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SAP Document and Reporting Compliance Boosted by Thomson Reuters

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The recent expansion of the partnership between Thomson Reuters and SAP marks a significant step forward in tax reporting automation. The integration of ONESOURCE Sales & Use Tax Compliance into SAP Document and Reporting Compliance for SAP S/4HANA aims to help businesses streamline their tax processes more efficiently, leveraging the robust capabilities of SAP technologies.

The integration follows previous collaborations where Thomson Reuters introduced three ONESOURCE solutions certified as SAP Endorsed Apps: ONESOURCE Determination for SAP S/4HANA and SAP ERP (US/CA), ONESOURCE Determination (US) for SAP S/4HANA Cloud, public edition, and ONESOURCE Tax Provision for SAP S/4HANA Cloud. The new integration allows businesses to utilize ONESOURCE Sales & Use Tax Compliance directly within SAP Document and Reporting Compliance. This seamless experience is also designed to automate and streamline the preparation and filing of sales and use tax returns across the United States.

Ray Grove, Head of Corporate Tax and Trade at Thomson Reuters, further highlighted that the integration aims to provide superior tax compliance solutions directly within the ERP system. For businesses using SAP technologies, this integration also automates the preparation process, which can help free up time and ensure compliance with the latest U.S. regulations. Additionally, this approach underscores Thomson Reuters’ commitment to delivering advanced tax compliance technology through its strategic partnership with SAP.

Integrating ONESOURCE Sales & Use Tax Compliance with SAP Document and Reporting Compliance

Moreover, the integration of ONESOURCE Sales & Use Tax Compliance with SAP Document and Reporting Compliance addresses the growing need for efficient and accurate tax reporting solutions among businesses operating in the United States. This solution further provides a harmonized user experience within the SAP S/4HANA environment, enhancing data transparency and making it easier to trace transactions back to their source. This capability is crucial for businesses aiming to navigate the intricate requirements of tax compliance confidently.

Elvira Wallis, SVP and Global Head of SAP Globalization, noted that the ongoing collaboration between SAP and Thomson Reuters helps address the complex tax compliance needs of customers in the United States. By enabling the preparation of tax returns within SAP Document and Reporting Compliance, powered by ONESOURCE Sales & Use Tax Compliance, SAP customers can experience a more efficient return preparation process. This integration also enhances data transparency, making it easier to track transactions within SAP S/4HANA, ultimately solving key business compliance challenges.

The ONESOURCE Sales & Use Tax Compliance solution supports a standardized process for preparing and filing statutory reports, covering over 850 state, county, and city-specific forms. The Thomson Reuters tax research team continuously updates the content to ensure compliance with the latest regulations. This comprehensive approach ensures that businesses can manage their tax reporting obligations more effectively, reducing the risk of errors and penalties.

Embracing an Open Ecosystem for Seamless Integration

As businesses increasingly seek integrated solutions within their technology ecosystems, Thomson Reuters emphasizes the importance of an open and compatible environment. The company’s commitment to interoperability and connectivity is evident through its robust APIs, designed to facilitate seamless integration with SAP solutions. These APIs leverage components available on the SAP Business Technology Platform (BTP), enabling businesses to optimize their tax compliance processes.

This strategic approach underscores the value of a connected ecosystem, where businesses can utilize their preferred solutions without facing compatibility issues. The integration with SAP Document and Reporting Compliance exemplifies how Thomson Reuters and SAP are working together to address the evolving needs of their customers, providing tools and platforms that enhance efficiency and accuracy in tax reporting.

The enhanced partnership between Thomson Reuters and SAP signifies a forward-thinking approach to tax compliance, particularly in the context of U.S. regulations. By integrating ONESOURCE Sales & Use Tax Compliance with SAP Document and Reporting Compliance, businesses can benefit from a more streamlined and transparent tax reporting process. This collaboration not only helps businesses save time and reduce risks but also reinforces the commitment of both companies to support their customers with cutting-edge solutions.

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