2018 Review of Thomson Reuters ONESOURCE Determination & Compliance

Thomson Reuters ONESOURCE Determination & Compliance

From the 2018 review of Sales & Use Tax systems

Best suited for companies of all sizes that are tasked with handling global sales and use tax, VAT, and GST, ONESOURCE Determination and Compliance, offers a complete solution. ONESOURCE is designed to work with a variety of third-party applications to deliver complete indirect tax management from initial tax determination and calculation to complete compliance including forms processing and remittance.

ONESOURCE covers over 15,800 taxing jurisdictions in over 190 countries and territories and is the only patented universal tax engine solution on the market today. Designed to work in a global environment, ONESOURCE works with custom rule sets, tax rates and jurisdiction data to accurately calculate tax data. ONESOURCE supports complete e-filing of forms, and currently supports over 700 signature-ready forms with the ability e-file forms in 27 states. Additionally, ONESOURCE supports filing in over 50 countries and supports SAF-T and SII statutory reporting.

ONESOURCE offers complete tax determination for both domestic and global locations, providing users with access to over 15,800 taxing jurisdictions in more than 190 countries and territories. And Thomson Reuters maintains a complete staff of tax professionals that are tasked with tracking tax rates and changes, ensuring that customers always have access to the most current rates available. The product easily processes a variety of options, including Unique Zip Codes, Non-Unique Zip Codes, Taxable Shipping, Sales Tax Holiday, Tax Rates at Varying Levels including State, County, and City Levels, and Tax Effective Dates. The tax database is updated automatically; delivering on-time monthly tax updates via SSAE 16 certified global tax research processes, so users will always have access to the latest, most reliable tax and calculation data.

ONESOURCE offers complete tax exemption certificate management, providing users with a view of the status of all certificates managed, including when how many certificates are expiring in the next 30 days. Users can also choose to view on screen all certificates that are expiring. With the customer portal, companies can have their customers enter their own exemption certificates.

ONESOURCE offers complete integration with a variety of third-party applications including Oracle Fusion, SAP Ariba, Magento, Microsoft Dynamics, NetSuite, Sage 50, Sage 100, Sage 500, SAP, Concur, and JD Edwards. The product also offers easy import/export capability, with users able to easily import data in a CSV or ASCII format. Data can also be exported to user point of sale, ecommerce, and accounting applications as desired.

Users can access ONESOURCE product support directly from the user interface. The support screen allows users to easily search for specific topics, access the FAQ’s, or request support directly from Thomson Reuters. Both product training and webcasts specific to the product can be accessed from the support page as well.

ONESOURCE Indirect Tax Reporting is an add-on application designed to be used with ONESOURCE Determination. This optional product offers excellent reporting capability, with more than 40 standard reports available in the application. Reports available include month-end reconciliation reports for sales and use tax as well as GST and VAT. Other reports include a tax extract, which provides a summary of tax activity, and the tax details reports, which provides more in-depth information. Users can easily customize all standard reports or create custom reports using the Transaction Extract template. All reports can be exported to a variety of formats, including Microsoft Excel, Crystal Viewer from Crystal Reports, to a CSV file, or saved as a PDF.

Offering cloud-based solutions for Global Tax Determination, Compliance, Indirect Tax Rates, a comprehensive Certificate Manager, and integration with a variety of third-applications, ONESOURCE is trusted tax technology partners for today’s needs and tomorrow’s unknowns. Pricing for ONESOURCE varies, depending on subscription preference, with users able to choose from a variety of purchase options.

2018 Overall Rating: 5 Stars