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A 360° RETURN AND PROVISION SOLUTION
Connecting Every Angle of Your Tax Process
Get complete control of your entire tax process with the ONESOURCE return and provision solution from Thomson Reuters. You eliminate duplication of effort, save time, and reduce your risk by using the same data for both your provision and return processes. Whether you handle your provision and income tax compliance processes separately or together, the ONESOURCE return and provision solution is the ideal way to manage your data to ensure the highest level of accuracy in the least amount of time.
By combining our robust provision software, ONESOURCE Tax Provision (formerly TaxStream) with our comprehensive return software, ONESOURCE Income Tax, we have developed the most complete, full-circle return and provision tax solution available. No other vendor can match the functionality and ease of use of our ONESOURCE return and provision solution.
BENEFITS OF INTEGRATED PROVISION AND RETURN
- Time savings
– Tax departments utilizing the ONESOURCE return and provision solution have realized a savings of two or more weeks in their compliance process.
– Eliminate redundancy by creating a consistent transfer of information. Feed trial balance data, book-tax differences, and pre-tax book income from ONESOURCE Tax Provision to ONESOURCE Income Tax to get a head start on your federal and state returns.
- Increased efficiency
– Eliminate the duplication of work done by your provision and income tax compliance personnel by leveraging the same data and providing instant access to that data.
–Automate your return and provision true-up by automatically comparing your filed tax return from ONESOURCE Income Tax with your prior-year annual provision from ONESOURCE Tax Provision, then posting the data to your current-year annual provision.
- Reduction of risk
– Use the same data for your provision and return to ensure data accuracy and improve audit defense.
- Easy to use
– Intuitive, simple navigation and set-up that doesn't require a full-time administrator or technology expert.
- State rates and apportionment percentages
– Automatically send state rate and apportionment data from ONESOURCE Income Tax into ONESOURCE Tax Provision to generate state-specific provision reports.
- Single Sign-On and Tax Workstation
– Use one login for all your ONESOURCE applications. Gain greater control and visibility over data across the tax department, including return, provision, transfer pricing, sales and use tax, and property tax data.
– Improve management of tax department workflows.
- Here's what just a few of the other users of the ONESOURCE return and provision solution are saying:
- "The integration enabled our company to save valuable time in computing the return to provision. Prior to the integration, we manually input all adjustments for partnership entities. The entire process is now automated, and adjustments to the integration can be made via importing one simple file. This allowed our tax team to devote more time to other items."
- Kristi Rooney – Director of Tax, Vanguard Health Systems - "The biggest benefit is the comfort of knowing you have eliminated human error in the data transfer process, and, with regard to the true-up, by moving the data directly from ONESOURCE Income Tax into the tax return dataset in ONESOURCE Tax Provision, it greatly simplifies the process. It is a real time saver."
- Jon Easlick – Independent contractor - "The biggest benefit of the [return to provision] solution was the time savings. We have about 30 domestic entities and I would say the solution saved us much as two full days. Instead of entering 20 adjustments in Income Tax and 20 adjustments in ONESOURCE Tax Provision, you basically just have to push a button. In year's past, we would not really have a good idea where we were at in comparison to the provision because we'd run out of time."
- Emily Lasik - Senior Tax Analyst, The Warranty Group - "The biggest benefit of the return to provision solution was knocking out a few hours of my time,
probably an entire day, not having to re-enter everything for the income tax."
- Joe Proll – Asst Controller, Healthcare Services Group, Inc.
- "The integration enabled our company to save valuable time in computing the return to provision. Prior to the integration, we manually input all adjustments for partnership entities. The entire process is now automated, and adjustments to the integration can be made via importing one simple file. This allowed our tax team to devote more time to other items."
ONESOURCE TAX PROVISION
ONESOURCE Tax Provision automates your year-round tax provision processes, improves management of tax data, and minimizes risk. With features such as automated trial balance feeds and generation journal entries, real time, self-reconciling reports, custom calculations and a full SOX audit trail, we provide significant time savings for your year-round tax process by reducing manual effort and streamlining the flow of tax data throughout the year. As a result, your team can spend more time on value-added activities such as tax planning.
