Thomson Reuters has released a new global integration framework for its ONESOURCE Indirect Tax solution, known as Global Next, to work with the SAP enterprise resource planning application in handling global indirect taxes.
This integration framework offers streamlined automation for companies with operations outside the U.S. as they deal with the more than 350 regulatory changes affecting value-added taxes and goods and services taxes worldwide in 2013.
The framework enables ONESOURCE Indirect Tax determination software to work with the SAP ERP application, without the need for IT programming, so that multinational corporations can manage tax updates and achieve indirect tax determination and compliance on a global scale.
“With upcoming legislative changes, such as the new 2015 VAT place of supply rules in Europe and others, there’s no question that companies are increasingly turning to technology to help them reduce cost, complexity and risk around indirect tax,” stated Stephen James, principal in charge of the Thomson Reuters Indirect Tax strategic alliance at KPMG, a user and licensor of ONESOURCE technology. “We’re firmly of the view that enabling technologies such as Global Next can be key to a rapid and successful ERP integration and indirect tax deployment, enabling companies to meet their implementation deadlines with reduced cost and enhanced compliance.”
According to Thomson Reuters, the new integration software changes how indirect tax is determined, calculated and recorded by simplifying processes, delivering flexibility and maximizing resource efficiency.
“When we set out to develop this new solution, we wanted to deliver an integration that was truly as global as our customers,” stated Eric Ruud, managing director of ONESOURCE Indirect & Property Tax for the tax and accounting business of Thomson Reuters. “The result is an innovative approach in which accuracy improves, tax penalties and interest fees can be minimized, IT spends less time on tax policy configurations, and countless dollars can be saved.”
More information on ONESOURCE Indirect Tax is available here.