With First-of-its-Kind Technology, Thomson Reuters ONESOURCE Automates the Estimated Payment Process for Corporate Tax Departments
New functionality saves businesses time, while increasing accuracy of filings
Thomson Reuters has leapfrogged the competition with the release of Estimated Payments, software that automates the calculation of estimated corporate tax payments.
This new technology integrates with ONESOURCE Income Tax, ONESOURCE Tax Provision, and ONESOURCE State Apportionment so customers can eliminate the laborious task of manually remitting estimated payments and filing for extensions.
Companies not using ONESOURCE must manually review current assumptions and tax laws for accuracy and updates, gather data, enter the data into spreadsheets, calculate estimated payments, and enter the results of those calculations into state-approved vouchers.
“A typical large corporation spends five to ten weeks a year per preparer extracting data from their systems and calculating estimated payments,” said Joe Harpaz, managing director of the corporate division within the Tax & Accounting business of Thomson Reuters.
“Much of the data required to calculate estimated payments already resides in ONESOURCE, so it made sense for us to streamline this necessary but labor-intensive task. The addition of estimated payments functionality is one of the many ways we are helping ONESOURCE customers better comply with changing tax laws, avoid unnecessary penalties, and experience a more accurate, efficient tax compliance process.”
Key customer benefits include:
- Reduced time required to make quarterly estimated payments and annual extensions. Specifically, the elimination of a time consuming task that requires offline calculations and re-keying results.
- Increased accuracy by eliminating error prone and high-risk spreadsheets, and manual entry of information into vouchers and forms.
- Ability to automatically stay up-to-date on changing tax laws.
- Streamlined process for preparing estimated payments — affecting virtually every task from data gathering to printing to vouchers.
- Ability to leverage current tax expense in ONESOURCE Tax Provision as the basis of remittance for more robust calculations.
About Estimated Payments from Thomson Reuters ONESOURCE
Estimated Payments from Thomson Reuters ONESOURCE is integrated technology that automates the calculation and remission of a company’s estimated payments and extensions, while maintaining updated tax law and e-file requirements in a secure auditable environment.
Seamless integration with ONESOURCE Income Tax, ONESOURCE Tax Provision and ONESOURCE State Apportionment provides the ability to automatically populate compliance data in Estimated Payments, revolutionizing the way companies prepare their estimated payments and extensions.
Estimated Payments gives users the ability to utilize a combination of data elements from other ONESOURCE solutions to accurately compute and meet necessary filing requirements with ease.
More information can be found at: http://onesource.thomsonreuters.com/solutions/estimated-payments/estimated-payments/.
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 www.thomsonreuters.com.
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