LOVAT vs. Thomson Reuters ONESOURCE

You need a way to calculate VAT on your remote sales and store tax documents electronically. As part of your evaluation, I would include LOVAT as an option. With LOVAT, we can also avoid asking clients to provide additional information at check out, which keeps our conversion rate higher. It's so easy to upload tax data, calculate VAT, and submit VAT forms

We use [Thomson Reuters ONESOURCE] to prepare federal and state income tax returns which allows us to complete the work assigned very quickly and allow senior members of the team to review the work before submitting in a very fluid state. While not in the tax or busy season, the program is not as used as much.

Incentivized

• Variety of subscription plans which are flexible thanks to possibilities of purchasing various add-ons.
• Tax audit reports which are available for download is a great feature that allows us to have a deeper look to our transactions from different sales channels of ours.
• The support team in always helped us with difficulties or questions that we had on different stages while working with LOVAT

• 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.

Incentivized

• Some processes take extra time
• It will take some time and preferably a demo call with the support team to learn how to use the software yourself
• Unfortunately, consultation on really difficult questions can be obtained only for an additional fee

• ONESOURCE absolutely needs to restore their TIN Matching feature. Not having a TIN Matching feature is huge and needs to be addressed immediately.
• The software interface itself is outdated and clunky. It is way behind in terms of user-friendliness and convenience. Additionally, it is only compatible with Internet Explorer. ONESOURCE is literally the only reason I would ever access Internet Explorer which is notably slower and more prone to freezing than Google Chrome or Safari. A good portion of our business uses Macs which means they are SOL on accessing ONESOURCE.
• The ability to look at multiple tax years for a single recipient would be huge. Currently, if a recipient asks us to pull three years of data, this means three different searches within each year's ONESOURCE instance. It's tedious and could be improved.

Incentivized

To reiterate - a very useful tool for private company information, otherwise not forthcoming on the public domain. It is very crucial in Company analyses for various lenses, slices and dices of Company information. Also useful in industry analysis and in list building. Overall a great research and analytics tool.

The functionality is very powerful, and everything works as promised. But the interface needs improvement in places - sometimes you have to search for something longer than you would like.

The ONESOURCE support has improved significantly over the years. Support sends out emails with the answer provided which helps in the future when the same issue occurs. This reduces the amount of calls to ONESOURCE Support as you can better document the calls and rely on previous answers if the same issue occurs. ONESOURCE support has also implemented a callback feature that reduces the amount of time spent on hold.

Incentivized

Lovat is a product which is favorable in terms of cost, unlike the many tax software which are expensive and not affordable.Also, Lovat has some flexibility, where different procedures based on the companies demands can be personalized to suit its needs. Lastly, Lovat works in hand with the many programs that are in the accounting area.

As I said it is an easy-to-use platform and saved us time and money. They have great customer service and have helped our company get new hires checked and in-service faster than our old company. By combining the two services in one place it has made it easier for the new hire and the HR staff to track results. I am a fan!

Incentivized

• Good functionality and regular update of the services.
• This software is a good value for money especially taking into account a not very high price.
• The support team is professional but available only at weekdays.
• For the moment the support language is only English that may cause some inconvenience.

• Leaves sales tax off invoices from time to time.
• Reduces the amount of manual work needed to calculate sales tax and to update tax rates.

Incentivized