ONESOURCE - Tax Compliance Suite...it's Sweet!
Updated October 22, 2019
ONESOURCE - Tax Compliance Suite...it's Sweet!
Score 7 out of 10
Vetted Review
Verified User
Overall Satisfaction with ONESOURCE
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.
- Without the use of ONESOURCE Transfer Pricing, we wouldn't be able to turn out transfer pricing documentation on our own. We have approximately 125 transfer pricing reports a year that require preparation, and outsourcing those at $15-25,000 a piece isn't feasible. We pay less than $50,000 annually for ONESOURCE Transfer Pricing and can now turn out as many reports as we need for a flat fee.
- ONESOURCE BEPS Action Manager ("BAM") allows us to prepare both our Country by Country Report and our Master File in house. We had received quotes from accounting firms in the range of $100-200,000 annually for a Country by Country Report and $50,000 for a Master File annually. For a $20,000 investment annually in BAM, we can complete both in house.
We've considered numerous income tax compliance tools in the past, including ProSystems. However they've never lived up to the billing of the ONESOURCE Income Tax module.
Additionally, we've considered Corp-Tax, but it just didn't have the look and feel of the ONESOURCE platform that makes it so easy and accessible to use.
Additionally, we've considered Corp-Tax, but it just didn't have the look and feel of the ONESOURCE platform that makes it so easy and accessible to use.