Tax Provision The most complete way to calculate the tax provision

Tax Provision

Cut days off the financial close

Accuracy and speed are the primary objectives for the tax department during the financial close. To be able to achieve those objectives you must be able to collect the right information, compute accurate tax accruals, and produce reports and workpapers that support the amounts that were booked — all on a tight deadline. With Thomson Reuters ONESOURCE Tax Provision software, you can be confident that you are using the industry-standard technology to deliver the tax provision quickly and precisely.

Collecting data for the tax provision

Data may come from systems like a general ledger or from individuals in the field, and it may be constantly changing. The advanced capabilities in ONESOURCE quickly collect & consolidate data in a controlled and auditable environment so that you have the data required for your tax provision readily available.

Tax provision software enables business intelligence

Let our patented tax calculation engine assist with your tax provision computation while also ensuring that changes in statutory rate, apportionment, and currency are all being taken into account. The elements of the complex computations can easily be expanded by their dimensions, enabling tax departments to effortlessly drill into data. Add value to your tax department all year, as data from ONESOURCE Tax Provision seamlessly flows to other processes in the ONESOURCE software such as the income tax returns, estimated payments, and state planning.

Flexible reporting of your tax provision

Tax results must be reported in multiple formats to satisfy the different ways the information is utilized. With ONESOURCE, reports accommodate for the wide range of requests you receive around your provision for income taxes. Whether it is an internal or external auditor or management, various capabilities to group, combine, expand and contract the information — as well as the option to save those choices for later – will allow tax professionals to deliver data to all stakeholders with a click of the button.

Winning with ONESOURCE

Producing better reports for year-end

Winning with ONESOURCE

Speeding up the provision by two weeks

Winning with ONESOURCE

Finishing the provision 30 percent faster

Customer Insights

One of the great benefits of the ONESOURCE Tax Provision product is the ability to have different datasets, run the scenarios, and have the results in real time. You know the exact results of the entries you’re making. Everything from the actual tax provision, to the effective tax rates, to the journal entries within a few minutes.

Balfour Beatty

Contact Sales

“ONESOURCE Tax Provision has improved the tax provision process quite a bit. By being able to automate the imports and reduce the data entry time, we’ve seen significant efficiencies. What used to take the full 10 days typically only takes about 7 or 8 days now.”Fluor Corporation
Customer perspectives on year end tax provision webcast - learn more
Going Further with ONESOURCE WorkFlow Manager-Featuring Dominion Resources