Ernst & Young has partnered with Thomson Reuters to introduce EYTaxSpace Powered by Thomson Reuters, a service for processing the firm’s corporate tax clients.

Based on the ONESOURCE software from the Tax & Accounting business of Thomson Reuters, the system aims to streamline business tax compliance and reporting services. EYTaxSpace integrates data and processes to simplify data submission from clients and coordinate the data gathering process on an enterprise-wide basis. The system sets up a collaborative environment between the client and Ernst & Young to provide clients with real-time access to the status of the work being done by E&Y and a snapshot of the client’s tax situation.

“Every good client relationship starts with a good client experience—including ease, efficiency, usefulness and confidence,” said Doug Mastrangeli, Americas leader of tax technology and tax technology services for the global Ernst & Young organization. “Clients know it’s not just about collecting data, it’s managing the data to make their jobs easier. In providing tax compliance and reporting services to our clients, we aim to leverage the best technology and make those benefits available to them. So when the Ernst & Young LLP design team started working with Thomson Reuters ONESOURCE, our overarching objective was to try to surpass client expectations while enhancing their experience. That’s absolutely what we’ve done.”

E&Y noted that with the increased complexity of companies’ compliance and reporting requirements and the need for transparency and collaboration in delivering these services, most companies will need to review and revise their reporting processes and technology. The firm saw this as an opportunity to adapt ONESOURCE capabilities to help clients manage those compliance and reporting needs.

“To stay at the top of the industry, Ernst & Young continually and aggressively focuses on innovation,” says Joe Harpaz, managing director for ONESOURCE at Thomson Reuters, in a statement. “We are pleased they chose us to help them execute on this evolution of their corporate tax compliance and reporting processes.”