January 31, 2013
Industry-first ONESOURCE Operational Transfer Pricing Software Enables Greater Precision, Transparency and Compliance
Thomson Reuters newest corporate tax and accounting product enables multinational companies to more effectively and efficiently manage transfer pricing data, compliance and reporting in real time. Developed in response to global industry challenges, this product collects, validates and standardizes data from multiple ledgers into a centralized system, providing reporting visibility on demand instead of the traditional yearly process. Armed with this technology, corporate tax professionals can identify and communicate areas of risk early in the year. This new solution — the first of its kind in the market — provides an unprecedented level of control, transparency and reporting detail that allows companies to effectively manage, forecast and plan transfer pricing throughout the year.
Elizabeth Blatchford is manager of transfer pricing strategy and analysis at Ford Motor Company, an early adopter of the product. “Our team needed to streamline an extremely labor-intensive transfer pricing process,” she explains. “With ONESOURCE Operational Transfer Pricing, reporting that used to take four months can be done in just a week, allowing us to reallocate our resources to more strategic activities.”
ONESOURCE Operational Transfer Pricing helps ensure compliance and minimize risk by allowing users to monitor and respond to transfer pricing results before the books close. An automated process reduces margins of error and significantly cuts down on weeks of manual analysis. The solution also enables companies to improve management of reserves and uncertainties associated with transfer pricing risk. Never before has a solution been able to provide this level of detail.
“Our software is the first and only in the industry that allows for this deep level of control and reporting,” said Joe Harpaz, managing director of the corporate division within the Tax & Accounting business of Thomson Reuters. “ONESOURCE Operational Transfer Pricing ensures the integrity and consistency of intercompany pricing, putting both companies and governments at ease.”
For more information on this revolutionary new solution and other products in the ONESOURCE suite of products, visit http://www.tax.thomsonreuters.com/operational-tp. To request a demo of this product, contact email@example.com, or call 212-404-8689.
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