tax tools, then migrating to the cloud, has already elevated the value tax and finance teams bring to the business.
The next phase, centered on integration and consolidation, is critical to unlocking even greater value. Use our guide, The dual opportunity, to help transform your tax operations while migrating ERP systems to the cloud.
The dual opportunity
How to transform tax operations while migrating ERP systems
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