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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
- About
- 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
- 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
(1-7 of 7)Companies can't remove reviews or game the system. Here's why
May 03, 2021
ONESOURCE is the ONE
- 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
February 03, 2021
My Thomson Reuters ONESOURCE Review
- [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
November 08, 2019
ONESOURCE is the highest quality income tax preparation software.
- 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.
October 25, 2019
ONESOURCE Review
- 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.
October 22, 2019
ONESOURCE - Tax Compliance Suite...it's Sweet!
- 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.
May 21, 2018
Indirect Tax Manager
- 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
- 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).