Machines Are Hungry – Do You Have the Right Data to Feed Them?
December 5, 2018
REUTERS / Firstname Lastname
2
Agenda slide
• Introductions
• Challenges with Data Management
• Opportunities for Improvement
• Financial data
• Data collection and standardized workpapers
• Extract, Transform and Load
• Analytics and data visualization
• Feed the Hungry Machines
• RPA
• APIs
3
Brad Jowers
Brad is a Manager of Solution Consultants for the ONESOURCE® suite of
products. He brings to his role over 25 years of tax technology experience at
Thomson Reuters related to corporate and trust taxation, and has occupied roles in
development, sales, relationship management, and most recently, solution
consulting.
Over the past 11 years, Brad has been focused on providing tax process,
document, and data management solutions to companies. While his focus is on
the ONESOURCE® direct tax product suite, Brad has extensive experience with
the entire ONESOURCE® suite of products.
Brad is based in Singapore and enjoys cycling, scuba and adventure travel.
4
Challenges with Data Management
Confidential and Proprietary
Turning Information Into Advantage
As businesses accumulate data, leaders still struggle to
turn information into action. Both tech
and talent obstacles stand in the way of:
• Acquisition to data at the right level of detail
• Gathering data from decentralized sources
and applications
• Integrating data from relevant workflows
• Driving global access and visibility to data
• Analyzing data to understand and react faster
Closing these gaps requires solution that integrates tax
and technology in precise, purposeful solutions that
evolve with customer needs and challenges.
80%of time spent on
data management
tasks
5
6
Challenges with Data ManagementData Acquisition – Do you have the right data?
Structured data:
• ERP system
• GL transactions
• Trial balances
• Consolidated financial systems
• Fixed asset systems
• XML
• XBRL
Unstructured data:
• Adjustments
• Workpapers
• Subsidiary data collection
• Supporting documentation
• Notes and Disclosures
• Audit support
7
Challenges with Data Management
Excel issues:
• Lack of security and controls
• Version control
• Manual data entry
• Linked workbooks
• Formula errors
• Roll forward
40% of finance and tax professionals
identify lack of security and controls as
their biggest challenge
67% have version control difficulties
53% Indicate that updating information
within workpapers is their most time
consuming task
Up to 80% of finance and tax
professional’s day is consumed by data
management tasks
8
Opportunities for Improvement
Financial DataTransactional data used in ONESOURCE Indirect Tax
10
ONESOURCE Technology Partners
ONESOURCE is designed for off-the-shelf integration with the
ERP, financial, accounting and ecommerce systems you rely
on to drive your business forward. This ensures maximum
value from your ONESOURCE investment, creating real-time
two-way communication that maximizes modernization while
minimizing risk and complexity.
• Make better, faster decisions with increased visibility into real-
time business and customer data
• Speed and streamline workflows without sacrificing accuracy
or compliance
• Build global access to information and insight
• Drive collaborative strategic tax and business decision-making
INTEGRATION OPTIONS
• Concur Invoice
• Coupa
• JD Edwards EnterpriseOne
• Magento
• Microsoft Dynamics 365 FOE
Microsoft Dynamics AX
• Microsoft Dynamics GP
• NetSuite
• Oracle E-Business Suite
• Oracle Fusion
• Sage 50
• Sage 100
• Sage 500
• SAP Ariba
• SAP Business Suite
11
ONESOURCE Direct Tax Example
Financial
Reporting
Workflow FileRoomCalendar Audits
Data Management /
Collection Compliance & Reporting
ERP/GL’s
SAP BCS
Remote/Foreign Data CbC BEPS
Report
Tax Provision
Tax
Returns & Est.
Payments
Management
WorkFlow Manager
Entity Manager
Analytics
• Query • Benchmark• Visualization
Financial Data
ONESOURCE Work Papers
Data Collection
Statutory Reporting
Stat reports
BEPS Action Manager
Estimated Payments
Income Tax
28%
24%18%
15%
10%
5%
0.5
1.0
1.5
2.0
2.5
3.0
201 1 201 2 201 3 201 4 201 5
12
ONESOURCE DIRECT Tax Suite
Financial
Reporting
Workflow FileRoomCalendar Audits
Data Management /
Collection Compliance & Reporting
ERP/GL’s
SAP BCS
Remote/Foreign Data CbC BEPS
Report
Tax Provision
Tax
Returns & Est.
