Thomson Reuters unveils CoCounsel integration in ONESOURCE corporate tax solutions

TORONTO, October 31, 2024 – Thomson Reuters (TSX/NYSE: TRI), a global content and technology company, today announced it is launching ONESOURCE with CoCounsel to customers globally. These enhanced solutions combine a new AI Product Support skill with CoCounsel, Thomson Reuters professional-grade generative AI assistant.

As multinational corporations face evolving regulatory challenges and talent shortages, ONESOURCE with CoCounsel augments professionals’ work. The Product Support skill offers customers ‘how to’ guidance, delivering assistance on complex compliance tasks by offering access to instant, relevant answers. The AI skill utilizes large language models to offer an intuitive interface for natural language queries, delivering immediate answers to questions, drawn from Thomson Reuters trusted, proprietary content.

First to market is ONESOURCE Indirect Tax with CoCounsel, which enhances corporate tax management by improving efficiency in indirect tax determination, compliance and e-invoicing. This solution is now generally available to customers in North America, Europe, the Middle East, and Africa.

Following this launch, CoCounsel capabilities will be incorporated into ONESOURCE Direct Tax solutions in November 2024, with further tax and trade solutions arriving in early 2025. Expansion to regions including Australia is planned for next year.

“Doing business effectively as a large multinational corporation is more complex than ever. Corporate customers are looking to their technology for innovative ways to help them manage and meet the increasing volume of regulatory changes – and they need to be able to do that in an agile way,” says Ray Grove, head of Corporate Tax and Trade at Thomson Reuters. “Adding CoCounsel to ONESOURCE brings our customers a professional-grade intelligent assistant that understands tax compliance complexities and provides timely information. This will revolutionize and augment tax professionals’ work, allowing focus on strategic tasks and driving greater client value, while leveraging technology to do more with less.”

Freeing up time

The Future of Professionals report from Thomson Reuters showed that professionals predicted that AI will save them four hours per week in the next year, increasing to 12 hours per week within five years. Today, finding answers to complex questions in tax compliance is a manual and time-consuming process. The new AI skill transforms this process, making searches up to 200 times faster, easier, and more efficient.

Robert Newlin, Senior Director of Indirect Tax and Technology at Informatica, was among the customers that took part in the beta testing of ONESOURCE Indirect Tax with CoCounsel. “Co-Counsel gave me step-by-step instructions and references to the source documentation as expected. I found the links especially helpful because it saved me the time scouring the website and support knowledge base for source documentation. I also didn’t need to contact customer support directly,” said Newlin.

Thomson Reuters

Thomson Reuters (TSX/NYSE: TRI) (“TR”) informs the way forward by bringing together the trusted content and technology that people and organizations need to make the right decisions. The company serves professionals across legal, tax, accounting, compliance, government, and media. Its products combine highly specialized software and insights to empower professionals with the data, intelligence, and solutions needed to make informed decisions, and to help institutions in their pursuit of justice, truth, and transparency. Reuters, part of Thomson Reuters, is a world leading provider of trusted journalism and news. For more information, visit tr.com.

Contact
Kirsty Bennett
Director, Customer and Product PR
kirsty.bennett@thomsonreuters.com