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GREATER VISIBILITY INTO YOUR TAX PROVISION
ONESOURCE Tax Provision (formerly TaxStream) was designed to give you a new perspective of your provision data. You can collect and share data easier than ever with regulatory bodies, your auditors, and even within your tax department. This sophisticated global patented provision calculation engine comes with deep integration capabilities and flexible user functionalities to ensure that your department can effectively automate your provision, improve risk management, and streamline your workflow.
Seamlessly integrating with your general ledger and return system, ONESOURCE Tax Provision automatically generates all calculations, reports, and documentation to satisfy your tax planning. It provides the flexibility to calculate and reconcile the tax provision according to a variety of accounting and tax standards, including:
- IFRS and U.S. GAAP
- ASC 740 (FAS 109)
- ASC 740-10-50 (FIN 48)
- IAS 12
- CICA 3465
Create the perfect solution with a variety of modules for tax provision software and tax provision services.
CHANGING THE POSSIBILITIES OF GLOBAL TAX TECHNOLOGY
Whether your business operates globally or domestically, ONESOURCE Tax Provision (formerly TaxStream) can help you save time, manage risk and ease your audit process. The latest version was to built to produce a more detailed and flexible audit trail in the system and integrate with the FileRoom feature of ONESOURCE WorkFlow Manager, a centralized document management solution.
This year-round tax process optimization offers:
- Automated Reporting. Generate self-reconciling tax provision reports in real time: consolidated by entity, by jurisdiction, or by sub-consolidated grouping.
- Global Compliance. ONESOURCE Tax Provision provides the flexibility to calculate and reconcile the tax provision according to a variety of accounting standards, including IFRS and U.S. GAAP simultaneously. With ONESOURCE Tax Provision, you can easily translate between local and reporting GAAP.
- Deferred Balance Tracking. Track, manage, and analyze deferred balances and roll them forward from period to period. Automate losses and valuation allowances on a jurisdictional, entity, and filing group basis.
- Planning. Create an unlimited number of what-if or planning scenarios without compromising the integrity of your actual data.
- Interim Reporting. Track forecasted and actual information with additional flexibility. Choose a year-to-date or an isolated approach to accurately generate a provision based on the interim rate approach. Compare your forecast information side by side with your actual information and isolate the differences. Available reports, include forecast reports, actual interim, reports and any statutory rate impacted by discrete items.
- Jurisdiction Functionality. Generate reports for any U.S. state or municipality, Canadian province, or other local jurisdiction. Taxable income automatically flows into ONESOURCE Tax Provision and can be adjusted for local tax rules and apportioned across multiple jurisdictions. Apportion and state rates housed in ONESOURCE Income Tax or other sources can be used to update the rates in the provision calculation.
- Estimates and Extensions. Compute estimated payment and extension amounts by reusing the provision data as the base which can be modified by adding other components such as minimum and franchise taxes.
- Payable Tracking. Automatically build, manage, and document your taxes payable roll forward period over period. Reports display balances by transaction type, entity, and period to assist in analyzing the account balance.
- Multilanguage functionality. Seamlessly operate across borders in several of the most popular languages used by the global user base including French, Spanish, and German.
CONNECTING EVERY ANGLE OF YOUR TAX PROCESS
ONESOURCE Tax Provision, the most complete corporate tax provision software on the market today, integrates with other market leading solutions including:
- ONESOURCE Income Tax
- The FileRoom application of ONESOURCE WorkFlow Manager
- And more
ONESOURCE products are accessible from a single location, minimizing the need to log in to multiple software programs. In addition, the integration of multiple products makes usage easier, more efficient, and more productive.
The integration between ONESOURCE Income Tax and ONESOURCE Tax Provision is unlike any other provision and return solution. The combination of these market-leading solutions enables data sharing at ANY level of detail. Hear what clients are saying about ONESOURCE return and provision 360°.
QUALITY SERVICES TO BACK OUR PRODUCTS
From the tax managers that implement our software to our highly trained customer support staff, Thomson Reuters has services that optimize your tax provision process.
Fulfillment / Implementation. Thomson Reuters experienced tax managers will automate your tax process and get you up and running as quickly as possible to maximize your investment and ensure a smooth transition.
Training. Training is a key part of the ONESOURCE Tax Provision (formerly TaxStream) experience. We've developed standardized training materials and programs that can assist you in every step of the process. Get more information on training or sign up for a ONESOURCE Tax Provision Regional Lab Live Training Workshop.
Support. We take pride in providing you with services that are both high in quality and professional in manner. Customized support services are offered to meet all of your individual needs.
Best Practices. Take advantage of extensive knowledge gained from having successfully implemented ONESOURCE Tax Provision in hundreds of companies worldwide. Learn cutting-edge and innovative ways to further automate and integrate not only your provision process, but your tax work year round.