Payments
Management
WorkFlow Manager
Entity Manager
Analytics
• Query • Benchmark• Visualization
Financial Data
ONESOURCE Work Papers
Workpapers and Data Collection
Statutory Reporting
Stat reports
BEPS Action Manager
Estimated Payments
Income Tax
13
Financial Data Management
ONESOURCE General Ledger Manager
• A centralized repository of all financial data for direct tax deliverables
– Perform chart and entity maintenance for provision and income tax processes
– Manage multiple charts-of-accounts and create tax-specific charts
– Powerful reports and analytics
14
Financial Data Management
Perform chart and entity maintenance for provision and income tax processes
15
Financial Data Management
Manage multiple charts of accounts and create tax-specific charts
16
Financial Data Management
Powerful reporting and analytics
17
ONESOURCE DIRECT Tax Suite
Financial
Reporting
Workflow FileRoomCalendar Audits
Data Management /
Collection Compliance & Reporting
ERP/GL’s
SAP BCS
Remote/Foreign Data CbC BEPS
Report
Tax Provision
Tax
Returns & Est.
Payments
Management
WorkFlow Manager
Entity Manager
Analytics
• Query • Benchmark• Visualization
Financial Data
ONESOURCE Work Papers
Workpapers and Data Collection
Statutory Reporting
Stat reports
BEPS Action Manager
Estimated Payments
Income Tax
18
Workpapers and Data Collection
ONESOURCE DataFlow
• Provides a secure, controlled, and automated environment to create efficiencies around
the workpaper and data collection processes
– Create secure, web-based templates to control access, review and sign off process
– Can be utilized for any Excel-based process
– Connected to the rest of ONESOURCE (Direct Tax, Transfer Pricing, etc.)
– Manage multiple charts-of-accounts and create tax-specific charts
– Powerful reports and analytics
Thomson Reuters ONESOURCE® DataFlow
Optimise your
existing tax and
finance data
collection and
workpapers with
ONESOURCE
Dataflow
ONESOURCE Data Management
Secure web-
based template
Extends the
capabilities of
Excel
Data provider
portal
Simple
interface
supporting
attachments,
notes and
status
Data stored in
the cloud
Prepopulate,
collect and
store data in a
centralized
database
Data
aggregation
and analysis
Easily access
data for
consolidation
and review
Automate
reporting and
compliance
Integration with
compliance
and reporting
applications
Controls
Automated
notification,
reminders and
tracking
Leverage
existing Excel
workpapers or
tax packages
Standardize
20
Opportunities for Improvement
ERP
Other Systems
Data Collection
Template
Data Providers
Notifications &
Reminders
Administrators
Extraction
Report
DataFlow
21
Workpapers and Data Collection
USE CASE: Standard Provision Workpapers
22
Workpapers And Data Collection
USE CASE: Standard Return Workpapers
23
Workpapers and Data Collection
USE CASE: Provision Data Collection
24
Workpapers and Data Collection
USE CASE: Foreign Subsidiary Data Collection
25
Workpapers and Data Collection
Connected to the rest of ONESOURCE (Direct Tax, Transfer Pricing, etc.)
26
ONESOURCE DIRECT Tax Suite
Financial
Reporting
Workflow FileRoomCalendar Audits
Data Management /
Collection Compliance & Reporting
ERP/GL’s
SAP BCS
Remote/Foreign Data CbC BEPS
Report
Tax Provision
Tax
Returns & Est.
