AWARDS & RECOGNITION
Tax & Accounting Business of Thomson Reuters Wins Big at Taxation Awards 2010
The Tax & Accounting business of Thomson Reuters recently won "Best Technological Innovation" for the Documenter version of ONESOURCE Transfer Pricing in the Taxation Awards 2010.
The Documenter version of ONESOURCE Transfer Pricing was considered the best technological innovation because it has created an opportunity for tax teams all over the world to become self-sufficient and proactive in managing transfer pricing, which is a major compliance issue for multinational corporations.
"Expertise in transfer pricing is shifting toward in-house knowledge, from accounting firms to corporate tax departments, and our product represents a major force encouraging this trend," said Ken Crutchfield, vice president and general manager, ONESOURCE Transfer Pricing. "The results for our customers are lower compliance costs and more hands-on engagement in one of the greatest compliance challenges in international tax."
Developing the vision for the Documenter version of ONESOURCE Transfer Pricing was the result of a six week Front-End Customer Strategy project, in which an eight person team from Thomson Reuters set out to conduct face to face interviews with tax directors, managers, and their staff. All of these interviewees were using a combination of desktop software, internet searching, and consulting to manage their transfer pricing documentation year after year. Although each company had a unique transfer pricing strategy, they all expressed similar frustrations: inability to collaborate with colleagues in foreign offices, and being stuck in a reactive instead of proactive transfer pricing position.
"Hearing our customers' needs and understanding how they do their jobs led us to develop a transfer pricing solution that would allow them to collaborate with their advisors and create their own transfer pricing documentation instead of outsourcing the entire process," said Mark Brooks-Belcher, director, Sales, ONESOURCE Transfer Pricing.
Since the launch of the Documenter version of ONESOURCE Transfer Pricing in September 2009, 165 customers have adopted the product to bring their transfer pricing documentation in-house.