ONESOURCE: Streamlining Corporate Tax and Trade

ONESOURCE, from Thomson Reuters, is a comprehensive cloud-based solution designed to simplify and automate corporate tax and trade processes. It helps businesses navigate complex regulatory environments, reduce compliance risks, and improve overall efficiency. This platform offers a range of tools and features to address various aspects of tax and trade management, from indirect tax determination to global trade compliance.

Key Features and Benefits

• Indirect Tax Automation: ONESOURCE automates indirect tax workflows, from determination to final compliance, significantly reducing risks and improving accuracy. This includes features for handling various tax jurisdictions and regulations.
• Direct Tax Compliance: The platform provides tools for confident and accurate corporate tax reporting and compliance, enhancing reliability and precision in the compliance and provision process.
• Global Trade Management: ONESOURCE simplifies global trade complexities, offering solutions for denied party screening, foreign-trade zone management, and supply chain optimization, minimizing audit risks.
• Statutory Reporting: Accurately file statutory financial statements in multiple languages, adapting to ever-changing regulations across various countries.
• Information Reporting and ACA Compliance: Streamline the process of tracking contractors, vendors, and payees with automated tools for 1099s, TINs, B-Notices, and 1042s. The platform also integrates ACA compliance.
• Trust Tax Automation: Automate individual steps or the entire trust tax process, ensuring efficient management and compliance.
• Tax Data and Process Management: Improve the accuracy of tax and trade data and processes, saving time and reducing risk. These solutions offer greater visibility and control.
• AI-Assisted Regulatory Research: Access quick and reliable answers using a powerful regulatory research tool powered by Checkpoint Edge with CoCounsel.
• Partnerships and Alliances: Benefit from a global expert network with deep technology integrations and certifications.

Who Uses ONESOURCE?

ONESOURCE caters to a wide range of businesses and accounting firms seeking to optimize their tax and trade operations. Its scalability makes it suitable for both small and large enterprises across various industries.

Comparisons to Other Solutions

While many tax and trade software solutions exist, ONESOURCE distinguishes itself through its comprehensive suite of integrated tools, robust automation capabilities, and strong focus on compliance. Unlike some competitors that may focus on specific aspects of tax or trade, ONESOURCE provides a holistic platform that addresses the entire lifecycle.

Conclusion

ONESOURCE offers a powerful and versatile solution for managing the complexities of corporate tax and trade. Its comprehensive features, automation capabilities, and focus on compliance make it a valuable asset for businesses seeking to improve efficiency, reduce risk, and gain a competitive edge. The platform's integration capabilities and global reach further enhance its appeal to organizations with international operations.