Thomson Reuters ONESOURCE Indirect Tax Certified for S/4HANA Cloud, Private Edition

⇨ Thomson Reuters ONESOURCE Indirect Tax recently earned certification for SAP S/4HANA Cloud, Private Edition.

⇨ The solution offers native SAP design best practices, maximizing compatibility, flexibility, speed, for true global compliance.

⇨ ONESOURCE cuts down on the need for extensive coding and workarounds, and it less expensive to implement and maintain than competitors.

Certification

Thomson Reuters recently announced its ONESOURCE Indirect Tax – Global Next solution received SAP certification for integration with the SAP S/4HANA Cloud, private edition. This certification means that organizations can calculate, collect, and report indirect tax in a simpler and more automated fashion by reducing reliance on customizations and leveraging cloud native technologies.

Thomson Reuters vice president of indirect tax Ray Grove said in a statement “This unique designation allows Thomson Reuters to stand alone in our industry. By implementing best practices and cutting-edge technology to maximize compatibility, flexibility, speed, and global compliance, we’re helping our customers work smarter, not harder.”

Tax Landscape

SAP organizations are increasingly turning to solutions such as ONESOURCE Indirect Tax – Global Next to help manage indirect tax challenges. SAPinsider’s SAP S/4HANA Finance and Central Finance: State of the Market 2023 report found that the share of respondent organizations using tax and indirect tax management solutions increased for a third year in row. Tax and indirect tax management solutions ranked as the second-most commonly adopted technology, with 28% of respondents using them.

Organizations also noted how the move to SAP S/4HANA significantly impacted their finance strategies. Companies consistently indicated that they want a cloud-native solution to maximize the capabilities that stem from this move. Thomson Reuters ONESOURCE Indirect Tax – Global Next offers native SAP best practices to help organizations maximize control, performance, and reliability.

Another chief concern is the cost of solutions themselves, as well as the expense and manpower needed to maintain them. ONESOURCE Indirect Tax – Global Next promises smoother and less expensive implementation and maintenance, saving money for organizations and freeing up IT workers for other projects.

Automation

Manual and repetitive tasks within the tax space not only eat up the time of tax teams, but they can also introduce the possibility of manual errors. This can lead to compliance issues, as well as excessive tax burdens.

Part of the appeal of ONESOURCE Indirect Tax – Global Next is that it leverages robust automation capabilities to calculate indirect taxes for global sales tax, use tax, GST, VAT, and excise tax.

Compliance

One of the most significant challenges that organizations face is the constantly-shifting worldwide regulatory landscape. Countries are constantly changing and updating tax rules and regulations, and it can be difficult to keep up – especially for those organizations operating in multiple jurisdictions.

The ONESOURCE Indirect Tax – Global Next integration for SAP S/4HANA Cloud offers support for over 200 counties and territories, while providing a single source of truth across all business systems. This allows companies to ensure all tax rules and policies are met, regardless of location.

What This Means for SAPinsiders

Remaining compliant with all relevant regulations is a top priority for tax teams within major SAP organizations. Yet many have struggled to keep up with rapidly shifting rules while also minimizing tax burden and risk.

Thomson Reuters’ ONESOURCE Indirect Tax – Global Next solution can help those organizations accurately calculate what they owe while simplifying technical requirements and ensuring compliance. With such an important responsibility, tax teams want to know they are relying on a trusted solution. SAP’s certification for integration with SAP S/4HANA Cloud, Private Edition, gives these teams the confidence that they will not have to choose between functionality and accuracy when calculating their taxes.