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Best Tax Software for Enterprises: ONESOURCE

Best Tax Software for Enterprises: ONESOURCE
Credit: Thomson Reuters

After conducting extensive research into tax preparation software, we recommend Thomson-Reuters ONESOURCE as the best online tax software for complex corporate taxes. We chose ONESOURCE from dozens of tax preparation software companies. To learn more about how we chose ONESOURCE, read the methodology on our best picks page.

ONESOURCE is primarily designed for larger businesses with complex tax needs. Small business owners would likely be better served by one of our other best picks. However, if your company is a mid-size corporation or larger, and especially if your company does business internationally, ONESOURCE is a great all-in-one, customizable solution that will reliably address your tax needs.

ONESOURCE differs in price significantly from our other best picks. Because it is a customizable and modular solution that spans the entirety of an enterprise's tax needs, you'll need to speak with a sales representative about your precise needs to determine how much you'll pay. However, it is so comprehensive and wide ranging – it's designed for a globalized world with tax rules for more than 180 countries – we felt it should be included in our top picks.

Here is a look at what ONESOURCE does, and how it could fit into your corporate tax planning strategy.

ONESOURCE's central dashboard contains a variety of applications – Corporate Tax, Accounting and Compliance, Uncertain Tax Positions, etc. – which you can access to monitor distinct aspects of the entire tax filing process. It is from this dashboard that you access the rest of the program's features. Each application is connected and closely related, sharing information that you upload so you don't have to engage in repetitive data entry. Some applications focus on income tax, while others target indirect taxes or foreign taxes.

The applications that can be integrated with ONESOURCE are vast. Not only is there a Corporate Tax software program, but also compliance and reporting applications, for instance. For international companies, ONESOURCE includes integrations that maintain rules for over 180 different countries.

A big benefit of this design is the scalability of ONESOURCE. If you're a mid-size domestic corporation considering growing beyond your country's borders, you can use the Corporate Tax application today and expand to include additional capabilities. We chose to focus specifically on ONESOURCE's Corporate Tax application, but it works in concert with the other available apps and shares data with them easily.

As mentioned above, ONESOURCE supports a suite of diverse applications, but we specifically paid attention to the corporate income tax software. Below are some of the features included in this application, which supports filing both federal and state returns, and includes features to help you easily organize and share the necessary data to prepare your tax forms.

  • Web-based: ONESOURCE is a completely web-based application with support for multiple users accessing it from different devices. This makes it ideal for the corporate tax department with many employees working on compliance and reporting. It is also secured with high-level encryption to protect your information.
  • Foreign expertise: State, federal and international tax compliance rules are all incorporated in ONESOURCE, so no matter where your business takes you, you'll be covered.
  • E-filing: Like our other best picks, ONESOURCE supports e-filing your taxes with the appropriate agencies through an encrypted channel. It supports state, federal and international tax obligations.
  • One-time data entry: ONESOURCE shares data you've imported throughout the system, with all the appropriate applications, so you only need to import it once.
  • Excel workflows: Import data directly from Microsoft Excel spreadsheets directly into ONESOURCE.
  • Audit manager: In the event your company is audited, ONESOURCE has a built-in audit manager that will help you navigate the auditing process. Having your books scrutinized is never an easy process, but ONESOURCE's audit manager includes helpful tools and recommendations.
  • Process management: Set your calendar and specific tasks that need to be done throughout the software. The workflow and process management features are essential when working within a relatively large department, when several members of the team are working in the software simultaneously.

ONESOURCE emphasizes accuracy, which is essential in today's corporate tax environment. It combines the most current tax law and global rates for both direct and indirect taxes as well as powerful analytic tools to review your information and make sure all your filings are correct. ONESOURCE's reporting tools keep you in the loop and offer a clean, concise way to navigate and organize your data.

It would be difficult to find a more comprehensive and thorough tax software than ONESOURCE. In fact, it can be intimidating at times to navigate the broad applications that ONESOURCE includes. But, overall, this is a big benefit; you can be sure with ONESOURCE that none of your corporate tax needs slip through the cracks. The more sprawling and complex your business, the easier it could be to run into a tax-related snag. ONESOURCE does a good job of mitigating that risk and keeping you on solid ground.

Our customer service experience (we called posing as a business interested in using their software) was satisfactory, but we did experience longer wait times than usual. When we spoke with company representatives, they were accommodating and knowledgeable, which was especially impressive given ONESOURCE's sprawling applications. We left the conversation feeling content that our questions had been sufficiently addressed.

Unfortunately, customer service by phone is only available from 9:00 a.m. to 5:30 p.m. ET. However, ONESOURCE offers 24/7 online assistance, and the company guarantees a response within 24 hours.

Because of its focus on global enterprise and more complex corporate taxes, ONESOURCE proves a great resource for mid-size businesses and up, but it could serve to complicate the tax filing process for smaller businesses. Moreover, its cost is significant, although that will change depending on the specific setup you select. This software is really focused on complex tax needs and works best within a corporate tax department environment.

Still, we chose ONESOURCE as our best software for corporate taxes because it really is exactly that: the most comprehensive and accurate corporate tax software that we reviewed, especially when it comes to international business. If you're a small business incorporated as an entity that must file corporate taxes, one of our other best picks like TurboTax or H&R Block should serve you well.

Already prepared to choose an online tax software? Here’s a breakdown of the rest of our coverage:

Adam C. Uzialko

Adam received his Bachelor's degree in Political Science and Journalism & Media Studies at Rutgers University. He worked for a local newspaper and freelanced for several publications after graduating college. He can be reached by email, or follow him on Twitter.