Medius Enhances AP Automation by Integrating Thomson Reuters for Accurate Tax Verification

Medius Integrates Thomson Reuters ONESOURCE in AP Automation

In a significant advancement for accounts payable automation, Medius, a prominent provider of accounts payable automation and spend management solutions, has announced the integration of Thomson Reuters ONESOURCE into its AP Automation platform. This new feature allows enterprises to verify US sales and use tax for each invoice during the approval workflow, ensuring accuracy before posting to the ERP system.

Benefits of the Integration

With this integration, businesses can access an unmatched level of tax accuracy. As invoices circulate through Medius's workflow, the US sales and use tax charged by vendors will be recalibrated using the Thomson Reuters ONESOURCE determination engine. Over and under-charges will be flagged before payment, providing an essential safeguard against tax inaccuracies.

In an environment where finance teams must navigate thousands of tax jurisdictions in the US, applying the correct tax to every invoice can prove challenging. Incorrect vendor-charged taxes can lead to businesses inadvertently paying taxes they are not liable for, and conversely, overlooking use-tax obligations can produce unexpected liabilities and facilitate audits.

Gary Hall, Chief Product Officer at Medius, emphasized, "Finance teams shouldn't have to choose between efficient accounts payable operations and accurate tax calculations. By integrating Thomson Reuters ONESOURCE determination directly into our approval workflow, we identify tax errors before they evolve into costly problems."

Camillo Speroni, head of partnerships and alliances at Thomson Reuters, added, "Businesses often face the risk of losing margins through overpaid taxes or accumulating hidden liabilities from underpaid taxes. Historically, these issues came to light months after the fact, but with our integration, each invoice undergoes immediate scrutiny against current tax rates and regulations across a wide range of jurisdictions."

The Technology Partnership

This tax integration is part of a larger collaboration between Medius and Thomson Reuters that encompasses tax determination and global e-invoicing through the ONESOURCE Pagero platform. Their initial partnership began in 2021, and they have expanded to serve nearly 200 mutual clients since then. The ONESOURCE Pagero Network plays a key role in connecting buyers and suppliers for secure and compliant exchange of invoices and other business documents, promoting e-invoicing mandate compliance and interoperability.

As e-invoicing mandates gain traction across global markets, the combination of Thomson Reuters ONESOURCE Pagero e-invoicing with Medius ensures that businesses can manage their invoices compliantly without the need for constant re-integration as requirements shift. Together, they create a seamless system that includes compliant invoice capture, automated processing, and accurate tax determination.

Future Directions

The integration marks the initial stage of a series of planned partnerships by Medius to enhance its tax verification services. With Thomson Reuters pioneering this market integration, businesses can bolster their tax compliance without the burden of additional platforms, manual processes, or complicated integration projects.

Medius provides a suite of APIs and dedicated resources aimed at enhancing third-party extensibility, and further integrations with other key financial systems are expected to follow. This move not only enhances financial control at scale but also significantly reduces audit risks while optimizing tax accuracy for companies operating in complex tax environments.

For more information about this integration and its benefits, please reach out to Medius or visit their official website.