Thomson Reuters enhances global tax accounting software solution

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The Tax & Accounting business of Thomson Reuters recently announced the latest release of its patented and market-leading tax provision software, ONESOURCE Tax Provision. Version 7.0 enhancements include multilingual capability to serve a global audience, a new user interface, IFRS reporting functionality, and deeper software integration.

With the launch of Version 7.0, ONESOURCE Tax Provision is now available in French, Spanish, and German, to improve global tax accounting workflow within multinational corporations (MNCs). Additional languages are planned for future releases. The new user interface is designed to improve ease-of-use for tax accountants by making it simpler and faster to access the most important information.

Version 7.0 includes support for IFRS reporting and improved integration with ONESOURCE Income Tax return software. Aimed at improving tax department efficiency, the new capabilities simplify the "return to provision true-up" posting with ONESOURCE Income Tax.

"Among the many challenges facing companies that are expanding operations globally is the need to shorten the financial close cycle, of which the tax provision is a critical piece," said Joe Harpaz, senior vice president and general manager of Global Tax Technology at Thomson Reuters. "7.0 was created with a global focus, offering enhanced performance, improved ease-of-use, and new capabilities designed to support the mission critical corporate tax needs of MNCs."

ONESOURCE Tax Provision is relied on by more than one thousand companies and tens of thousands of users worldwide. The release of ONESOURCE Tax Provision 7.0 follows the announcement that the Thomson Reuters provision solution was awarded U.S. Patent 7,627,504 in December 2009 for creating an innovative software solution to gather the data needed to determine a company's provision statement.

For more information regarding ONESOURCE Tax Provision, how to upgrade to the latest version, and other ONESOURCE products, visit or call (877) 829.5969.

About Thomson Reuters:

Thomson Reuters is the world's leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial, legal, tax and accounting, healthcare and science and media markets, powered by the world's most trusted news organization. With headquarters in New York and major operations in London and Eagan, Minnesota, Thomson Reuters employs more than 50,000 people and operates in over 100 countries. For more information, go to

The Tax & Accounting business of Thomson Reuters is the leading provider of technology and information solutions, as well as integrated tax compliance software and services to accounting, tax and corporate finance professionals in accounting firms, corporations, law firms and government. Headquartered in New York, Tax & Accounting has major operations in Dallas, Ann Arbor (Michigan), London, Sydney, and Toronto, and offices in nine countries. For more information, go to