Thomson Reuters ONESOURCE and OracleThomson 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

ONESOURCE OVERVIEWONESOURCE OVERVIEW

CORPORATE TAX OVERVIEWCORPORATE TAX OVERVIEW

DIRECT TAX OVERVIEWDIRECT TAX OVERVIEW

INDIRECT TAX OVERVIEWINDIRECT TAX OVERVIEW

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 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. 

Angie FauntLeRoy Bio

Principal Business System Analyst

ONESOURCE OVERVIEWONESOURCE OVERVIEW

Financial & Risk

Intellectual Property & Science

Tax & Accounting

Legal

• $14B annual revenue*• Over $800M FOC (free operating capital) • 56,000 Employees• Offices in 100+ countries

News

Thomson Reuters Fast Facts

49/50 top banks choose Thomson Reuters Accelus.

professionals use our financial desktops including Eikon.

of Fortune 500 companies use Thomson Reuters legal research offerings.

people are reached by Thomson Reuters News daily.

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

Thomson Reuters Fast Facts

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

7%

9%

10%

5%

Thomson Reuters Products

Oracle Products

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 OVERVIEWCORPORATE TAX OVERVIEW

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)

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 OVERVIEWDIRECT TAX OVERVIEW

ERPG/L

ONESOURCE DIRECT TAX

ERP G/LConnection (GLM)

Tax Automation

Tax Workpaper Management

Tax Provision

Tax Return Generator

Tax J/E

1120

10-K Tax Footnote

ERPG/L

Tax J/E Tax Deliverables

1120

10-K Tax FootnoteMS Access DB

ONESOURCE Direct Tax: “End-to-End”

Data Providers

• Sales• Property• Payroll

ERP & OtherSources

ERP/GL’s

ProvisionComplianceEstimates

Workpapers &Data Collection

State Apportionment &State Planning

Analytics &Planning

Reporting

Financial Reporting

Income Tax Compliance

ON

ES

OU

RC

E W

orkF

low

Man

ager

DataManagement Core Applications

FileRoom Feature

ONESOURCE Calendar

EntityManager Feature

ONESOURCE Audit

Manager

Trial BalanceData

Management

INDIRECT TAX OVERVIEWINDIRECT TAX OVERVIEW

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

Determination Reporting Checking Filing RemittanceOracle 12 Global

TransactionsManual

Tax PoliciesLiability

DataManual

Tax Policies

Business Apps

ONESOURCE Indirect Tax:“End-to-End”

AutomatedDetermination

Reporting Checking Filing RemittanceLiability

Data

Global Tax

Policy

Determination Compliance

ONESOURCE INDIRECT TAX

Audit Defense Data

20132012

2011

Business Apps

X X X X X X

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

• 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

Only end-to-end global tax management solution

Single platform for visibility to all tax activities and data

Leading tax solution for enterprise applications

Proven for global tax projects

Why Thomson Reuters ONESOURCE?

Global expansion & acquisitions

Global commitment to support our customers

Visit us at our booth: Moscone West #3553