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Thomson Reuters ONESOURCE and Oracle. The Tax & Accounting Business of Thomson Reuters Stephen McGerty, Head of ONESOURCE Income Tax, Provision and WorkFlow Angie FauntLeRoy, Principal Business Systems Analyst September 30, 2014. AGENDA.

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Thomson reuters onesource and oracle

Thomson Reuters ONESOURCE and Oracle

The Tax & Accounting Business of Thomson Reuters

Stephen McGerty, Head of ONESOURCE Income Tax, Provision and WorkFlow

Angie FauntLeRoy, Principal Business Systems Analyst

September 30, 2014


Agenda

AGENDA

ONESOURCE OVERVIEWCORPORATE TAX OVERVIEWDIRECT TAX OVERVIEWINDIRECT TAX OVERVIEW


Stephen mcgerty bio

Stephen McGerty Bio

Head of ONESOURCE Income Tax, Provision and WorkFlow

Stephen has been performing Tax Technology work since 2001 when he was a founding partner of the company that developed ONESOURCE Tax Provision. 

Stephen has over 20 years experience with I.T. consulting and has worked at companies such as IBM, Harvard Pilgrim Healthcare, Bankers Trust and MetLife. 

In addition to his experience in tax technology, he has also worked in fields as diverse as supply chain management, 401(k) recordkeeping and video game development. Stephen holds a bachelor’s and a master’s degree in Computer Science from Trinity College Dublin.


Angie fauntleroy bio

Angie FauntLeRoy Bio

Principal Business System Analyst

Angie FauntLeRoy is a Principal Business Systems Analyst with Thomson Reuters Tax and Accounting responsible for Oracle Integrations. In her role she prepares product requirements and functional designs. She supports the product releases management process and their timely delivery to our clients. Angie is in her sixth year with Thomson Reuters.

Prior to Thomson Reuters Angie worked as an Oracle consultant for twelve years at several fortune 500 companies in many industries as an Oracle implementer. She specialized in the distribution and financial applications. Angie started her career in accounting, holding various accounting positions, including Assistant Controller.

Angie is a Certified Public Accountant and holds a Bachelor of Arts degree from the University of Northern Iowa. 


Onesource overview

ONESOURCE OVERVIEW


Thomson reuters onesource and oracle

  • $14B annual revenue*

  • Over $800M FOC (free operating capital)

  • 56,000 Employees

  • Offices in 100+ countries

News

Financial & Risk

GRM

ONESOURCE

Intellectual Property & Science

CS PROFESSIONAL SUITE

Legal

CHECKPOINT

Tax & Accounting


Thomson reuters fast facts

Thomson Reuters Fast Facts

of Fortune 500 companies use Thomson Reuters legal research offerings.

professionals use our financial desktops including Eikon.

people are reached by Thomson Reuters News daily.

49/50 top banks choose Thomson Reuters Accelus.


Thomson reuters fast facts1

Thomson Reuters Fast Facts

of the Top 100 CPA firms, 94 of the top 100 law firms and 95 of the Fortune 100 use Thomson Reuters Checkpoint.

individuals use IP & Science products.

land parcels around the world are managed by local governments using Thomson Reuters Aumentum software.

are captured and published by Reuters every year.


Tax accounting s growing global presence

Tax & Accounting’s Growing Global Presence

5%

7%

10%

9%


Thomson reuters onesource and oracle

Thomson Reuters Products

Oracle Products


Onesource hosting

ONESOURCE Hosting

  • ONESOURCE applications and data centers are subject to annual, third-party SSAE16 audits

  • The Thomson Reuters Data Center is largely comprised of Oracle servers

  • All upgrades, maintenance, and support are handled by Thomson Reuters, reducing the administrative reliance on our clients internal IT teams


Corporate tax overview

CORPORATE TAX OVERVIEW


The tax department from the i t point of view

The Tax Department – From the I.T. Point of View

Tax departments have to comply with a wide array of obligations.

Do you know what your tax department does?

