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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.
- 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.
- 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.
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.
- 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.
- I don't have any comments on this.
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.
- Detailed reports.
- Key fields in data.
- Reporting speeds.
- Calculations based on latitude and longitude instead of zip code.
- Calculate returns based on actual state returns.
- Better mapping of addresses.
- Quicker responses to customer tickets.
- Better connectors to ERP systems.
- Easier access to live transactional data.
- Free connector to data analysis software like Microsoft SQL.
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.
- The ability to recall data from prior years is great. We constantly get requests to pull prior year forms and the system allows us to complete these requests efficiently.
- The ability to track tax information events (such as print filing dates, b-notices, and recipient responses) is a huge benefit of ONESOURCE and is one of the main reasons we utilize their service over that of their competitors.
- ONESOURCE customer service is highly responsive. One of the huge benefits of working with ONESOURCE is the assigned CES who answers any & all questions relating to not only the software itself, but the underlying tax requirements and due dates, etc.
- 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.
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.
- Performance
- Regular update of tax content
- Ability to connect to multiple platforms
- High TOC. No patching strategy for Onesource. Each bug fix is basically a new implementation, requiring an end-to-end regression test for SSabrix/Onesource and each connected ERP.
- Lack control of developments. Often a bug fix release contains changes to other - undocumented - areas within the application which leads to multiple implementation iterations.
- Limited collaboration with ERP providers. If something goes wrong in the connector to an ERP system (e.g. due to ERP version upgrade), Thomson Reuters is not as connected with the ERP vendor as could be desired i.e. the burden of connecting the ERP provider with the Onesource provider (TR) is laying with the customer. This is especially true for the Oracle Fusion integration.
- High project cost. When connecting to an ERP system for the first time , the integration with Sabrix is costly due to the need for connector development (less for the actual Sabrix configuration).
ONESOURCE Scorecard Summary
Feature Scorecard Summary
About 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: Tax Compliance
ONESOURCE Technical Details
| Operating Systems: | Unspecified |
|---|---|
| Mobile Application: | No |