Thomson Reuters ONESOURCE Indirect Tax Determination
Automated tax reporting has reduced manual work and supports accurate audit-ready filings
What is our primary use case?
A specific example of how I use it for sales and use tax reporting is when we process AP invoices, it determines whether or not the correct sales tax or use tax has been charged, and then at each month, we run reports, and those reports are used to report our sales and use tax on state-specific tax returns.
In addition to that, I also use Thomson Reuters ONESOURCE Indirect Tax Determination to collect and gather resale certificates from our customers.
How has it helped my organization?
That shift to automation has affected my team by improving efficiency; it reduced the amount of time it took my team to prepare to gather the information, review it, and report it on our sales tax returns, and it also cut down on some of the time that our other departments, such as accounts payable, had to review invoices.
I have seen a return on investment, as we saved time; it took probably three weeks to prepare returns, and now we are able to do it in probably a week.
What is most valuable?
The reporting features are beneficial because we are able to pick up 100% of our invoices, which has been very helpful in audits.
What needs improvement?
For how long have I used the solution?
What do I think about the stability of the solution?
What do I think about the scalability of the solution?
How are customer service and support?
Which solution did I use previously and why did I switch?
How was the initial setup?
What about the implementation team?
What was our ROI?
What's my experience with pricing, setup cost, and licensing?
Which other solutions did I evaluate?
What other advice do I have?
Structured tax workflows have reduced invoice errors and support smooth SAP integrations
What is our primary use case?
I mainly use Thomson Reuters ONESOURCE Indirect Tax Determination for tax determination for other conditions. It is integrated with SAP, and we mainly use it for TransEditor, TCQ purposes, and custom rules, and to write a new TransEditor or TCQ. The main purpose is that.
Suppose a situation where an AP processor tried to process an invoice from SAP, and SAP is integrated with Thomson Reuters ONESOURCE. While processing the invoice, the AP team has an issue. Maybe they are not able to process the invoice due to a Sabrix error. We go and check the issue and we put in the data and we check the logs of the out-data and we found that there is an error in the TransEditor. We go to that particular group of the TransEditor and fix it.
I mostly use the product mapping, TransEditor, custom rules, and TCQs. These are the main uses and the use case.
How has it helped my organization?
We are using Thomson Reuters ONESOURCE Indirect Tax Determination for our client purpose mainly and it has been fantastic in our growth in our company. It played a positive impact.
What is most valuable?
I cannot say what are the best features of Thomson Reuters ONESOURCE Indirect Tax Determination, but it is easy to navigate and the ease of navigation and learning are strong points. If someone new wants to start learning Thomson Reuters ONESOURCE, it is designed in such a way to navigate very easily. The easiness is a good feature.
TransEditor is what makes Thomson Reuters ONESOURCE Indirect Tax Determination easy to use. We mostly use TransEditor, and it is user-friendly.
Definitely, Thomson Reuters ONESOURCE Indirect Tax Determination has three stages: development server, pre-production, and production. It reduces the height of error. If anything you modify in the dev server, until and unless you verify using the tax calculator, you cannot move it to the pre-production. This reduces error significantly. This is a very good feature and outcome. There are very few chances to get an error.
What needs improvement?
It is good overall. For custom rules, there is some complexity in the custom rules creation. If something could be done to make it very easy to understand the custom rule and how to create it, providing a guide on how to create a custom rule in an easy way would help. This feels a little complex in Thomson Reuters ONESOURCE Indirect Tax Determination.
I feel Thomson Reuters ONESOURCE Indirect Tax Determination is good as of now. I do not have particularly any advice, but it feels good. There is no scope of improvement. However, your team can work along with them and find areas as needed.
Nothing is perfect in this world. There is always a possibility of enhancement or feature upgrade. These are the two points I have identified for the future upgrade.
For how long have I used the solution?
I have been working for one and a half years in this field.
What other advice do I have?
I did not use any of the AI feature in Thomson Reuters ONESOURCE Indirect Tax Determination. Either it is not in our version what we are using, so I have no proper answer for that.
I do not use AI with Thomson Reuters ONESOURCE Indirect Tax Determination as of now, so I have no answer for that.
My overall rating for this product is 8 out of 10.