January 18, 2017
Thomson Reuters Launches ONESOURCE Global Trade Classifier to Help Companies Simplify Product Classification of Imports and Exports
NEW YORK, Jan. 18, 2017 – Thomson Reuters today announced the release of ONESOURCE Global Trade Classifier, a software application designed to ease product classification related to cross-border trade.
“We designed ONESOURCE Global Trade Classifier to address the challenges that our customers face every day due to the complexities and risks associated with product classification,” said Taneli Ruda, SVP and managing director, Thomson Reuters ONESOURCE Global Trade. “Manual classification often leads to errors that can result in penalties, delays, increased audits and under- or over-payment of duties. By automating classification workflow, trade professionals can increase accuracy and significantly reduce the time and resources spent on classification.”
In a recent survey of over 1,700 global trade professionals conducted by Thomson Reuters and KPMG International, 91 percent of respondents cited product classification as a challenge.
ONESOURCE Global Trade Classifier is fully integrated with ERP software applications or Excel and automates companies’ classification workflow using their internal product databases. It provides a batch classification process and access to global trade information for research, compliance, tracking regulatory changes, creating audit trails, post-entry review and planning.
ONESOURCE Global Trade Classifier is available as an individual application or integrated with the ONESOURCE Global Trade suite of solutions. Key features include:
- Batch classification and audit that helps companies reduce time spent classifying products.
- Alerts that inform users about regulatory changes impacting future import/export transactions.
- Classification workflow that enables users to monitor classification tasks and compare them with KPIs -- with automated assignment, management and tracking of classification activities.
- Global, accessible product databases that allow companies to create and share product info across their organizations.
- Audit trail that users can easily access, download, print and share for internal use or supporting documentation during customs audits.
- Online availability for ease of access to the application.
ONESOURCE Global Trade Classifier is part of the Thomson Reuters ONESOURCE platform, the industry’s leading corporate tax technology. The ONESOURCE suite enables global tax compliance and accounting decision-making. In 180 countries, ONESOURCE helps companies stay in compliance, avoid penalties and audits, save time, and increase efficiency through every step of the tax lifecycle, including corporate income tax, indirect tax, property tax, trust tax, tax information reporting, transfer pricing, data management, and internal processes.
Thomson Reuters provides intelligent solutions and answers to the complex issues and challenges of global trade today. For professionals who need global trade research and guidance as well as a compliance solution, Thomson Reuters offers ONESOURCE Global Trade Classifier on Thomson Reuters Checkpoint. By combining the power of Classifier with Checkpoint Trade research solutions, which include the 2016 SIIA CODIE award winner Global HS, global trade professionals can quickly, efficiently and accurately manage their entire product classification workflow.
For more information about ONESOURCE Global Trade Classifier, visit https://tax.thomsonreuters.com/onesource/global-trade-management/import-export-classification/.
Thomson Reuters is the world’s leading source of news and information for professional markets. Our customers rely on us to deliver the intelligence, technology and expertise they need to find trusted answers. The business has operated in more than 100 countries for more than 100 years. Thomson Reuters shares are listed on the Toronto and New York Stock Exchanges. For more information, visit www.thomsonreuters.com.