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Thomson Reuters ONESOURCE

Thomson Reuters ONESOURCE

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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Recent Reviews

TrustRadius Insights

Thomson Reuters ONESOURCE has proved to be an invaluable tool for HR departments, streamlining the process of verifying new hire …
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ONESOURCE Review

1 out of 10
October 25, 2019
Incentivized
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 …
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Indirect Tax Manager

7 out of 10
May 21, 2018
Incentivized
Our organization utilizes ONESOURCE for a variety of tax reporting functions. The main focus area where I have used ONESOURCE is for tax …
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Product Details

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 SystemsUnspecified
Mobile ApplicationNo

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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Comparisons

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Reviews and Ratings

(26)

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!

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.

  1. 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.

  2. 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.

  3. 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)
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Score 8 out of 10
Vetted Review
Verified User
Incentivized
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.
  • Easy to use
  • Simple platform that anyone can understand
  • Turn around time was fast
  • Customer service was also fast and very helpful
  • Contract with more testing facilities for more options for new hires
  • Find ways to integrate into HRIS systems
  • Cheaper rates
If you have a need for background checks and drug screens for new hires this is a great platform to use. They have an easy-to-use system and give fast results with outstanding customer service. Their turnaround time is better than most and their prices are fair. They work with you to find ways to make the process better for you.
Score 8 out of 10
Vetted Review
Verified User
Incentivized
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.
  • [ONESOURCE] allows great customization
  • [ONESOURCE] allows for easy importing of client data
  • [ONESOURCE] allows data to be exported efficiently
  • Implementing the software can be user intensive
  • Learning curve for using the program
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.
Score 10 out of 10
Vetted Review
Verified User
Incentivized
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 well suited to help companies move the tax preparation in-house and gives companies the tools required for the tax department to succeed in filing accurate tax returns. The data upload tools have helped us significantly reduce the time required to prepare and file the tax United States tax returns.
October 25, 2019

ONESOURCE Review

Score 1 out of 10
Vetted Review
Verified User
Incentivized
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.
It can handle calculations at retail locations that do not make deliveries. It is not good if your business is based on deliveries.
Score 7 out of 10
Vetted Review
Verified User
Incentivized
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.
ONESOURCE is well suited for organizations that want to maintain their compliance efforts within a single platform. Most of the software looks and operates in a similar manner, which makes it easy to navigate and integrate yourself into additional products. Additionally, the ONESOURCE platform is a great platform for anyone looking for a provider that stays on top of tax law changes and will quickly integrate the changes into their product.
Score 7 out of 10
Vetted Review
Verified User
Incentivized
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.
The capabilities of the software are great compared to other tax information reporting softwares in the market, but overall the system is outdated and not intuitive. There are major improvement areas but all in all, they get the job done.
Score 7 out of 10
Vetted Review
Verified User
Incentivized
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).
High volume tax determination for AR and AP transactions
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