Thomson Reuters has released a new version of its ONESOURCE Operational Transfer Pricing software that uses big data technology to automate, track and analyze the transfer pricing process.
Businesses can use the technology in conjunction with their transfer pricing policy, the process by which companies set the price of goods and services sold between entities within an enterprise. The system provides data collection, transaction analysis and profit and loss segmentation to help companies make informed decisions. Companies can perform data aggregation, analysis and transformation tasks to help them control audit risk.
“As a result of the current regulatory tax landscape, multinationals are facing scrutiny on all fronts – from intergovernmental agencies and tax authorities to internal and external auditors,” said Sam Cicogna, vice president and head of ONESOURCE Transfer Pricing, for the Tax & Accounting business of Thomson Reuters. “More than ever before, it’s imperative for companies to have full visibility and control over their transfer pricing data and processes to easily and accurately defend their business strategy.”
The solution is part of Thomson Reuters’ ONESOURCE suite of software, which provides global tax compliance and accounting decision-making technology. For more information,
