Thomson Reuters has integrated its ONESOURCE Indirect Tax sales tax technology with NetSuite’s cloud-based enterprise resource planning system.
The integrated system, ONESOURCE Indirect Tax for NetSuite SuiteApp, uses NetSuite’s SuiteCloud development technology. The new SuiteApp allows users to transfer high volumes of financial data from NetSuite to the ONESOURCE Indirect Tax engine, which evaluates each transaction line and calculates the appropriate tax. The app returns detailed tax result data to NetSuite for planning, reporting, auditing, and governance and compliance activities.
“By integrating ONESOURCE Indirect Tax with NetSuite, we are coupling our tax technology expertise with the industry’s fastest-growing cloud ERP, allowing companies of all sizes to leverage our combined strengths,” said Chris Carlstead, managing director of indirect and property tax at Thomson Reuters, in a statement. “Together we can better help companies manage the ever-increasing rate of change, regulation and complexity inherent in corporate taxation.”
The app offers midsize and large businesses, including companies with international subsidiaries running on NetSuite OneWorld, a system for calculating U.S. sales and use taxes to stay compliant and avoid penalties and audits.
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