ESTIMATED PAYMENTS. REVOLUTIONIZED.
YOUR DATA. OPTIMIZED.
Data Management for ONESOURCE
When I Grow Up - I Want To Work in Tax
Hear ONESOURCE clients talk about why they chose ONESOURCE.
LOOKING TO SHAVE TIME OFF YOUR YEAR-END CLOSE?
OPTIMIZATION AT EVERY STEP OF THE PROVISION PROCESS
A critical component of your financial statement involves providing an accurate consolidated tax forecast. As the financial close calculation window shortens and companies expand operations globally, more sophisticated tax data management and reporting tools are needed. Thomson Reuters provides the most comprehensive, patented, tax provision solution, designed to work the way corporate tax departments work around the globe. ONESOURCE Tax Provision enables you to see more data, with greater efficiency. Click here to request a demo.
ONESOURCE TAX PROVISION PROVIDES:
- Enhanced reporting
- Tax data and user controls
- An automated flow of information between general ledger, provision, and return systems
- Guaranteed calculations
- Integrated custom calculations and workpapers
- Global data management
YOUR BUSINESS IS UNIQUE. YOUR PROVISION SOFTWARE SHOULD BE TOO.
Enjoy flexibility to calculate and reconcile the tax provision according to a variety of accounting and tax standards, including IFRS and U.S. GAAP, ASC 740 (FAS 109), ASC 740-10-50 (FIN 48), IAS 12, AND CICA 3465.
By eliminating the need to balance the provision, and by automating the journal entry, we're now saving approximately a week of time and a tremendous amount of stress towards the end of the close period.
- Michelle Nachman, Senior Tax Manager, The Cheesecake Factory
Create the perfect solution with a variety of modules for tax provision software and tax provision services.
MANAGE YOUR PROVISION MORE EFFICIENTLY FROM DATA COLLECTION TO FINAL REPORT
Whether your business operates globally or domestically, ONESOURCE Tax Provision can help you save time, while managing risk and your effective tax rate. Click here to request a demo.
Rely on Our Proven Solution for:
Easily generate self-reconciling tax provision reports in real time
- Personalize existing reports
- Saved report settings can be easily transferred from period to period during rollover
- Reports can be consolidated by entity, by jurisdiction, or by subconsolidated grouping
- Ability to compress groups of reports for batch prints processed in a queue system
With ONESOURCE Tax Provision, you can easily translate between local and reporting GAAP.
- Flexibility to calculate and reconcile the tax provision according to a variety of accounting standards, including IFRS and U.S. GAAP simultaneously.
Deferred Balance Tracking
- Track, manage, and analyze deferred balances and roll them forward from period to period. Automate losses and valuation allowances on a jurisdictional, entity, and filing group basis.
- Create an unlimited number of what-if or planning scenarios without compromising the integrity of your actual data.
Track forecasted and actual information with additional flexibility.
- Choose a year-to-date or an isolated approach to accurately generate a provision based on the interim rate approach.
- Compare your forecast to the preceding period's forecast to analyze changes.
- Available reports include forecast reports, actual interim reports and any statutory rate impacted by discrete items.
Generate reports for any U.S. state or municipality, Canadian province, or other local jurisdiction.
- Taxable income automatically flows into ONESOURCE Tax Provision and can be adjusted for local tax rules and apportioned across multiple jurisdictions.
- Apportionment and state rates housed in ONESOURCE Income Tax or other sources can be used to update the rates in the provision calculation.
- Results can be reported on a separate, combined, or unitary basis. The federal benefit of the state for the deferred items can be represented as a component of either the federal or the state effective tax rate.
Estimates and Extensions
- Compute estimated payment and extension amounts by reusing the provision data as the base, which can be modified by adding other components such as minimum and franchise taxes.
- Automatically build, manage, and document your taxes payable roll forward period over period. Reports display balances by transaction type, entity, and period to assist in analyzing the account balance.
- Seamlessly operate across borders in several of the most popular languages used by the global-user base, including French, Spanish and German.
I would say prior to implementing ONESOURCE, the biggest challenge was getting the tax provision done in a consolidated manner. We had different Excel workbooks for every subsidiary - and we have about 30 of them. And pulling that all together into one combined calculation, or having the ability to view it separately as well, is needed. It was very difficult, and there's a huge chance for errors in formulas or calculations using Excel.
- Andrea Smith, Senior Tax Analyst, SES Americom Inc.
CONNECTING EVERY ANGLE OF YOUR TAX PROCESS
Designed to work seamlessly with our software, ONESOURCE Tax Provision, the most complete corporate tax provision software on the market today, integrates with other market leading solutions including:
The integration enabled our company to save valuable time in computing the return to provision. Prior to the integration, we manually input all adjustments for partnership entities. The entire process is now automated, and adjustments to the integration can be made via importing one simple file. This allowed our tax team to devote more time to other items.
- Kristi Rooney, Director of Tax, Vanguard Health Systems
QUALITY SERVICES TO BACK OUR PRODUCTS
From the tax managers that implement our software to our highly trained customer support staff, Thomson Reuters has services that optimize your tax provision process. Click here to learn more about our Professionals Services options.
Fulfillment / Implementation.Thomson Reuters experienced tax managers will automate your tax process and get you up and running as quickly as possible to maximize your investment and ensure a smooth transition.
- Download this whitepaper on Tax Software Implementations - What Your Department Needs to Know
Training. Training is a key part of the ONESOURCE Tax Provision (formerly TaxStream) experience. We've developed standardized training materials and programs that can assist you in every step of the process. Get more information on training or sign up for a ONESOURCE Tax Provision Regional Lab Live Training Workshop.
Best Practices. Take advantage of extensive knowledge gained from having successfully implemented ONESOURCE Tax Provision in hundreds of companies worldwide. Learn cutting-edge and innovative ways to further automate and integrate not only your provision process, but your tax work year round.
For the most part I find ONESOURCE support to be very courteous and extremely professional. If they don't have the ability to solve your problem that it will escalate up the chain and have been very responsive in meeting our needs this past year.
- Shawn Nesmith, Federal Tax Manager, Fluor Corporation