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2013 Innovation Awards Nominee: ONESOURCE DataFlow

ONESOURCE DataFlow nominated for 2013 Innovation Awards.

Apr. 09, 2013

2013 Innovation Awards Nominee:

ONESOURCE DataFlow

www.ThomsonReuters.com

ONESOURCE DataFlow allows users to standardize their existing tax packages and workpapers with controls, validation, and year-over-year data recall, resulting in reduced preparation time.

The solution extends the capabilities of Microsoft Excel, making it possible for you to develop customized web-based templates. Clients use existing Excel-based workpapers or tax packages and enhance them by utilizing DataFlow’s unique functionality. Those templates are easily loaded into ONESOURCE DataFlow, where the requests can be sent out as a familiar Excel data collection workbook to recipients.

With ONESOURCE DataFlow, you can easily distribute and monitor your data collection requests and have the ability to send automated or ad-hoc reminders to ensure timely completion. Additionally, it enables secure access for all internal and external sources of data. Documents and notes can be attached to data collection requests for improved communication and the gathering of pertinent information. Updates can be made at any time without affecting previously collected data. This is particularly helpful for companies whose requirements change during the process.

ONESOURCE DataFlow clients use this solution for:

  • Data collection
  • Workpaper and tax packages management
  • Data reporting and analysis

Client key points from using ONESOURCE DataFlow:

  • Our compliance process was initially taking 20,000 hours (10-12,000 spent in preparation and detailed data manipulation.) After year on of implementing a data management process, the entire process dropped 6,000 hours and an additional 4,000 in year two. It was mostly spent on individual workbook compilation, preparation, manipulation, but now that’s been standardized and pushed out through ONESOURCE DataFlow.
    • Tax Director, Global Health Care, Nutrition and High-Tech materials company
  • I definitely would recommend ONESOURCE DataFlow to other clients because it has really streamlined the way we do our work in our department, its reduced the manual manipulation of the data, and it really has given my staff a lot more time to concentrate on the details of the return, and getting it right, and getting it done on time.
    • Senior Tax Manager, Liberty Global
  • The first year we implemented ONESOURCE Dataflow, it really helped us save a lot of time during our busy season, and it was basically because we standardized a lot of our workpapers, and it was really easy for anyone to pick up anything and just work on it.
    • Tax Supervisor, Kinder Morgan

  • Eliminated the stress of everyday details by optimizing and simplifying daily processes, which ultimately allowed the focus to shift to value-add work.
    • Director, Tax Accounting and Report, Commercial Metals
  • Before utilizing ONESOURCE DataFlow, we were up at midnight on 9/14 trying to get federal and state returns done, a lot of manual entry, but the ‘09 return was filed on 9/1 and ‘10 filed in August, and this year, we hope to file in July.
    • Tax Compliance Manager, Lehigh Hanson

 

Click here to see an in-progress list of nominees for the 2013 Innovation Awards.