ONESOURCE Tax Provision
ONESOURCE Tax Provision (formerly TaxStream Provision) provides year-round tax process optimization, with tax data and user controls, an automated flow of information between general ledger, provision, and return systems, customizable self-reconciling reports and guaranteed calculations. Save time and satisfy all audit, SEC, and internal requirements with our out-of-the-box flexibility, scalability, and customizable reporting functionality.
The Tax & Accounting business of Thomson Reuters was recently awarded a patent by the United States Patent and Trademark office for creating a system to determine a company’s tax provision – a crucial component of a company’s financial statement. Discover more about this patent.
ONESOURCE Tax Provision is intuitive, so you won’t need years of setup and training or excessive consulting fees to get it up and running.
With ONESOURCE Tax Provision, you can:
- Rely on a proven solution. Used by 900 corporations worldwide, including the Big Four and 35% of the Fortune 500.
- Save time. Users average a time savings of 50% on their year-round tax processes.
- Manage risk. Ensures SOX and Bill 198 process and technology compliance.
- Minimize manual error. Automatic tie outs in reports and calculations eliminate broken formulas and variance reports.
- Manage effective tax rate. Robust tax planning functionality and effective rate reporting enable easy and transparent effective rate management.
- Make informed decisions. Gain easy access to and analysis of critical tax data.
- Minimize risk of restatement. ONESOURCE Tax Provision reduces the potential for defect in the reporting process.
- Optimize data collection. The software will help you create a tax process to optimize your data flow, including bridging to and from general ledgers, consolidation packages, and web-based remote data entry.
- Ease your audit process. We provide the level of detail your auditors look for.
- Earn return on investment . You’ll have time to devote to finding ROI opportunities, including tax planning and effective rate management.
Why choose ONESOURCE Tax Provision?
- Automated reporting
- Global compliance
- Workflow control
- A single tax data warehouse
- Deferred balance tracking
- Planning
- Interim reporting
- Superior local state, province, and jurisdiction functionality
- Estimates and extensions
- FERC, SSAP 10, and regulatory STAT
- Tax liability Tracking
- And more
ONESOURCE Tax Provision provides year-round tax process optimization, providing tax data and user controls, an automated flow of information between general ledger, provision, and return systems, customizable self-reconciling reports and guaranteed calculations. ONESOURCE Tax Provision is available in two editions: Online and Enterprise
Online Edition
The ONESOURCE Tax Provision Online Edition is a web-based java application with a highly intuitive user interface, multi-client capabilities, and minimal set-up and implementation time. The Online Edition is currently being used by all ten of the top ten accounting firms, and approximately forty CPA firms across the world. Benefits of the Online Edition include:
- Ability for accounting and tax advisory firms to track multiple clients with one license.
- Ability to add unlimited new clients at no additional cost, as the license fee is based on number of users, rather than number of clients.
- Access to specific clients can be restricted to specific users.
- Live, seamless integration through a direct feed from the ONESOURCE Tax Provision module showing the impact of ASC 740-10-50 (FIN 48) on tax expense/ETR and the deferred balances.
- Full breakout of multiple time periods across all legal entities on all disclosures.
- Zero technology footprint. The Online Edition is directly accessed via a secure website and accessible anywhere in the world based on log in rights.
- Automatic updates of new features.
Enterprise Edition
The ONESOURCE Tax Provision Enterprise Edition is available either as a client install or online via Citrix. It is currently used by 40% of the Fortune 500 and 700 companies worldwide, spanning all industries, sizes, and structures. Benefits of the Enterprise Edition include:
- Ability to commission custom builds and reports to accommodate company-specific requirements and scenarios.
- Automated interim reporting module.
- Real-time integration with the ONESOURCE Tax Provision Web-based Remote Data Collection Module.
- Ability to generate custom journal entry reports based on specific needs.
- Automatic pull of state tax rates, apportionment factors, and return to provision data from ONESOURCE Income Tax.
UNCERTAIN TAX POSITION ACCOUNTING
The ONESOURCE Tax Provision uncertain tax position solution is a comprehensive tool to help manage risk, save time, and satisfy ASC 749-10-50 (FIN 48) financial reporting and audit requirements. It generates all ASC 749-10-50 disclosures as well as the impact on your SEC footnote, and enables you to track your ASC 749-10-50 effect back to an in-depth analysis of each uncertain position.
REMOTE DATA COLLECTION MODULE
The ONESOURCE Tax Provision remote data collection module enables remote users to log in over the web and follow an easy-to-follow process to enter in their local tax provision information in local currency. The data flows automatically into the ONESOURCE Tax Provision database and generates the foreign tax provision reports in real time, displaying the results in local and reporting currencies. Signoff and user controls enable extensive foreign workflow automation.
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