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Thomson Reuters ONESOURCE has proved to be an invaluable tool for HR departments, streamlining the process of verifying new hire …
Overview
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.
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Product Details
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- Tech Details
- FAQs
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.
Thomson Reuters ONESOURCE Technical Details
| Operating Systems | Unspecified |
|---|---|
| Mobile Application | No |
Frequently Asked Questions
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.
Reviewers rate Tax Data Reporting highest, with a score of 9.
The most common users of Thomson Reuters ONESOURCE are from Enterprises (1,001+ employees).
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Reviews and Ratings
(27)
Community Insights
TrustRadius Insights are summaries of user sentiment data from TrustRadius reviews and, when necessary, 3rd-party data sources. Have feedback on this content? Let us know!
- Business Problems Solved
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Thomson Reuters ONESOURCE has proved to be an invaluable tool for HR departments, streamlining the process of verifying new hire background checks and drug screens. Users have praised the platform for its ease of use and efficient search tool, which allows them to quickly find older results when needed. By utilizing ONESOURCE, HR departments have been able to save both time and money in their recruitment processes.
The Tax department and its assisting users rely on ONESOURCE for a multitude of tax compliance processes. From handling tax and transfer pricing compliance, including BEPS and provision processes, to managing client assets and performing necessary work, ONESOURCE has become an essential tool. Additionally, the software is extensively used for various tax reporting functions, particularly in the area of tax information reporting such as 1099-K and 1099-MISC reporting.
Another significant use case for ONESOURCE is its role as an enterprise standard for indirect tax determination. The software seamlessly connects to multiple ERP systems like SAP and Oracle to calculate sales and use taxes accurately. Furthermore, ONESOURCE serves as a reliable record-keeping system, ensuring that crucial tax-related information is securely stored and easily accessible.
While the filing portion of the software may have been discontinued, users still continue to leverage other features of ONESOURCE to fulfill their tax-related needs. With its ability to bring efficiency to various processes and provide better control over data, cost mitigation, and timely filing, ONESOURCE has become an integral part of many organizations' tax preparation operations.
Fast and Helpful Customer Service: Reviewers have consistently praised the fast and helpful customer service provided by ONESOURCE. Users appreciate the prompt assistance they receive when encountering any issues or needing guidance. The availability of knowledgeable and responsive support staff ensures a positive user experience.
Easy to Use Platform: Many users have found ONESOURCE to be easy to use, thanks to its simple platform that is accessible to users with varying levels of technical expertise. This user-friendly interface allows individuals without extensive tax knowledge to navigate the software seamlessly and efficiently complete their tasks.
Comprehensive Suite of Tax Tools: ONESOURCE offers a holistic suite of products tailored specifically for tax compliance, making it an excellent choice for users in this regard. With a range of tools and features designed to address various tax-related tasks, reviewers appreciate the comprehensive nature of the software, which simplifies their tax compliance processes.
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Clunky aspects and limited compatibility: Some reviewers have mentioned that the ONESOURCE software has clunky aspects, especially when dealing with a large volume of tax forms and entity data. They also feel that the web-based approach may not always be the best option for these tasks. Additionally, users have expressed frustration with the outdated interface and its lack of user-friendliness. The fact that ONESOURCE is only compatible with Internet Explorer further limits access for Mac users.
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Confusion due to wide range of products: Several reviewers have found it difficult to navigate which support team is needed because of the wide range of products offered by ONESOURCE. Although they appreciate the knowledgeable support team, the sheer volume of products can create confusion and make it challenging to get appropriate assistance when needed.
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High cost and lack of patching strategy: Users have raised concerns about the high total cost of ownership associated with ONESOURCE. They have also pointed out that there is no clear patching strategy in place, as each bug fix requires a new implementation involving a regression test for each component connected to ONESOURCE. This process can be time-consuming and adds complexity to maintaining the software.
Note: These cons were selected based on their frequency in user reviews and their impact on overall user experience with Thomson Reuters ONESOURCE software.
Users have made several recommendations for ONESOURCE based on their experiences with the software. Firstly, they suggest thoroughly testing all features and gaining hands-on experience with the software before implementing it. This will help users understand its capabilities and determine its suitability for their specific needs.
Secondly, users recommend using ONESOURCE for clients that operate in multiple localities and have larger corporate structures. The software's compliance and reporting tools simplify the taxation process for such organizations.
Lastly, users advise having clearly defined business requirements before engaging consultants for implementation. This will ensure that the software is effectively customized to meet the organization's needs. Additionally, users suggest increasing support services and adding new functions specifically aimed at assisting tax preparers.
Attribute Ratings
Reviews
(1-7 of 7)Companies can't remove reviews or game the system. Here's why
May 03, 2021
ONESOURCE is the ONE
Thomson Reuters ONESOURCE is used by our HR department to verify new hire background checks and drug screens. This is a one-stop-shop doing both screens with one application. It has saved us time and money. It has an easy-to-use platform that I love. It also has a quick and easy search tool to find older results fast.
February 03, 2021
My Thomson Reuters ONESOURCE Review
Thomson Reuters [ONESOURCE] program is used not by the whole organization but within the Tax department and any users that assist with work with members within that department. The [ONESOURCE] program allows our Tax team to efficiently and effectively mange client assets and perform the necessary work for the client that is required.
November 08, 2019
ONESOURCE is the highest quality income tax preparation software.
ONESOURCE is used for the income tax preparation for our United States income tax filings. Using OneSource has helped us move the tax preparation process in-house and have better control over data, mitigates cost and reliance on outside providers, and filed in a more timely fashion.
October 25, 2019
ONESOURCE Review
OneSource is used to calculate sales and use taxes. It is also used as a record-keeping system. It was used to file returns as well, but we canceled that portion of the software.
October 22, 2019
ONESOURCE - Tax Compliance Suite...it's Sweet!
We use ONESOURCE exclusively for our Tax and Transfer Pricing compliance process, including BEPS and provision processes. To my knowledge, we are the only department in the organization that uses ONESOURCE. We generally lean towards the use of ONESOURCE when considering new software applications with regard to our tax compliance efforts.
May 21, 2018
Indirect Tax Manager
Our organization utilizes ONESOURCE for a variety of tax reporting functions. The main focus area where I have used ONESOURCE is for tax information reporting, specifically relating to 1099-K and 1099-MISC reporting.
February 14, 2018
Excellent in terms of performance and stability - but high TOC. (Maintenance/implementation cost
We use Onesource as an enterprise standard for indirect tax determination. It is connecting to multiple ERP systems (both SAP and Oracle) within the organization.