The Tax & Accounting business of Thomson Reuters has introduced a cloud-based version of its software for managing sales and use taxes and value-added taxes.

The software uses cloud-based computing to allow companies to scale up at their own pace.

“We developed ONESOURCE Indirect Tax in the cloud so that our customers can select the deployment method that works best for their business,” said Gary Allen, vice president of technology for the Tax & Accounting business of Thomson Reuters, in a statement. “Whether our clients select our cloud solution or our on-premise one, they will be using the industry’s only indirect tax solution with a patented tax determination engine that is relied upon by leading companies in the U.S. and globally to achieve compliance with confidence.”

The system is hosted at Thomson Reuters’ hosting center and undergoes: an annual SSAE 16 audit performed by an AICPA-accredited firm, an annual application security assessment performed by a leading third-party security firm and weekly vulnerability infrastructure scans.

Features include tax determination and calculation, tax research and content, tax policy configuration and tax results analysis reporting, and real-time integrations with business applications. Other features provide compliance activities to meet tax returns filing, remittance and audit requirements.

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