When it comes to tax software, most people think of the solutions that generally get extensive advertising on television and radio, the kind that individuals with W-2s and a couple of dependents use to make sure their simple tax returns are filed accurately and on time. Thomson-Reuters' ONESOURCE platform is not that type of solution. Rather, ONESOURCE is enterprise-grade software built for larger businesses with complex tax needs.
After conducting extensive research, we recommend Thomson Reuters ONESOURCE as the best online tax software for complex corporate taxes. To learn more about how we chose ONESOURCE, read the methodology on our best picks page.
ONESOURCE tax software was designed from the ground up to handle the needs of large companies, including those that do business internationally and have incredibly complex tax situations. Small business owners and entrepreneurs would likely find that this offering's capabilities exceed their needs and would be better served by our other best picks.
For midsize corporations and larger businesses, we found ONESOURCE to be a comprehensive solution that can be tailored to fit your tax needs. Since it is customizable, with many features offered as add-ons to the base program, the price will vary based on what your company's taxes require. As a result, you will have to speak with a sales representative to determine how much ONESOURCE costs.
Interface and Usability
Once all the add-ons relevant to your company's specific situation are selected and you're ready to get started with your taxes, you will notice that ONESOURCE's central dashboard is well organized. The main screen contains a variety of applications, such as Corporate Tax, Accounting and Compliance, and Uncertain Tax Positions, which you can access to view different aspects of the tax filing process. Each application shares the information you upload with the other modules to eliminate repetitive data entry. Some applications focus on income tax, while others target indirect taxes or foreign taxes.
There are many applications that can be integrated with ONESOURCE. Not only is there a program for Corporate Tax, but other tax compliance and reporting applications can be integrated into the overall ONESOURCE dashboard as well. For international companies, ONESOURCE includes integrations that maintain rules for over 180 different countries.
The benefit of ONESOURCE's modular design is its scalability. If you're a midsize domestic corporation considering growing beyond the country's borders, you can use the Corporate Tax application today and expand to include international capabilities whenever you're ready. We focused specifically on ONESOURCE's Corporate Tax application, but this module works in concert with the other available apps and shares data with them easily.
Below are some of the features included in ONESOURCE. In addition to supporting federal and state tax returns, Thomson-Reuters' corporate tax platform comes with multiple features that easily organizes and shares data.
- 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 that has 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: You can import data 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: 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.
Just as small businesses need to ensure 100 percent accuracy with their annual tax returns, so do corporations. ONESOURCE emphasizes accuracy in its filings by combining up-to-date tax laws and global rates for both direct and indirect taxes. The program also employs powerful analytic software that helps review your filings to make sure they are correct. ONESOURCE's reporting tools ensure you are kept abreast of the entire process.
It would be hard to find a more comprehensive piece of corporate tax software than ONESOURCE. While intimidating at times to navigate for the average user, its broad applications are a big benefit when used to their fullest. The more sprawling and complex your business, the easier it is to run into a tax-related snag. ONESOURCE does a good job of mitigating that risk.
Posing as a business interested in using ONESOURCE, we had a positive experience with the company's customer service. There was some waiting involved, but once we were connected, we spoke with an accommodating and knowledgeable customer service representative who took the time to explain numerous aspects of the ONESOURCE platform.
While online support for ONESOURCE is available on a 24/7 basis through web chat, instructional videos, and online message boards, customer service by phone is only available from 7 a.m. to 7 p.m. CST. The company does, however, guarantee a response within 24 hours.
It's already been said in this review, but it bears repeating: If you are a small business owner looking to file simple business taxes, ONESOURCE is not really geared for your needs. It's built to handle mid-sized businesses and up, and, as such, could only serve to further complicate your filing process. This software is really focused on complex tax needs and works best within a corporate tax department environment.
It's also important to note that since this program is an enterprise piece of software, costs will be significantly larger than if you select an online tax platform with a small business plan that better fit your needs and budget.
Already prepared to choose an online tax software application? Here's a breakdown of the rest of our coverage: