10 reasons why ONESOURCE should be in your tech stack

Thomson Reuters ONESOURCE indirect tax engine reduces IT's burden by offering state-of-the-art connectivity, ease of use, and performance — powered by advanced artificial intelligence (Al).

In a world where indirect tax (IDT) compliance grows more complex every day and the risks of non-compliance are more punishing than ever, it makes sense to automate as many aspects of the IDT tax process as possible. Automation ensures speed and accuracy, minimizes the risks inherent in manual processes, and allows both IT personnel and tax teams to keep up with ever-changing tax rules and regulations.

When IT managers select and implement an indirect tax software solution for their corporate tax teams, there are several critical considerations. Thomson Reuters ONESOURCE is a state-of-the-art tax platform that offers a variety of beneficial features, including quick ERP integration, ease of use, cloud hosting, data security, world-class customer service, improved tax compliance, and more.

1. Ease of connectivity into your transactional systems

The average systems landscape of a company contains 20 to 25 software modules that support the management and execution of various corporate functions. These might include inventory, supply-chain management, customer relations, human resources, accounting, and others. Part of the IT department's job is to integrate and align these disparate modules to create a smooth-running technical ecosystem — one that propels the enterprise forward in the most efficient manner possible.

Modules that do not integrate well represent grit in the system; points of friction that slow the whole enterprise down. More to the point, modules that don't integrate well with others require IT departments to develop various bridges and workarounds. These are band-aid fixes at best, but they still take time. Any slowdowns or glitches are inevitably blamed on IT staff, who are usually working with less-than-ideal resources and technology.

To alleviate these problems, ONESOURCE tax software was engineered from the ground up to integrate with most major systems (such as the ones provided by Oracle, SAP, Microsoft®, Workday, Coupa, Salesforce, Adobe Commerce, and Sage), and to integrate equally well with other tax and finance systems in the firm's tech stack.

ONESOURCE is an out-of-the-box solution designed with data migration and system integration in mind. Indeed, ONESOURCE Indirect Tax integrations have been tested by SAP to meet the company's own coding and performance guidelines, which can be observed by the certifications granted by SAP on them.

For example, integrating the ONESOURCE Indirect Tax suite with SAP is relatively easy because the solution needs to be specifically engineered to fit SAP's structure and logic. A powerful and intuitive user interface allows tax professionals to configure indirect tax calculations in both the tax engine and SAP framework, which means they can manage their entire transactional tax environment with minimal custom programming or IT involvement.

In addition, ONESOURCE's cloud-based architecture utilizes artificial intelligence to diagnose and heal itself, virtually eliminating downtime for troubleshooting. ONESOURCE also scales automatically to match workflows and can expand its capabilities to meet the needs of almost any organization, regardless of its size or complexity.

2. Ease of use and low maintenance (initial and ongoing)

IT managers are understandably cautious about introducing software that is difficult to learn and maintain, which is why ONESOURCE's implementation and management were designed to be as stress-free as possible.

Before going live, new customers are guided through the software transition period to ensure that all stakeholders are prepared. After that, dedicated support teams are available 24/7 to quickly resolve any issues that might arise.

Once ONESOURCE is set up, most of its functions operate automatically and are supported off-site, so no constant monitoring by IT staff is required.

For instance, ONESOURCE tax modules include a content engine that powers a continuously updated library of tax laws, rules, and rates for 200 different countries and territories. Every company's tax profile is different, so tax tables are configured during installation to fit each customer's unique tax footprint. Because ONESOURCE's indirect tax library is monitored and maintained by a team of Thomson Reuters tax experts, configuration only needs to happen one time. In addition, any changes to applicable tax regulations are automatically integrated into the company's tax tables to ensure that all taxes are calculated correctly.

Connecting ONESOURCE to a company's broader technical ecosystem also eliminates any hassles involved with getting different modules to communicate with each other. Specialized import/export tools make data transfers easy, and seamless integration with other finance programs makes indirect tax data available to other stakeholders, increasing its utility and value to the larger enterprise. No extra coding from IT is required, which saves time, and off-site technical support reduces the cost of tax system maintenance.

3. Ease of sourcing

In recent years, the market for tax compliance software has expanded to include many small providers that don't have much experience working with larger companies and systems. Large companies and multinationals need vendor partners that have the expertise to integrate and support their products in more complex technological environments.

