Thomson Reuters ONESOURCE enterprise cloud solution provides a single, unified tax and trade engine that automates the evolving tax landscape. With more than 56,000 global taxing jurisdictions in nearly 200 countries from federal, state, to local districts, there are a myriad of indirect taxes such as sales, value-added, and excise taxes to generate tax revenues to fund government programs and services.
Given that increasing direct income and property taxes is more publicly noticeable and more difficult to legislate changes, indirect taxes can be implemented more discreetly and are increasingly becoming the larger source of tax revenue for many taxing authorities.
Calculating indirect tax on every transaction an organization processes is extremely complex. Thomson Reuters ONESOURCE Determination calculates, collects, and reports the indirect taxes on a scale of hundreds of millions of transactions a month—all of which must be accurate. By automating a company’s tax and finance workflows from determination through final remittance and compliance, ONESOURCE helps businesses stay compliant, avoid penalties and audits, and save time.
On-premises data processing platforms increasingly require higher levels of IT maintenance to deliver availability, scalability, and security to support business demands and protect sensitive customer financial data. To simplify processes and elevate performance as a cloud native solution available for customers worldwide, Thomson Reuters extended its multicloud strategy to include Oracle Cloud Infrastructure.
Why Thomson Reuters chose Oracle
Thomson Reuters chose Oracle Cloud Infrastructure (OCI) with Oracle Autonomous Database for better stability, price-performance, and security with zero downtime. Oracle Autonomous Database eliminates the complexities of database operations through machine learning, autoscaling, self-tuning, self-patching, and self-encryption.
Native deployment of ONESOURCE on OCI also strengthens Thomson Reuters global go-to-market partnership with Oracle. Oracle’s 37 cloud regions worldwide offer proximity for each Thomson Reuters location and aid data residency requirements, ensuring customers know exactly where their data is being processed.
Integration with Oracle Fusion Cloud ERP helps ONESOURCE solutions connect critical finance and accounting data closer to the transaction source at the invoice level for more accurate and quicker tax calculations.
Joining the Oracle Cloud Marketplace helps Oracle customers search for available applications and services, such as indirect tax, to find the best business solutions for their organization.
Thomson Reuters extended the ONESOURCE app to Oracle Autonomous Transaction Processing for millisecond data processing speeds, as well as automatic scaling, provisioning, and repairs for zero downtime.
The high availability of Oracle’s autonomous cloud database enables ONESOURCE staff to update content and functionality for calculating indirect taxes while maintaining critical transaction processing. Thomson Reuters also eliminated the roughly 6 to 12 hours per month of downtime for patching and updating transactional on-premises environments.
Meanwhile, Oracle Data Safe and Oracle Cloud Guard enhance data security and insights for on-premises Oracle Databases and Oracle Autonomous Database on OCI, which are both used by ONESOURCE customers. Oracle GoldenGate replicates the production databases in real time for critical backup and disaster recovery services.
Thomson Reuters’ journey to OCI was supported by Oracle Cloud Lift Services, including planning guidance, architecting, and testing, at no additional cost to help deliver immediate value.