Thomson Reuters (NYSE:TRI) today announced the release of a new version of ONESOURCE Operational Transfer Pricing, a software application that helps organisations proactively apply, manage and monitor their transfer pricing policy. The process is used by organisations to set the price of goods and services sold between entities within an enterprise.
ONESOURCE helps companies stay in compliance, avoid penalties and audits, save time, and increase efficiency.
The latest version of ONESOURCE Operational Transfer Pricing uses big data technology to automate, track and analyse each step of the transfer pricing process. The solution provides robust data collection, comprehensive transaction analysis and efficient P&L segmentation to empower organisations to make informed decisions at all levels of the organisation.
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One of the main benefits of ONESOURCE Operational Transfer Pricing is that it saves organisations significant time and resources that would otherwise have been spent on laborious manual processes. By providing a streamlined user experience organisations can easily and efficiently complete data aggregation, analysis and transformation tasks, while at the same time, helping in controlling audit risk.
Thomson Reuters’ solution is part of the ONESOURCE platform which enables global tax compliance and accounting decision-making. ONESOURCE helps companies stay in compliance, avoid penalties and audits, save time, and increase efficiency through every step of the tax lifecycle.
Sam Cicogna, vice president and head of ONESOURCE Transfer Pricing, Thomson Reuters, commented: “As a result of the current regulatory tax landscape, multinationals are facing scrutiny on all fronts, from intergovernmental agencies and tax authorities to internal and external auditors. More than ever before, it’s imperative for companies to have full visibility and control over their transfer pricing data and processes to easily and accurately defend their business strategy.”