Thomson Reuters Excels in IDC MarketScape Leadership Assessment

Thomson Reuters Achieves Leadership Recognition

Thomson Reuters (NYSE/TSX: TRI), a global leader in content and technology solutions, has recently been recognized as a Leader in the IDC MarketScape reports for SaaS and cloud-enabled sales and use tax automation software for enterprises. This prestigious designation highlights the company’s exceptional contributions to the industry and reinforces its commitment to excellence.

Complex Tax Compliance in a Global Market

In today’s dynamic global environment, businesses are facing increasingly complex tax regulations that demand innovative solutions. Thomson Reuters understands the challenges that multinational corporations encounter when navigating this terrain. Ray Grove, the head of Corporate Tax and Trade at Thomson Reuters, emphasizes their focus on empowering clients with advanced technology that ensures compliance while enhancing competitiveness.

Enhancing Customer Success

Being named a Leader in both the sales and use tax (SUT) and value-added tax (VAT) segments underscores Thomson Reuters’ commitment to their clients’ success. The company’s ONESOURCE solutions are utilized in over 205 countries and territories, offering a complete suite of global indirect tax calculation, reporting, and e-invoicing capabilities. As businesses face mounting pressures from evolving tax compliance demands, Thomson Reuters continues to lead the way in innovation.

The Role of Technology in Tax Automation

Kevin Permenter, research manager at IDC, notes that businesses are increasingly relying on technology vendors for sophisticated solutions that can ensure compliance, streamline processes, and improve operational efficiency. Thomson Reuters has showcased its innovation through the ONESOURCE platform, celebrated for its extensive global reach and robust integration capabilities. With features powered by edge computing and artificial intelligence, ONESOURCE is equipped to meet the diverse needs of organizations facing intricate tax compliance challenges across various jurisdictions.

The Importance of E-Invoicing

Pagero, a key component of Thomson Reuters, has also gained recognition as a Leader in the IDC MarketScape for European compliant e-invoicing. Its contribution to the ONESOURCE platform supports organizations in enhancing growth through automated e-invoicing solutions. This approach simplifies compliance processes and provides valuable insights to help businesses navigate the ever-evolving tax landscape.

Comprehensive Tax Compliance Solutions

Thomson Reuters ONESOURCE offers a wide range of tax compliance tools that include automated preparation and filing of sales and use tax and VAT returns. The platform seamlessly integrates with major ERP systems, allowing for precise tax determination and calculation across all transactions. Recent advancements include the introduction of ONESOURCE with CoCounsel, which merges the capabilities of generative AI with tax solutions for a more intuitive user experience.

Transforming Tax Calculations

This integration leads to quicker and more controlled tax calculations, ensuring that businesses are well-equipped to handle compliance efficiently. With the support of AI, ONESOURCE can provide immediate insights, helping firms make informed decisions in real time. This technological approach demonstrates Thomson Reuters’ unwavering dedication to providing solutions that address the complex needs of their clients.

Understanding IDC MarketScape

The IDC MarketScape is a renowned vendor assessment model that evaluates the competitive strengths of technology suppliers in various markets. Through a comprehensive scoring methodology based on qualitative and quantitative criteria, IDC MarketScape provides a visual representation of each supplier's market position. This framework allows technology buyers to thoroughly assess the capabilities and offerings of different vendors.

About Thomson Reuters

Thomson Reuters (NYSE/TSX: TRI) is committed to delivering trusted content and technology solutions that empower professionals across legal, tax, accounting, government, and media sectors. The company’s focus on combining specialized software with actionable insights ensures that organizations can make informed decisions in their respective fields, promoting justice, transparency, and truth.

Frequently Asked Questions

What is the recent achievement of Thomson Reuters?

Thomson Reuters has been recognized as a Leader in the IDC MarketScape reports for its sales and use tax automation software.

Why is tax compliance becoming more complex?

Global businesses face diverse tax regulations that constantly evolve, making compliance increasingly challenging.

What is ONESOURCE?

ONESOURCE is Thomson Reuters’ comprehensive platform that offers solutions for tax calculation, reporting, and e-invoicing globally.

How does technology play a role in tax automation?

Technology enhances tax automation by providing sophisticated solutions that integrate seamlessly, ensuring compliance while improving efficiency.

What does IDC MarketScape evaluate?

IDC MarketScape evaluates the competitive positions of technology vendors based on various criteria, helping buyers make informed decisions.

About The Author

Olivia Taylor here, a 26-year-old writer and financial advisor. After earning a degree in finance, I worked in the sector for years. I've always loved numbers and had a talent for simplifying difficult financial ideas so that anyone could understand. I wrote my first book because of this passion; it helps readers take charge of their financial futures by fusing real-life stories with useful financial advice.

Whether they are just beginning their careers, preparing for significant life events, or seeking to invest wisely, my goal with my writing is to enable people to make educated financial decisions. The foundation of my work is the conviction that security and freedom of the individual are largely determined by financial literacy. To further financial education, I run workshops and frequently write for financial blogs in addition to my books.

I like to travel, experience other cultures, and find inspiration in daily life when I'm not writing or examining market trends. My passion is utilizing sound financial practices to help people reach their financial objectives and lead the best lives possible.

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