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NEW YORK, N.Y., Mar 3, 2011 - (ACN Newswire) - The Tax & Accounting business of Thomson Reuters today announced the launch of ONESOURCE WorkFlow Manager 5.0, a core component of the global tax workstation that provides multinational corporations (MNCs) with a transparent view of all tax and accounting processes - and the control they need to institutionalize their best practices.
This enhancement to the existing WorkFlow Manager solution provides users with greater customization, visibility and control. It also addresses corporate tax automation challenges facing today's MNCs, such as data management, resource management and regulatory compliance. New or enhanced features include intelligent task automation, enhanced data and entity management, sophisticated reporting and viewing, and best practice content.
"Tax departments in MNCs increasingly experience budget and skill constraints, while supporting a 24/7 real time global operation," said Joe Harpaz, head of the Global Tax Technology group at Tax & Accounting. "Business today is global and the tools used to manage today's businesses must also be global in nature. ONESOURCE WorkFlow Manager 5.0 easily allows companies to collect and analyze data needed to file timely, accurate corporate tax returns and report the tax provision -- ultimately supporting a shorter financial close cycle and increasing efficiency in the preparation process."
The intelligent tax automation in ONESOURCE WorkFlow Manager 5.0 is created by rules-based workflows that automatically prompt users to complete the necessary tasks associated with the tax department function. This allows tasks to be prioritized and provides urgency and escalation features to indicate approaching deadlines - ensuring that required work is completed on time.
The FileRoom application of WorkFlow Manager 5.0 allows a corporation to better collect, organize, and manage workpapers and data essential for every part of the tax life-cycle. For example, when preparing the corporate tax return for a European entity, a U.S.-based tax manager can pull data from a workpaper from their counterpart in Europe. Furthermore, with the recent addition of global due dates in ONESOURCE Calendar, the company can now track all activities leading up to the statutory filing deadline in more than 50 countries.
In reaction to a global environment where compliance and visibility are growing concerns, WorkFlow Manager 5.0 provides insight and peace of mind through weekly and/or daily reporting -- with a push of a button. This new reporting capability gives heightened visibility into the status of all tax projects in real-time, allowing companies to make strategic decisions and reduce their compliance risk.
ONESOURCE WorkFlow Manager also provides best practices content for calculating a company's Research & Development (R&D) tax credit through the recently released ONESOURCE R&D Tax Credit Manager. In addition, best practice workflows have been designed to better manage simultaneous audits through ONESOURCE Audit Manager. Both R&D Tax Credit Manager and Audit Manager are integrated with ONESOURCE WorkFlow Manager 5.0.
For more information on the ONESOURCE Workflow Manager visit: http://onesource.thomsonreuters.com/solutions/workflow-manager/workflow-manager/
Contact:
Tina Allen
PR Manager EMEA
Tina.allen@thomsonreuters.com
+44 (0) 207 375 6814
Topic: Press release summary
Source: Thomson Reuters
Sectors: Daily Finance
https://www.acnnewswire.com
From the Asia Corporate News Network
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