Integrated workflow solution will provide complete tax and accounting visibility
NEW YORK, March 3, 2011-The Tax & Accounting business of Thomson Reuters today
announced the launch of ONESOURCE WorkFlow Manager 5.0, a core component of the
global tax workstation that provides multinational corporations (MNCs) with a
transparent view of all tax and accounting processes - and the control they need
to institutionalize their best practices.
This enhancement to the existing WorkFlow Manager solution provides users with
greater customization, visibility and control. It also addresses corporate tax
automation challenges facing today's MNCs, such as data management, resource
management and regulatory compliance. New or enhanced features include
intelligent task automation, enhanced data and entity management, sophisticated
reporting and viewing, and best practice content.
"Tax departments in MNCs increasingly experience budget and skill constraints,
while supporting a 24/7 real time global operation," said Joe Harpaz, head of
the Global Tax Technology group at Tax & Accounting. "Business today is global
and the tools used to manage today's businesses must also be global in nature.
ONESOURCE WorkFlow Manager 5.0 easily allows companies to collect and analyze
data needed to file timely, accurate corporate tax returns and report the tax
provision -- ultimately supporting a shorter financial close cycle and
increasing efficiency in the preparation process."
The intelligent tax automation in ONESOURCE WorkFlow Manager 5.0 is created by
rules-based workflows that automatically prompt users to complete the necessary
tasks associated with the tax department function. This allows tasks to be
prioritized and provides urgency and escalation features to indicate approaching
deadlines - ensuring that required work is completed on time.
The FileRoom application of WorkFlow Manager 5.0 allows a corporation to better
collect, organize, and manage workpapers and data essential for every part of
the tax life-cycle. For example, when preparing the corporate tax return for a
European entity, a U.S.-based tax manager can pull data from a workpaper from
their counterpart in Europe. Furthermore, with the recent addition of global due
dates in ONESOURCE Calendar, the company can now track all activities leading up
to the statutory filing deadline in more than 50 countries.
In reaction to a global environment where compliance and visibility are growing
concerns, WorkFlow Manager 5.0 provides insight and peace of mind through weekly
and/or daily reporting -- with a push of a button. This new reporting capability
gives heightened visibility into the status of all tax projects in real-time,
allowing companies to make strategic decisions and reduce their compliance
ONESOURCE WorkFlow Manager also provides best practices content for calculating
a company's Research & Development (R&D) tax credit through the recently
released ONESOURCE R&D Tax Credit Manager. In addition, best practice workflows
have been designed to better manage simultaneous audits through ONESOURCE Audit
Manager. Both R&D Tax Credit Manager and Audit Manager are integrated with
ONESOURCE WorkFlow Manager 5.0.
For more information on the ONESOURCE Workflow Manager visit:
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, legal, tax and accounting, healthcare 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 more than 50,000 people and operates in over 100 countries. For more
information, go to www.thomsonreuters.com.
The Tax & Accounting business of Thomson Reuters is the leading provider of
technology and information solutions, as well as integrated tax compliance
software and services to accounting, tax and corporate finance professionals in
accounting firms, corporations, law firms and government. Headquartered in New
York, Tax & Accounting has major operations in Ann Arbor, Dallas, Hyderabad,
London, Sydney, and Toronto. For more information, go to
# # #
PR Manager EMEA
+44 (0) 207 375 6814
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Thomson Reuters Corporation via Thomson Reuters ONE