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Thomson Reuters' technology relationships enable the continued development of our products, including increased integration with their respective products.

Oracle's Hyperion

We have entered into a partnership with Oracle, specifically its Hyperion product line, which will support a solution that enables users to populate ONESOURCE TaxStream Provision directly from their financial consolidation.

The advantages of such an arrangement are clear:

  • Single source for tax sensitive data
  • One mapping exercise
  • Most timely source of data
  • Minimal reconciliations
  • Ease of maintenance

Access all your information – in one place

Most financial consolidations don' t maintain sufficient detail to support the needs of the tax department. As data moves through higher reporting levels, accounts and entities are often combined so that tax sensitive data becomes lost.

This problem has been overcome with Oracle' s Hyperion Financial Data Quality Management (FDM) application. FDM sits between the general ledgers and the top consolidation, providing all of the detail that supports the final financial statements. With FDM, users can access detailed general ledger balances (source accounts) as well as high-level consolidated balances (target accounts) in a single application. Both source and target accounts can be accessed via an interface that enables users to create their own ONESOURCE TaxStream Provision load file.

User defined extracts can be easily created and maintained, providing a source for tax sensitive accounts to be used in:

  • Provision
  • Extensions
  • Estimates
  • Returns
  • Planning

Once imported into ONESOURCE TaxStream Provision, these same extracts are stored permanently within the ONESOURCE TaxStream Provision database as part of the audit trail.

Easily handle multiple ledgers

Where a company has multiple general ledgers, FDM can create a single extract that pulls all tax-sensitive data from the most convenient source. For example, Subsidiary A might roll up several reserve balances to a single target account that is used to compute a temporary difference. In this case, mapping the target account to is most efficient. Subsidiary B might have many different reserves (some tax sensitive and some not) rolling up to a single target account. Here, it would be more efficient to map the source accounts to ONESOURCE TaxStream Provision. In this way, users can create a single map that best suits their unique data structures.

FDM has a number of features that ensure that detailed accounts are in sync with consolidated results. This assures you that the source and target accounts they import into the software are reliable and agree with the consolidated financial statements.

Ensure accuracy

Thomson Reuters and Oracle' s Hyperion are currently developing an interface that enables journal entries to flow directly from ONESOURCE TaxStream Provision into the final consolidation. This will complete that link between the two systems, providing complete support for the final tax provision recorded in the audited financial statements.

With FDM, users will be able to populate ONESOURCE TaxStream Provision with a single file that includes all detailed or rolled up accounts, whichever is more efficient. This file is easy to create and maintain and will agree with the final audited financial statements. Journal entries will flow directly into the final consolidation from ONESOURCE TaxStream Provision.