Sep 11, 2024 | ONESOURCE
Thomson Reuters-SAP Integrations Empower Customers to Simplify Tax Compliance
A guest post from Ray Grove, head of Corporate Tax and Trade, Thomson Reuters
Our long-standing partnership with SAP enables our customers to make the most of cutting-edge technology to streamline processes, save time, and support accuracy in tax reporting. With multinational corporations confronting a rapidly changing world – on the regulatory and technology fronts – our efforts are more important than ever.
The latest Thomson Reuters-SAP collaboration expands on a series of solutions integrations to help multinationals better manage increasingly complex and evolving tax regulations. Below is an overview of how our integrations are helping multinationals comply and succeed.
Streamlining ESG reporting compliance
Integrating the Thomson Reuters ONESOURCE Statutory Reporting with the SAP Sustainability Control Tower empowers customers to efficiently manage environmental, social and governance (ESG) data by preparing, gathering, and filing ESG data seamlessly within a unified solution. Our aim is to enable large businesses operating in, or connected to, the European Union (EU) comply with the new Corporate Sustainability Reporting Directive (CSRD), which is slated to begin in January 2025.
The CSRD mandates all businesses within its scope to report on sustainability indicators under the European Sustainability Reporting Standards (ESRS) framework. The newest Thomson Reuters-SAP integration is a major step forward in simplifying ESG reporting for global organizations and helping businesses achieve their sustainability goals.
Building on our SAP partnership
Th latest expansion of our partnership with SAP builds on earlier integrations, including leveraging SAP S/4HANA to help customers automate U.S. tax reporting. Integrating ONESOURCE Sales & Use Tax Compliance with SAP Document and Reporting Compliance for SAP S/4HANA helps multinationals automate and more easily file sales and use tax returns in the United States directly from SAP Document and Reporting Compliance – saving time and minimizing risk.
That integration came just after three Thomson Reuters ONESOURCE were solutions certified as SAP Endorsed Apps: ONESOURCE Determination for SAP S/4HANA and SAP ERP (US/CA), ONESOURCE Determination (US) for SAP S/4HANA Cloud, public edition, and ONESOURCE Tax Provision for SAP S/4HANA Cloud. These certifications give customers added confidence in having the right software in their tax tech stack to support their enterprises.
In addition, ONESOURCE Indirect Tax achieved SAP Certification for integration with S/4HANA Cloud, private edition. This helps customers better use ONESOURCE Indirect Tax to perform accurate tax calculations and simplify technical requirements, while staying compliant with evolving tax regulations and reducing the need for custom coding and content.
Meeting customers where they are
All of these initiatives have allowed Thomson Reuters to deliver superior tax compliance solutions directly to customers where they are working – within their Enterprise Resource Planning (ERP) system. Our customers require integrated and compatible products and services within their technology stack, with solutions that work seamlessly across platforms and devices.
We’re committed to fostering an open ecosystem, providing customers with the tools and platforms to connect with their preferred solutions. Ultimately, this empowers our customers with better management of tax liability and planning and enables them to make real-time tax decisions with increased efficiency.
It’s exciting to find new ways to help our customers work smarter, not harder. Our customers rely on us for best practices and industry-leading technology and it’s rewarding to help their businesses maximize compatibility, flexibility, speed, and global compliance.
