The Tax & Accounting business Thomson Reuters plans to expand internationally by targeting multinational corporations and global accounting firms via a series of strategies.
Key to the company's strategy is its Web-based ONESOURCE global tax workstation, which will launch in the fourth quarter of 2010. Building off the existing successful ONESOURCE technology for U.S. corporate tax departments and large accounting firms, which currently has more than 37,000 worldwide users, the new ONESOURCE product line will automate and integrate a series of global tax compliance workflows with local tax compliance tools in countries around the world, thus providing MNCs and their advisors with a "one-stop" workflow system.
The ONESOURCE global tax workstation will integrate all of a company's tax planning, transfer pricing, provisions, indirect tax and local tax compliance software products into one platform, all powered by the ONESOURCE Workflow Manager system.
Over the past few years, a converging series of large global trends have made tax and regulatory compliance for MNCs more complex, more difficult and increasingly more expensive," said Tax & Accounting president and CEO Roy M. Martin, Jr., in a statement. "The problem has been that technology has not kept up with MNCs evolving needs. There has been surprisingly few Web-based software tools specifically created to help these customers manage their worldwide tax compliance needs and ensure they are paying the correct taxes. Our new suite of Web-based products and services solves this problem and, in the process, assists taxing authorities by ensuring they receive proper filings and remits from the corporations operating within their respective local jurisdiction."
In tandem, the Tax & Accounting business of Thomson Reuters will launch a series of additional new products in 2010 and 2011, which will integrate with the ONESOURCE global tax workstation, including Checkpoint World and Checkpoint Learning. These Web-based research and certification platforms are designed to serve the global market.
The company will also release application programming interface kits for third-party developers early next year, allowing other software providers to integrate their products directly with Thomson Reuters' platforms and data-sets. Later this year, the company will also announce enhancements to its Paisley GRC software for governance, risk and compliance. Web-based Paisley technology currently has over 150,000 end-users around the world.
As part of its strategy, the Tax & Accounting business has now been reorganized into two new global businesses. Workflow & Services Solutions, led by Brian Peccarelli, provides tax compliance, accounting and practice management solutions to corporate tax departments and accounting firms. Business Compliance & Knowledge Solutions, led by Mark Schlageter, offers research, guidance, online media, certification and financial compliance solutions.
Starting in the second half of 2010, these businesses will be expanding their international sales, technical support and implementation staff in order to serve customers locally in major world markets, with a new office in Singapore opening on Sept. 1, 2010. The company presently has more than 750,000 end users in 104 countries.
