Retailer Discount Tire Selects Thomson Reuters to Consolidate Its Sales and Use Tax Operations
Extensive SAP expertise, access to latest tax data and trusted technology platform among key reasons company chooses ONESOURCE Indirect Tax.
New York, September 12, 2012 – Thomson Reuters announced today that Discount Tire (http://www.discounttire.com), America’s largest tire and wheel retailer, has selected ONESOURCE Indirect Tax Determination to consolidate its sales and use tax determination, calculation, and recording operations.
Prior to selecting Thomson Reuters’ complete solution, Discount Tire used a combination of ONESOURCE Indirect Compliance to manage its monthly tax returns, and manual processes to manage its tax policy liabilities. However, as the company grew this approach was not able to keep up with the thousands of tax rate and tax jurisdiction changes that occur each year or the abundant product taxability rules unique to Discount Tire’s industry. With the goal of achieving a higher degree of compliance, the company decided to leverage the entire ONESOURCE Indirect Tax platform integrated with SAP to create an end-to-end indirect tax compliance operation.
“We expect to simplify our sales and use tax process with confidence and with more consistency than ever before by using ONESOURCE, a trusted tax platform used by Global Fortune 500 companies to manage the entire indirect tax compliance lifecycle,” said Dean Muglia, Executive Vice President, Accounting, for Discount Tire. “After a full evaluation of the market, Thomson Reuters’ ability to rapidly deploy its industry-proven tax platform, coupled with the company’s deep SAP expertise and access to the latest tax data were among the key reasons we decided to go with them.”
“When companies consolidate their sales and use tax operations they can achieve a higher degree of compliance more efficiently,” said Gary Allen, vice president of software technology, ONESOURCE Indirect Tax. “Thomson Reuters already works with a growing roster of retail companies to achieve their transaction tax compliance objectives, so Discount Tire will benefit from this sector-specific expertise.”
Anticipated benefits using ONESOURCE Indirect Tax include:
- Ability to automatically handle robust customer and product taxability rules
- Access to reliable and relevant tax data for better and timelier decisions
- Seamless integration with finance systems and existing SAP ERP platform for a higher degree of compliance
- Rapid deployment of trusted tax platform used by leading global companies
For more information on the significant features and benefits in the latest release of ONESOURCE Indirect Tax, go to: http://onesource.thomsonreuters.com/solutions/indirect-tax/july-product-release/.
About Thomson Reuters
Thomson Reuters is the world's leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial and risk, legal, tax and accounting, intellectual property and science and media markets, powered by the world's most trusted news organization. With headquarters in New York and major operations in London and Eagan, Minnesota, Thomson Reuters employs approximately 60,000 people and operates in over 100 countries. Thomson Reuters shares are listed on the Toronto and New York Stock Exchanges (symbol: TRI). For more information, go to http://www.thomsonreuters.com.
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