On the software side, Thomson Reuters can be thought of as a "one-stop shop" that provides a wide array of tax and accounting solutions for corporations and governments. As an example, the ONESOURCE Indirect Tax suite includes modules for Global Trade Management, Tax Provision, Statutory Reporting, Transfer Pricing, and more — covering every area of indirect tax and compliance.

Companies that work with Thomson Reuters not only get a robust catalog of indirect tax software solutions to choose from, but they also get the support and guidance of a company that has extensive experience working with organizations of every size and configuration. This combination of superior software products and deep institutional expertise makes Thomson Reuters an ideal vendor partner, especially for large companies with integration issues that involve multiple technical and logistical challenges.

4. Cloud-based architecture

ONESOURCE tax software is a cloud-based solution that provides many advantages over on-premise systems and eases IT's management burden in many ways.

First, no extra physical hardware is required for installation, and administration and maintenance are provided at data centers managed by Thomson Reuters, not by internal IT staff. Companies simply subscribe to the ONESOURCE platform and the company's selected indirect tax modules are delivered and managed entirely as a Saas solution.

For example, ONESOURCE Global Tax Determination software sits in its networked enterprise-cloud environment and waits for a tax request. When it gets a request, the indirect tax automatically calculates and records it, then sends it back to the requester. Any sale or purchase anywhere in the world can be automated, including invoices with multiple line items involving different rates, rules, and customer policies.

Second, cloud-based systems provide better security at a lower cost. This was not always the case, but faster networks, better infrastructure, and more secure encryption standards dramatically improved cloud security.

Third, moving such functions as indirect tax to the cloud makes sense because an indirect tax engine needs to run 24/7 and be capable of calculating, collecting, and retaining taxes in real time on a transaction-by-transaction basis.

Fourth, cloud-based systems are more reliable and flexible than in-house systems, alleviating pressure on IT staff. With the aforementioned benefits of upgrades without downtime and ONESOURCE's automatic scaling, it is ideally suited to support the ever­ increasing demands of corporate expansion and growth for any organization.

5. A standardized, streamlined solution

For users, ONESOURCE Indirect Tax modules streamline the entire tax process by automating transactional computations, ensuring regulatory compliance, and enabling communication between different software platforms. On the IT side, these capabilities make it possible for users in different departments to share data without the need for IT assistance. ONESOURCE's integration architecture also makes it easier for users to work across legacy software platforms in ways that were previously impossible without IT involvement.

All these capabilities reduce the risk of audits and penalties, and fewer audits mean less IT time spent locating data and back-tracing various accounting processes. Even when IT gets involved, standardized coding and streamlined data processes make it possible to accomplish in minutes tasks that previously took hours.

Better communication between different departments and software programs also results in improved alignment of strategic business priorities within the entire organization. Countless efficiencies and insights can be achieved when data-sharing between departments is possible, and this de-siloing of data unleashes a surprising amount of energy for improving business processes and spurring innovation.

6. Hassle-free indirect tax engine

IT departments are sometimes reluctant to add new software because they suspect that the implementation and upkeep will create more work. ONESOURCE was designed to alleviate these concerns, and its engineering creates as little friction in the system as possible.

As mentioned previously, ONESOURCE is an SAP Endorsed App, a premium "Clean Core" designation that ensures superior compatibility and performance. Endorsed apps undergo rigorous quality checks to guarantee smooth integration and enhanced security, virtually eliminating the risks associated with non-endorsed third-party applications. Furthermore, ONESOURCE's adherence to Clean Core principles minimizes errors, maximizes efficiency, and makes the overall program more reliable and self-sufficient.

For example, once ONESOURCE Global Tax Determination is installed, its tax engine runs automatically in the background 24/7, instantly calculating transactional taxes and feeding data to the appropriate channels. No independent coding is necessary. As discussed earlier, the entire package is a self-contained — self-servicing module that uses artificial intelligence to diagnose and address issues as they arise. That means fewer work tickets for IT coding change requests, less time spent on systemic minutiae, and more time available to address higher-order IT concerns.

Another crucial benefit: IT never has to worry about whether the company's indirect taxes are being calculated correctly because ONESOURCE's tax engine is supported and maintained by a team of tax experts who continuously update indirect tax rules and regulations for 200 different countries and territories.

7. Data mining and risk assessment

To meet their ever-expanding reporting responsibilities, modern tax departments must gather and analyze more data than ever before. Obtaining the necessary indirect tax data can be a challenge, however, especially if it resides in departments or on systems using incompatible software — or worse, on individual hard drives.

