#1 most frequent
United States of America
70.5%1,698 installations of 2,409
What is Thomson Reuters ONESOURCE?
Thomson Reuters ONESOURCE is a portfolio of tax and accounting technology for corporations designed to help users boost collaboration with departments and partners and ensure seamless tax compliance no matter where a company does business.
Categories & Use Cases
Top Performing Features
Tax Data Reporting
Ability to export transaction data for tax filing.
Category average: 8.3
Sales and Use Taxes
Software is capable of calculating and filing sales and use taxes.
Category average: 8.8
Cross-border Taxes
Software is capable of calculating and filing taxes, such as customs, across countries.
Category average: 7.8
Areas for Improvement
Energy and Fuel Taxes
Ability to calculate and manage energy and/or fuel taxes.
Category average: 7.7
Compliance Administration Management
Ability to facilitate tax preparation, filing, and tax remittances across local, state, and federal jurisdictions.
Category average: 8.6
Complex Tax Scenario Management
Ability to automate handling of tax holidays and other anomalies.
Category average: 7.5
Who Buys & Uses Thomson Reuters ONESOURCE
#2 most frequent
United Kingdom of Great Britain and Northern Ireland
6.6%159 installations of 2,409
#3 most frequent
Canada
3.4%83 installations of 2,409
ONESOURCE is the ONE
Pros
- Easy to use
- Simple platform that anyone can understand
- Turn around time was fast
- Customer service was also fast and very helpful
Cons
- Contract with more testing facilities for more options for new hires
- Find ways to integrate into HRIS systems
- Cheaper rates
Return on Investment
- We have made a positive impact in our recruiting efforts by using this platform.
- We have saved time and been able to hire faster, which leads to more revenue.
- Combining to one platform has saved us money and quicken the turn around time.
Thomson Reuters ONESOURCE - for the ever-elusive private Company information
Use Cases and Deployment Scope
I have been using it for extracting Company information - especially private Company data; for the OneStop reports on Companies including their numbers, contacts, business ops, analyst opinion if any, etc. as well as industry info. I would like to recommend as a reliable source than many others especially for private Company data which is generally elusive.
Pros
- Company data
- Private company info
- OneStop report on Companies
Cons
- More financials
- Org structure reporting
- More detail oriented
Return on Investment
- Have extracted nuggets on hundreds of Companies from the product
Alternatives Considered
D&B Hoovers
Other Software Used
D&B Hoovers, Crunchbase
My Thomson Reuters ONESOURCE Review
Pros
- [ONESOURCE] allows great customization
- [ONESOURCE] allows for easy importing of client data
- [ONESOURCE] allows data to be exported efficiently
Cons
- Implementing the software can be user intensive
- Learning curve for using the program
Return on Investment
- Increased effectiveness with users in the organization
- Less down time processing and completing client work
Other Software Used
Thomson Reuters CS Professional Suite, Fathom Analytics, Azur Systems
ONESOURCE - Tax Compliance Suite...it's Sweet!
Pros
- ONESOURCE is excellent for providing a holistic suite of products that are specifically geared toward tax compliance.
- ONESOURCE also does an excellent job of maintaining a fresh look and appearance to their products, but doesn't change the base functionality just to sell more or improve the look of the product.
- ONESOURCE also does an excellent job of maintaining current tax information. In an ever changing tax world, this is the most important thing for a piece of tax software to provide.
Cons
- There are some aspects of the ONESOURCE suite that are a bit clunky. Their all cloud based environment is a great idea, but when you are talking about hundreds and thousands of tax forms, entity data, and general ledger detail recalculating, sometimes a web-based approach isn't the best option.
- While their support team is very knowledgeable and very willing to help, sometimes it is tough to navigate which support team you need simply due to the volume of products they offer.
- Products can sometimes be rushed to market in order to be the "first one available". This is great for initial market capture, but if the product has not been well thought out and doesn't conform to the specific tax compliance effort, chances of maintaining use of the product aren't likely to be great.
Return on Investment
- Without the use of ONESOURCE Transfer Pricing, we wouldn't be able to turn out transfer pricing documentation on our own. We have approximately 125 transfer pricing reports a year that require preparation, and outsourcing those at $15-25,000 a piece isn't feasible. We pay less than $50,000 annually for ONESOURCE Transfer Pricing and can now turn out as many reports as we need for a flat fee.
- ONESOURCE BEPS Action Manager ("BAM") allows us to prepare both our Country by Country Report and our Master File in house. We had received quotes from accounting firms in the range of $100-200,000 annually for a Country by Country Report and $50,000 for a Master File annually. For a $20,000 investment annually in BAM, we can complete both in house.
ONESOURCE is the highest quality income tax preparation software.
Pros
- ONESOURCE allows for easy implementation. We were able to implement the product in a few weeks.
- ONESOURCE provides detailed records that provide support for the groupings on the tax return. This will assist in providing documentation to auditors in a timely fashion.
Cons
- I don't have any comments on this.
Return on Investment
- By moving the tax return preparation process in-house by utilizing ONESOURCE, the company has significantly reduced the costs associated with filing the income tax returns.
- ONESOURCE has given the company better control over the data.
- By utilizing ONESOURCE, the company has better internal documentation that will assist in defending future audits without having to rely on outside accounting firms.
Other Software Used
Vertex Cloud