Thomson Reuters wants to tackle businesses’ largest challenges when it comes to tax season: compliance.
The company’s latest version of corporate tax tool ONESOURCE has been updated to more adequately address this issue, a move Thomson Reuters made in response to a recent survey that found 44 percent of businesses said compliance and reporting is their largest tax-related pain point.
[bctt tweet=”44% of businesses said compliance and reporting is their largest tax-related pain point”]
According to reports Monday (Nov. 9), ONESOURCE streamlines the data collection and reporting process for corporate tax professionals. As an end-to-end solution, the platform allows businesses to compute tax provisions across multinational corporations with multiple locations, the company said.
Managing tax-related data was also cited by 27 percent of survey respondents as their toughest challenge, the company added.
The platform updates standardized tax services and facilitates the automation of data entry by linking ONESOURCE to companies’ existing tax applications.
According to Joe Harpaz, Thomson Reuters’ managing director of the corporate sector at its Tax & Accounting arm, customer feedback drives the development and evolution of ONESOURCE.
“With this release, we’re not only looking to help fulfill their global compliance and reporting requirements, but also to delight our customers with a great user experience,” Harpaz said in a statement.
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