Get a window into your business with ONESOURCE
Depending on your industry, organizational structure, and market you operate in, your company has to set up and monitor all types of transactions to make sure your business thrives and complies with all the regulations in place.
Products and services sold to your customers, passing through your supply chain, are impacted by many tax obligations, including:
- Sales and purchase transactions such as: sales & use tax, VAT, and GST
- Intracompany transactions and transfer pricing policies
- Cross-border transactions impact on duties, free trade agreements and more
Given the expertise needed to handle these very specific parts of your business and obligations, the tax, trade, and supply chain departments are often organized in silos, with separate people, processes, and supporting systems. Coordinating the information flow across these multiple groups and systems to get the answers you need is no easy task.
Without clear data, you may feel as though you’re running after your business, rather than running it efficiently.
Moreover, there is a massive amount of change in today’s business landscape — market and political changes, new rules and regulations, company structural changes, and more. All these external or internal critical business events raise questions and potential options that need to be thoroughly analyzed before any important decision is made.
Companies want a global visibility with a clear window into their business. They want their tax and trade teams to share with them, in a timely manner, accurate and granular information to make the right business decisions. They want the answer to the question: where do we go next?
Moving your tax and trade teams from Tactical to Strategic
Tactical: Managing your tax and trade processes and compliance
Each department – global trade, indirect tax, and transfer pricing – has its own compliance obligations to keep up with, its own regulation changes to monitor, and its own reports to compile. If not outsourced, staff often spends time gathering data from multiple sources and doing manual work to prepare compliance documentation. Doing so prevents your teams from focusing on high-value analysis and planning for your business.
In a recent survey of senior in-house decision-makers within corporate tax departments (published by Thomson Reuters / Acritas), over half of the respondents rated their departments as operating in Chaotic & Reactive modes of working, rather than Optimized & Predictive.
Strategic: Leveraging information to helping your business making the right critical decisions
C-Levels need accurate information faster than ever before to react and grow their businesses. Bringing all these processes and their relevant data together can give you a real window into your business to answer questions such as:
- What is the impact of new regulatory changes on the tax that we are charging?
- What happens if we store our inventory in country A instead of country B?
- What happens if we acquire a new company? Or enter a new market?
- How do I grow my company in a risk controlled and tax efficient way?
By embracing a tax transformational outlook, your business can:
- Automate non value-added tasks (data gathering, research…) to spend more time analyzing and planning.
- Focus your partners’ time on your strategy and new regulations or business models impacts.
- Provide leadership with the big picture of your business, not just as it is today but as it could be tomorrow.
It allows your company to move from operating at a tactical level…to a strategic one.
ONESOURCE: A Window into Your Business
With the power of ONESOURCE, you can conduct compliance activities faster than ever before, and shift from manual, repetitive tasks to higher value-add activities. We’re dedicated to being your trusted partner for all your tax and trade needs, so that you can make future-focused, data-driven decisions from our ONESOURCE platform.
Our global trade, indirect tax, and transfer pricing solutions are industry-leading, powerful tools which, combined with the power of our revolutionary partnership with Alteryx, can help your company move along that Chaotic to Predictive continuum.
Each of our solutions can help bring your departments to the next level. When combining the three together and adding in Alteryx’s ability to get the data you need and transform it into customized reports and analytics, you’ll move even faster and more efficiently than ever before. By building connections and specific reports to leverage data across your trade, indirect tax, and transfer pricing transactions, we give you more efficiency, consistency, and business insight.
What does all this mean for you?
- You can rely on one solution provider with global expertise rather than searching out niche players cover one area of the transaction lifecycle.
- You have a partner dedicated to getting your data directly to your fingertips, so you get the answers you need to plan for tomorrow, fast.
- Your team can focus less on reacting to change and more on predicting the next change to come.
Our ONESOURCE solutions can be connected to the vast majority of our customers’ operational systems to globally help you comply with the rules and regulations across your tax and trade processes. With the combined power of ONESOURCE reporting solutions and Alteryx, you get the data you need to make important business decisions quickly and reports and dashboards tailored to your company’s unique needs, allowing you to become a strategic partner in your business.
It’s time to open your tax and trade window to your business with ONESOURCE.
Streamline data and automate processes across your department with Thomson Reuters ONESOURCE — the industry's most powerful portfolio of tax and accounting technology for corporations.