For instance, among the benefits of adding ONESOURCE Indirect Tax to a company's tech stack is more organized and accessible data overall. Centralized, cloud-based data storage gives both users and IT staff easier access to financial and tax data, and ONESOURCE's powerful data-mining capabilities make it possible to transform that raw data into actionable business intelligence.

ONESOURCE data analysis tools allow users to query a company's indirect tax data in several different ways: to identify accounting needs, pinpoint tax savings opportunities, run trend analyses, evaluate tax strategies, and more.

These powerful data-mining capabilities also allow organizations of all sizes to develop more comprehensive risk-management protocols, including the use of Next Generation Risk

Assessment (NGRA) tools provide a digital audit trail that IT staff can easily trace if necessary.

8. Improved security

When companies entrust their data to a third-party provider, they must also trust that the data is sufficiently protected from outside intruders. Thomson Reuters takes this responsibility very seriously, which is why the company has built one of the most sophisticated cloud-security systems in the world.

To protect its products and customers, Thomson Reuters uses a 24/7/365 "Follow the Sun" security operations model, which offers global response capabilities to data centers located around the globe.

Thomson Reuters data centers are managed through the company's central Cyber Fusion Center in Richmond, Virginia, which deploys analytics, sensors, software agents, vulnerability scanners, and several next-generation security tools to monitor and protect all the company's assets and operations. All the data in ONESOURCE tax applications is protected by AES 256-bit encryption. Furthermore, a dedicated team of security analysts provides continuous monitoring and analysis of the latest security threats, and expert cyber hunters are employed to help address asymmetric threats.

This level of security takes the burden of external threats to their data from IT staff, allowing them to concentrate on strengthening in-house security protocols.

9. World-class customer service

IT personnel considering ONESOURCE should know that the entire ONESOURCE Indirect Tax suite is supported by a world-class, multi-tiered customer service system.

Thomson Reuters customer service support starts with the training of in-house IT staff during the implementation phase. Properly trained in-house IT personnel can troubleshoot many common issues themselves. If a problem can't be solved in-house, customers also have access to Thomson Reuters web-based knowledge center, as well as Thomson Reuters Customer Support Services, which has teams of expertly trained support representatives available to resolve matters as quickly as possible. Extra levels of support can also be added for customers who want and need a dedicated support representative who fully understands their business and its technological infrastructure.

Thomson Reuters provides a seamless, trouble-free user experience in all its products. But, as all IT professionals know, no technology is perfect. Issues inevitably arise and, when they do, it's important to have systems and personnel in place to address them.

When companies choose Thomson Reuters, they aren't just buying a product. They are engaging a business partner who is fully dedicated to the success of the enterprise.

With ONESOURCE indirect tax software in a company's tech stack, IT personnel can rest assured that support is always available, that the company's indirect taxes are being correctly calculated, and that all their data is safe.

10. The most comprehensive global content coverage

Thomson Reuters cloud-based tax solutions are supported by teams of tax experts and engineers who continuously update tax rules, regulations, and other content from around the world. This industry-leading database of tax knowledge covers over 56,000 jurisdictions in 200 countries, spanning all industries and sectors.

For users, this comprehensive content support is virtually invisible, but it allows both tax professionals and IT personnel to operate with 100% confidence that taxes are being calculated and reported accurately. Whether it's a small regulatory change or an entirely new tax regime, Thomson Reuters updates millions of changes every year to ensure that customer confidence in the company's cloud-based tax solutions never wavers.

What IT managers should know is that Thomson Reuters tax solutions and global coverage help businesses navigate the increasing complexity of national and international taxation by mapping a company's unique compliance landscape into a cloud-based, state-of-the­ art indirect tax determination and documentation engine. From there, the tax engine does the work — eliminating IT headaches and delivering accurate, reliable results every time.

Thomson Reuters®

Thomson Reuters is a leading provider of business information services. Our products include highly specialized information-enabled software and tools for legal, tax, accounting, and compliance professionals combined with the world's most global news service, Reuters. For more information on Thomson Reuters, visit tr.com, and for the latest world news, reuters.com.

Thomson Reuters ONESOURCE

Thomson Reuters ONESOURCE is the industry's leading corporate tax technology platform. ONESOURCE enables global tax compliance and accounting decision-making. In over 180 countries, ONESOURCE helps companies stay in compliance, avoid penalties and audits, save time, and increase efficiency through every step of the tax lifecycle, including corporate income tax, indirect tax, property tax, trust tax, tax information reporting, transfer pricing, data management, and internal processes. For more information, visit tax.tr.com/onesource.