Thomson Reuters Recognized as a Leader in IDC MarketScape for Tax Automation Solutions

Thomson Reuters Acknowledged as a Leader in Tax Automation Solutions

Thomson Reuters, a prominent global content and technology firm, has garnered significant recognition by being named a leader in two notable IDC MarketScape reports. These cover the areas of Worldwide SaaS and Cloud-enabled Sales and Use Tax Automation Software for Enterprises and Worldwide Value-Added Tax Management Applications for 2024. The reports, released in December 2024, underline Thomson Reuters' strong position in the ever-evolving tax technology landscape.

Ray Grove, the head of Corporate Tax and Trade at Thomson Reuters, highlighted the complexities of tax compliance faced by multinational corporations today. He emphasized that the company's commitment to providing cutting-edge technology not only ensures regulatory adherence but also offers a competitive edge to its users.

Grove stated, "We believe our recognition as a Leader in both the enterprise SUT and VAT markets underscores our unwavering dedication to our customers' success. Our ONESOURCE solutions are utilized in over 205 countries and territories, continuously pushing the boundaries of innovation to provide a seamlessly connected suite of global indirect tax calculation, reporting, and e-invoicing capabilities."

In light of an increasingly intricate tax environment, businesses of all sizes are recognizing the necessity of sophisticated tax automation solutions that seamlessly integrate with existing processes. Companies are turning to trusted technology vendors capable of enhancing compliance while boosting operational efficiency. Kevin Permenter, research manager at IDC, pointed out, "Thomson Reuters has consistently demonstrated its commitment to innovation and customer success in the market for SaaS and cloud-enabled Value-Added Tax automation software. Their ONESOURCE platform is distinguished by its comprehensive global coverage, robust integration capabilities, and advanced features such as edge computing and AI."

Moreover, the recognition extends to Pagero, a part of Thomson Reuters, which has also been named a leader in the IDC MarketScape European Compliant e-Invoicing 2024 Vendor Assessment. Pagero supports businesses by offering automated e-invoicing software that streamlines global compliance processes, thus unlocking valuable insights for growth.

Thomson Reuters has developed the ONESOURCE platform to provide a plethora of comprehensive tax compliance solutions. This includes automated preparation and filing for Sales and Use Tax (SUT) and Value-Added Tax (VAT). ONESOURCE seamlessly integrates with major Enterprise Resource Planning (ERP) systems, offering tax determination and calculation for every transaction. Its edge computing functionalities enable faster, more controlled tax calculations.

In an exciting development, Thomson Reuters has recently launched ONESOURCE paired with CoCounsel globally. This enhances the ONESOURCE platform by integrating generative AI assistance, employing a new AI Product Support capability that facilitates instant, natural-language responses based on Thomson Reuters' trusted proprietary content.

The IDC MarketScape research provides an informative overview of the competitive opportunities and threats facing technology and service suppliers in specific markets. With a rigorous scoring methodology based on qualitative and quantitative criteria, IDC MarketScape offers a graphical representation of each vendor's position in their respective markets. This tool serves as a valuable resource for technology buyers looking for a comprehensive assessment of potential suppliers' strengths and weaknesses.

Thomson Reuters continues to inform decision-making by merging trusted content with advanced technology. The firm operates across various sectors including legal, tax, accounting, compliance, government, and media, providing solutions essential for informed decision-making. Their commitment to transparency and truth, especially through their news outlet Reuters, solidifies their place as a leader in professional services.

With ongoing recognition such as these recent IDC MarketScape awards, Thomson Reuters is poised to remain at the forefront of tax technology, ensuring that its clients are equipped to thrive amid rising complexities in global tax compliance.