Payments
Management
WorkFlow Manager
Entity Manager
Analytics
• Query • Benchmark• Visualization
Financial Data
ONESOURCE Work Papers
Workpapers and Data Collection
Statutory Reporting
Stat reports
BEPS Action Manager
Estimated Payments
Income Tax
27
Tax Provision
ONESOURCE Tax Provision
• The quickest and most efficient wat to securely calculate your company’s tax provision
– Integration with Financial Data
– Integration of Workpapers and Data Collection
– Powerful Reports, Disclosures, and Analytics
28
Tax Provision
Integration with Financial Data
29
Tax Provision
Integration with Workpapers and Data Collection
30
Tax Provision
Powerful Reports, Disclosures, and Analytics
31
Tax Provision
Powerful Reports, Disclosures, and Analytics
32
Tax Provision
Powerful Reports, Disclosures, and Analytics
33
ONESOURCE DIRECT Tax Suite
Financial
Reporting
Workflow FileRoomCalendar Audits
Data Management /
Collection Compliance & Reporting
ERP/GL’s
SAP BCS
Remote/Foreign Data CbC BEPS
Report
Tax Provision
Tax
Returns & Est.
Payments
Management
WorkFlow Manager
Entity Manager
Analytics
• Query • Benchmark• Visualization
Financial Data
ONESOURCE Work Papers
Workpapers and Data Collection
Statutory Reporting
Stat reports
BEPS Action Manager
Estimated Payments
Income Tax
34
Income Tax Compliance
ONESOURCE Income Tax
• The most integrated, east-to-use, and “tax-accountant-friendly” return functionality in the
marketplace
– Starting compliance with Finalized Provision Data
– Integration of Workpapers and Collected Data
– User Friendly Review and e-File
35
Income Tax Compliance
Starting Compliance with Finalized Provision Data
36
Income Tax Compliance
Integration of Workpapers and Data Collected Data
37
Extract, Transform and Load
• Data is aggregated from multiple sources and
in different formats
• Rulesets are applied to align, enrich and
prepare the data for effective use
• Cleansed data is loaded into downstream
systems
• Repeatable workflows are set up to run
rulesets and effectively automate the data
management process
Common Tools in the Market:
Analytics and Data Visualizations
•
•
•
•
Country-by-Country Reporting Footprint
Effective tax rate details
39 ONESOURCE: Unified Solutions for Tomorrow’s Tax Professionals
Extract Transform and Load Use Cases
Transformation
• Trial balance reformatting for
load into another system
• Trial balance rollup (mix of cost
center and trial balance detail)
• Trial balance consolidation
• (disparate systems)
• Converting natural sign TB to
debit/(credit)
Rules and Mapping
• Adjustment calculations
• New account identification
• New entity identification
• Populating f/x rates by entity
based on currency code
• Populating tax rates by entity
based on country code
• Performing system admin steps
for a new entity, adjustment, or
new GL account
Data Management
• Analytics
• Management reporting
• Validation
What is Robotic Process Automation?
Automate
manual and
repetitive tasks
Integrate with
existing software
through virtual
“robots”
Replication of
desktop actionsApply simple
rules and
business logic
41
Robotic Process AutomationEvolution of Automation
Manual Execution
Scripting Orchestration Autonomics Cognitive
One off processes non-repeatable
Linear tasks -standardized repeatable
Activities – Complex, Standard, Multi-
scritpted
Processes – Dynamic, Non-standard,
Contextual, Inference
Systems – Self Aware, Predictive, Self
Learning, Self Healing
Current State Target State Future State
42 ONESOURCE: Unified Solutions for Tomorrow’s Tax Professionals
What are APIs?Application Programming Interface (API)
Software-to-software interface which allows systems to communicate
• GET – retrieve information
• POST – create information in an existing record
• PUT – create new information
• PATCH – update information
• DELETE – remove information
43
Benefits
44
Automation to Improve Efficiency and Control
Thomson Reuters ONESOURCE drives your comprehensive tax reporting and
compliance processes with accessibility anywhere, anytime. Effectively manage
your data and reduce risk in an ever-changing environment.
COLLECT structured and unstructured
data while maintaining stringent controls
over the data process using a simple and
intuitive application
ELIMINATE manual tasks and improve
controls using a centralized database
that lets businesses meet obligations
with confidence
INTEGRATE with other tax, finance, and
reporting tools to enable more users to
get more done with the same information
REPORT the tax entry with accuracy,
reliability, and flexibility using a simple
and intuitive interface that is reviewable
in seconds
45
Thank You