The Tax & Accounting business of Thomson Reuters has introduced a transfer pricing software product that helps multinational corporations like Ford Motor Company cut their tax bills.
ONESOURCE Operational Transfer Pricing enables multinationals to manage transfer pricing data, compliance and reporting in real time. The system collects, validates and standardizes data from multiple ledgers into a centralized system, providing reporting visibility on demand instead of through the traditional annual process. Using the technology, corporate tax professionals can identify and communicate areas of risk early in the year. The new system allows companies to manage, forecast and plan their transfer pricing strategies throughout the year.
Ford is an early adopter of the new system. “With ONESOURCE Operational Transfer Pricing, reporting that used to take four months can be done in just a week, allowing us to reallocate our resources to more strategic activities,” Ford Motor Company manager of transfer pricing strategy and analysis Elizabeth Blatchford said in a statement.
For more information, visit www.tax.thomsonreuters.com/operational-tp.