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.
ONESOURCE is the ONE
My Thomson Reuters ONESOURCE Review
ONESOURCE is the highest quality income tax preparation software.
ONESOURCE Review
ONESOURCE - Tax Compliance Suite...it's Sweet!
Indirect Tax Manager
Excellent in terms of performance and stability - but high TOC. (Maintenance/implementation cost
Product Details
- About
- Tech Details
- FAQs
What is Thomson Reuters ONESOURCE?
Thomson Reuters ONESOURCE Technical Details
Operating Systems | Unspecified |
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Mobile Application | No |
Frequently Asked Questions
Comparisons
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Reviews and Ratings
(27)Community Insights
- 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
(1-2 of 2)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.
- Sales and Use Taxes
- N/AN/A
- Cross-border Taxes
- N/AN/A
- VAT / GST Taxes
- N/AN/A
- Energy and Fuel Taxes
- N/AN/A
- Geolocation for Tax Assessment
- N/AN/A
- 3rd-Party Software Integrations
- N/AN/A
- Tax Data Reporting
- 100%10.0
- Compliance Administration Management
- 100%10.0
- Tax Exemption Processing
- N/AN/A
- Tax Document Management
- N/AN/A
- Complex Tax Scenario Management
- N/AN/A
- 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.
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.
- Sales and Use Taxes
- 10%1.0
- Cross-border Taxes
- N/AN/A
- VAT / GST Taxes
- N/AN/A
- Energy and Fuel Taxes
- N/AN/A
- Geolocation for Tax Assessment
- 10%1.0
- 3rd-Party Software Integrations
- 10%1.0
- Tax Data Reporting
- 40%4.0
- Compliance Administration Management
- 10%1.0
- Tax Exemption Processing
- 10%1.0
- Tax Document Management
- 10%1.0
- Complex Tax Scenario Management
- 10%1.0
- 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.