Thomson Reuters named leader in tax automation software

Thomson Reuters has been recognised as a Leader in the 2024 IDC MarketScape reports for SaaS and cloud-enabled sales and use tax automation software for enterprises.

The designation was announced in two reports: the "Worldwide SaaS and Cloud-Enabled Sales and Use Tax Automation Software for Enterprise 2024 Vendor Assessment" and the "Worldwide Value-Added Tax Management Applications 2024 Vendor Assessment". This recognition reflects the company's efforts in providing solutions for complex tax compliance, a growing concern for multinational corporations.

Ray Grove, Head of Corporate Tax and Trade at Thomson Reuters, commented, "In today's rapidly evolving global marketplace, tax compliance has become increasingly complex for multinational corporations. At Thomson Reuters, we're committed to empowering our customers with cutting-edge technology that not only ensures compliance but also enhances their competitive edge."

He added, "We believe our recognition as a Leader in both the enterprise SUT and VAT markets in this IDC MarketScape underscores our unwavering dedication to our customers' success. Through our trusted ONESOURCE solutions, serving over 205 countries and territories, we continue to push the boundaries of innovation. Our vision is to create a seamlessly connected suite of global indirect tax calculation, reporting, and e-invoicing capabilities, providing best-in-class technology to enable our customers to navigate the complexities of tax compliance with confidence and agility."

Kevin Permenter, Research Manager at IDC, highlighted the importance of technology in addressing tax challenges. "Businesses of all sizes are grappling with an increasingly complex tax landscape, and they are turning to technology vendors for sophisticated tax automation solutions that seamlessly integrate, ensure compliance, and boost operational efficiency," he stated.

Permenter continued, "Thomson Reuters has consistently demonstrated its commitment to innovation and customer success in the SaaS and cloud-enabled Value-Added Tax automation software market. Their ONESOURCE platform stands out for its comprehensive global coverage, robust integration capabilities, and advanced features powered by edge computing and AI. They are positioned well to address the evolving needs of businesses facing intricate tax compliance challenges across multiple jurisdictions."

Additionally, Pagero, a part of Thomson Reuters, was acknowledged as a Leader in the "IDC MarketScape: European Compliant e-Invoicing 2024 Vendor Assessment". As a critical component of Thomson Reuters' e-invoicing offerings, ONESOURCE Pagero supports businesses by providing automated e-invoicing software to streamline compliance processes globally, thus unlocking business insights.

The ONESOURCE suite from Thomson Reuters offers comprehensive tax compliance solutions, including automated preparation and filing for sales and use tax as well as VAT. The platform integrates with major enterprise resource planning systems and performs tax determinations and calculations for transactions. It incorporates edge computing for faster tax calculations. Recently, Thomson Reuters introduced the ONESOURCE with CoCounsel globally, a system that merges AI capabilities with professional-grade generative AI assistance, offering immediate responses from Thomson Reuters' proprietary data.