Thomson Reuters ONESOURCE - for the ever-elusive private Company information
I have been using it for extracting Company information - especially private Company data; for the OneStop reports on Companies including …
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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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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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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(29)
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
- Pros
- Cons
- Recommendations
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
(1-5 of 5)Companies can't remove reviews or game the system. Here's why
Score 5 out of 10
Vetted Review
Verified User
I have been using it for extracting Company information - especially private Company data; for the OneStop reports on Companies including their numbers, contacts, business ops, analyst opinion if any, etc. as well as industry info. I would like to recommend as a reliable source than many others especially for private Company data which is generally elusive.
- Company data
- Private company info
- OneStop report on Companies
- More financials
- Org structure reporting
- More detail oriented
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- Have extracted nuggets on hundreds of Companies from the product
- D&B Hoovers
As said, Thomson Reuters ONESOURCE has been a great resource for Company and industry information; especially the more elusive private Company information which is hard to find on the public domain apart from the company website or sources, which could be marketing biased. The OneStop report from their latest avatar - Avention (now acquired by D&B Hoovers) has always come in handy for Company analyses.
5
Mostly used by the analyst community for research for Company and industry info including analyst opinion; also used by the partners in management. The OneStop reports are very handy. Overall a good resource for the ever-elusive private company data; we have been using it at our org for almost a decade now in its various avatars.
1
Analysts use Thomson Reuters ONESOURCE/Avention/D&B Hoovers for company, industry information including analyst opinion, industry analysis, Company analysis, especially private company information. These are typical business or research analysts with at least 5 years of industry experience and a post grad qualification in management/Economics et al. Though an easy to use interface, does not need much specialized skills to use.
- Company information
- Private Company data
- Industry info
- Analyst opinion
- For the elusive nuggets on private company info
- Perhaps for more comprehensive list building per industry classification
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.
- [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
77.5%
7.8
78.57142857142857%
7.9
- Increased effectiveness with users in the organization
- Less down time processing and completing client work
Thomson Reuters has a central location for the documents. It is time saving and truly is streamlined which is one of the main reasons why this program beats out the competition. Most of the areas that one source is lacking is at the very least the equivalent or better than the competition so the parts that it does better really elevates the software against the competition
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.
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28.571428571428573%
2.9
- By moving the tax return preparation process in-house by utilizing ONESOURCE, the company has significantly reduced the costs associated with filing the income tax returns.
- ONESOURCE has given the company better control over the data.
- By utilizing ONESOURCE, the company has better internal documentation that will assist in defending future audits without having to rely on outside accounting firms.
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.
- 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.
2.5%
0.3
14.285714285714286%
1.4
- 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.
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.
- 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.
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- ONESOURCE has allowed us to better serve our recipients from an experience/support aspect and that has been a great benefit.
- The audit trail created through the ONESOURCE information tax reporting platform has alleviated a great deal of stress when it comes to document retention.
ONESOURCE blows Sovos out of the water. would take ONESOURCE 10 out of 10 times. The two biggest differentiators are the friendliness and helpfulness of customer support and the overall capabilities of the software.