  • Direct Tax: Revenue or Profit based

    • Monthly tax expense accrual calculation

    • Annual Tax Returns, by country

    • State Apportionment calculations

    • Financial Statement tax footnotes

  • Indirect Tax: Transaction based (Sales and Use Tax, VAT)

    • VAT / Sales and Use Tax determination

    • VAT / Sales and Use Tax Returns

    • State Exemption tracking


The tax department from the i t point of view continued

The Tax Department – From the I.T. Point of View(Continued)

Tax departments buy or build a jumble of software solutions:

  • Control Risks

    • Authorization policies not enforced

    • No audit trails

    • No long term retention policy

  • Unaware of IT Corporate Standards

    • Technology best practices

    • Open source considerations

    • Security vulnerabilities

  • Business Continuity Risks

    • Backups

    • Redundancy

    • Key person dependencies

    • Long term support of “solutions”


Direct tax overview

DIRECT TAX OVERVIEW


Onesource direct tax end to end

ONESOURCE Direct Tax: “End-to-End”

Tax Deliverables

Tax J/E

ERP

G/L

1120

10-K Tax Footnote

MS Access DB

Tax J/E

ONESOURCE DIRECT TAX

Tax Provision

Tax Automation

ERP

G/L

1120

ERP G/L

Connection (GLM)

Tax Workpaper Management

Tax Return Generator

10-K Tax Footnote


Thomson reuters onesource and oracle

DataManagement

Core Applications

Analytics &Planning

Reporting

FileRoom

Feature

Financial Reporting

Trial BalanceDataManagement

ERP/GL’s

ONESOURCE Calendar

ProvisionComplianceEstimates

ONESOURCE WorkFlow Manager

EntityManager Feature

Workpapers &

Data Collection

Data Providers

Income Tax Compliance

ONESOURCE

AuditManager

ERP & OtherSources

State Apportionment &State Planning

  • Sales

  • Property

  • Payroll


Indirect tax overview

INDIRECT TAX OVERVIEW


Onesource indirect tax

ONESOURCE Indirect Tax

  • Complete end-to-end tax automation from Determination through to Compliance

  • Oracle Gold Partner

  • Collaborative Vendor Support Program member

  • Oracle Validated Integrations

  • Robust Oracle experience

  • Internal integration and services team since Oracle 10

  • Deep global and enterprise experience:

    • CISCO, Twitter, GE, Agilent, Towers Watson, JDSU


Onesource indirect tax end to end

ONESOURCE Indirect Tax:“End-to-End”

Business Apps

X

X

X

X

X

X

Manual

Tax Policies

Oracle 12 Global

Transactions

Manual

Tax Policies

Liability

Data

Determination

Reporting

Checking

Filing

Remittance

ONESOURCE INDIRECT TAX

Determination

Compliance

Business Apps

Liability

Data

Remittance

Filing

Checking

Automated

Determination

Reporting

2013

2012

2011

Global Tax Policy

Audit Defense Data


Tax department independance

Tax Department Independance

  • Fully function Tax Determination Engine

    • IT no longer needs to manage tax in Oracle – Tax department in charge of tax engine

  • Self service tax content updates

    • IT no longer needs to apply updates – Tax Department can apply content updates

  • Self service tax policy and business control

    • IT no longer needs to code logic into the ERP – Tax Department can configure and maintain their specific business logic in Sabrix

  • Self service tax and ad-hoc reporting

    • IT no longer needs to create reports – Tax Department has access to canned tax centric reports as well as an ad-hoc report


Oracle 12 integration highlights

Oracle 12 Integration Highlights

  • Developed and maintained by Thomson Reuters since 10.x

    • Most experienced internal Oracle team

    • Quick support and superior integration development

  • Global Experience and Support

    • VAT Invoice Messaging, Extended Tax Codes, Triangulation, etc.

  • Automated EBTAX setup for implementation and beyond

    • Streamline ongoing maintenance and OU setups

  • Most flexible integration to support SUT, VAT, etc.

    • Extra 80 Data Elements – not a single data string

  • Oracle Inventory movement use tax solution


Why thomson reuters onesource

Why Thomson Reuters ONESOURCE?

Only end-to-end global tax management solution

Single platform for visibility to all tax activities and data

Global commitment to support our customers

Leading tax solution for enterprise applications

Proven for global tax projects

Global expansion & acquisitions


Thomson reuters onesource and oracle

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