In a significant development for the business technology landscape, Thomson Reuters, a notable player in global content and technology, has been recognised as a Leader in two distinct IDC MarketScape reports. These reports, which evaluate leading vendors in their respective fields, focus on 2024 assessments of software aimed at managing sales and use taxes (SUT) and value-added tax (VAT) automation for enterprises. The assessments were published in December 2024 and include comprehensive evaluations of the capabilities and standings of the featured vendors.
Ray Grove, the head of Corporate Tax and Trade at Thomson Reuters, commented on the announcement, stating, “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.” Grove added that the recognition underscores the company's dedication to customer success, highlighting their ONESOURCE solutions, which serve over 205 countries and territories.
The IDC's research manager, Kevin Permenter, noted the pressing need among businesses for advanced tax automation solutions that are not only compliant but also efficient. He remarked that “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.” Permenter highlighted Thomson Reuters' commitment to innovation, particularly in the SaaS and cloud-enabled VAT automation software market, praising the ONESOURCE platform for its global coverage and integration capabilities strengthened by advancements in edge computing and artificial intelligence.
In addition to the recognitions for its core tax solutions, Pagero, a subsidiary of Thomson Reuters, has also been designated as a Leader in the IDC MarketScape: European Compliant e-Invoicing 2024 Vendor Assessment, published in September 2024. This underscores the importance of Pagero’s offerings within the broader context of Thomson Reuters’ e-invoicing solutions, which are designed to expedite growth by facilitating compliance through automated processes.
Thomson Reuters’ ONESOURCE suite includes advanced functionalities for automated tax return preparation and filing for both Sales and Use Tax and VAT, demonstrating a comprehensive approach to tax compliance management. The technology easily integrates with major enterprise resource planning (ERP) systems and provides reliable tax determination and calculation across transactions. Recently, the company has introduced an integration of its ONESOURCE solutions with CoCounsel, a professional-grade generative AI assistant, enabling faster access to natural-language answers derived from its trusted proprietary content.
As businesses navigate a complex and changing environment, Thomson Reuters' advancements in tax automation technology appear well-positioned to address the intricate demands of tax compliance across diverse jurisdictions.
Source: Noah Wire Services