ONESOURCE Operational Transfer Pricing is a ground breaking technology that enables multinational companies to more effectively and efficiently manage transfer pricing data, compliance and reporting in real time and one of the leading automobile manufacturers is experiencing the benefits first-hand.
Developed in response to global industry challenges, ONESOURCE transfer pricing collects, validates and standardizes data from multiple ledgers into a centralized system, providing reporting visibility on demand instead of the traditional yearly process. This allows tax professionals to monitor and proactively respond to transfer pricing results well before their books close, ensuring compliance, maximizing efficiency and minimizing risk.
Elizabeth Blatchford is manager of transfer pricing strategy and analysis at Ford Motor Company, an early adopter of the product. “Our team needed to streamline an extremely labor-intensive transfer pricing process,” she explains. “With ONESOURCE Operational Transfer Pricing, reporting that used to take four months can be done in just a week, allowing us to reallocate our resources to more strategic activities.”
Watch the video to learn more about how ONESOURCE Operational Transfer Pricing is at work at Ford Motor Company: (more…)
It isn’t a song from the 80s, but I realized that I’ve pretty much avoided my usual pop culture references lately, so I figured my opportunity to take part in our recent Onesource User Conference in London was a great opportunity to bring it back. I had been asked earlier this year by Tina Allen who is the public relations manager for Tax & Accounting if I could present a session on mobile technology as well as finish off the day on a panel focused on some of the implications of policy and technology on the tax professional of the future. It was also a great chance for me to get to spend some time as well at dinner with Brian Peccarelli, the president of our Tax & Accounting business.
31 Oct 2012Bob Schukai
I will be the first to admit that I am not an expert at all on tax and accounting issues. In fact, when the panel introduced themselves, they were all standout representatives of this part of the business, including our own Charlotte Rushton. As my fellow panelists introduced themselves and their backgrounds, this was the best I could come up with for myself: “I’m Bob Schukai, and I’m the Global Head of Mobile Technology at Thomson Reuters. And I pay tax!” OK, I’ll admit I’m a little better than that, but I truly was impressed at the many people I met during the day both from within the company as well as partners and customers such as Deloitte and Shell. I do want to tell you about one of the coolest areas that I think we have in our Tax & Accounting group, and it came through an acquisition of a company called Manatron. (more…)
Recently, International Tax Review recognized Thomson Reuters ONESOURCE platform as Americas Tax Innovator of the Year at its seventh annual Americas Awards ceremony in New York.
08 Oct 2012Thomson Reuters
When asked why Thomson Reuters ONESOURCE was singled out for the award, Ralph Cunningham, managing editor of International Tax Review, said: “It is down to the impact ONESOURCE has made as the comprehensive tool in the market to help tax executives control the global tax process. It clearly scores through its ability to gather data on one platform, helping users to analyze quickly and accurately the state of play in a company tax function.”
International Tax Review is a leading news and analysis publication serving the international corporate tax community. The Americas Awards ceremony is one of two awards presentations that International Tax Review organizes annually.
Did you know that in a recent poll of 230+ corporate tax professionals, 31% said thier biggest challenge around estimated payments was that they are way too dependent on error-prone Excel spreadsheets?
24 Sep 2012Thomson Reuters
Coming in as the second biggest challenge – with 29% response rate, was that process was too time-consuming. As we announced last month in our post Are Estimated Payments Taking Time Away from your Tax Department?, we’re excited to introduce new functionality to save businesses time, while increasing accuracy of filings around the estimated payments process.
“A typical large corporation spends five to ten weeks a year per preparer extracting data from their systems and calculating estimated payments,” said Joe Harpaz, managing director of the corporate division within the Tax & Accounting business of Thomson Reuters.
“Much of the data required to calculate estimated payments already resides in ONESOURCE, so it made sense for us to streamline this necessary but labor-intensive task. The addition of estimated payments functionality is one of the many ways we are helping ONESOURCE customers better comply with changing tax laws, avoid unnecessary penalties, and experience a more accurate, efficient tax compliance process.”
We are excited to share the details of this year’s ONESOURCE User Conference – SYNERGY 2012 - JOIN THE JOURNEY. This year’s conference is an opportunity for you to build stronger relationships with colleagues, ONESOURCE products, and Thomson Reuters. We invite you to join us in this interactive atmosphere to provide comments and suggestions that will help make our products and services more efficient in meeting your challenges. As your business grows and expands, we will be right there with you to help simplify your corporate tax compliance.
Over the years, many corporations have seemingly not placed the right amount of emphasis on the estimated income tax process. This is mainly due to the lack of an appropriate solution. Instead of recognizing the value of how estimated payments can impact cash management, effectively integrate with the quarterly provision and tax planning, many view it as a tedious, time-consuming effort.
13 Sep 2012Thomson Reuters
This can lead to lots of Excel spreadsheets, lots of time, and lots of overpayments—all to avoid penalties and interest. If you’ve ever been involved in the estimated income tax process, you may be familiar with this scenario. (more…)
Did you know a typical large corporation spends anywhere from five to ten weeks a year per preparer extracting data from their existing systems and then calculating their estimated payments? Did you also know that now there’s a better way to streamline the preparation of both federal and state estimated payments?
Introducing Estimated Payments from Thomson Reuters ONESOURCE. This first-of-its-kind integrated functionality was designed to help today’s tax department comply with changing tax laws, avoid unnecessary penalties and focus on more value-added activities and is only available to ONESOURCE customers.
Prior to the Estimated Payments functionality, customers had to review current assumptions and tax laws for accuracy and updates, gather data, enter the data into Excel spreadsheets, calculate estimated payments, and then enter the results of those calculations into state-approved vouchers.
Here are 5 reasons to leverage the advanced-functionality of Estimated Payments: (more…)
Last week we announced that the latest release of ONESOURCE Indirect Tax global determination software will enable companies to efficiently comply with the new 2.3% medical devices tax. The tax passed on June 28, 2012, and will go into effect on January 1, 2013. It is estimated to raise $20 billion by 2019.
“For businesses affected by the new medical devices tax, achieving compliance will require considerable effort and expense. However, Thomson Reuters ONESOURCE Indirect Tax users will be able to easily address this change,” said Gary Allen, vice president of software technology, ONESOURCE Indirect Tax. “Immediately after the tax was passed, we put a comprehensive plan in place to support the medical device tax rate change in our software well before the Jan. 1 deadline.”
ONESOURCE Indirect Tax Determination 5.5 has the flexibility to ensure companies can quickly respond to new indirect tax rules and regulations — such as the new medical devices tax — as they happen. The ONESOURCE Indirect Tax global software suite is designed to identify, measure, calculate and record the tax and pass the associated tax liability back to a company’s finance applications for booking of the liability in real-time.
When it comes to data collection, many tax leaders say the process is one of their biggest challenges. Without the right data in the right format, everything else — including technology, processes, and people — cannot perform as expected. Yet, some tax leaders are paving the ways for their companies to speed up the data collection process, get more visibility into their numbers and make the audit process simpler and quicker.
Looking to keep your finger on the pulse of the latest data management initiatives? As part of the latest story in our Data Management Podcast Series, Adrian Hioe, Director of Tax Process & Technology, at AECOM Technology reveals how utilizing data management solutions has sped up the tedious data collection process by 2-3 weeks, taking some stress out of the provision and return process.
You’ll discover how AECOM changed their tax department including creating Tax Technology Director positions in Asia, Europe, and Canada and implementing this three-part initiative, including: (more…)