Machines Are Hungry – Do You Have the Right Data to Feed Them?

December 5, 2018

REUTERS / Firstname Lastname

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Agenda slide

• Introductions

• Challenges with Data Management

• Opportunities for Improvement

• Financial data

• Data collection and standardized workpapers

• Extract, Transform and Load

• Analytics and data visualization

• Feed the Hungry Machines

• RPA

• APIs

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Brad Jowers

Brad is a Manager of Solution Consultants for the ONESOURCE® suite of

products. He brings to his role over 25 years of tax technology experience at

Thomson Reuters related to corporate and trust taxation, and has occupied roles in

development, sales, relationship management, and most recently, solution

consulting.

Over the past 11 years, Brad has been focused on providing tax process,

document, and data management solutions to companies. While his focus is on

the ONESOURCE® direct tax product suite, Brad has extensive experience with

the entire ONESOURCE® suite of products.

Brad is based in Singapore and enjoys cycling, scuba and adventure travel.

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Challenges with Data Management

Confidential and Proprietary

Turning Information Into Advantage

As businesses accumulate data, leaders still struggle to

turn information into action. Both tech

and talent obstacles stand in the way of:

• Acquisition to data at the right level of detail

• Gathering data from decentralized sources

and applications

• Integrating data from relevant workflows

• Driving global access and visibility to data

• Analyzing data to understand and react faster

Closing these gaps requires solution that integrates tax

and technology in precise, purposeful solutions that

evolve with customer needs and challenges.

80%of time spent on

data management

tasks

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Challenges with Data ManagementData Acquisition – Do you have the right data?

Structured data:

• ERP system

• GL transactions

• Trial balances

• Consolidated financial systems

• Fixed asset systems

• XML

• XBRL

Unstructured data:

• Adjustments

• Workpapers

• Subsidiary data collection

• Supporting documentation

• Notes and Disclosures

• Audit support

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Challenges with Data Management

Excel issues:

• Lack of security and controls

• Version control

• Manual data entry

• Linked workbooks

• Formula errors

• Roll forward

40% of finance and tax professionals

identify lack of security and controls as

their biggest challenge

67% have version control difficulties

53% Indicate that updating information

within workpapers is their most time

consuming task

Up to 80% of finance and tax

professional’s day is consumed by data

management tasks

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Opportunities for Improvement

Financial DataTransactional data used in ONESOURCE Indirect Tax

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ONESOURCE Technology Partners

ONESOURCE is designed for off-the-shelf integration with the

ERP, financial, accounting and ecommerce systems you rely

on to drive your business forward. This ensures maximum

value from your ONESOURCE investment, creating real-time

two-way communication that maximizes modernization while

minimizing risk and complexity.

• Make better, faster decisions with increased visibility into real-

time business and customer data

• Speed and streamline workflows without sacrificing accuracy

or compliance

• Build global access to information and insight

• Drive collaborative strategic tax and business decision-making

INTEGRATION OPTIONS

• Concur Invoice

• Coupa

• JD Edwards EnterpriseOne

• Magento

• Microsoft Dynamics 365 FOE

Microsoft Dynamics AX

• Microsoft Dynamics GP

• NetSuite

• Oracle E-Business Suite

• Oracle Fusion

• Sage 50

• Sage 100

• Sage 500

• SAP Ariba

• SAP Business Suite

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ONESOURCE Direct Tax Example

Financial

Reporting

Workflow FileRoomCalendar Audits

Data Management /

Collection Compliance & Reporting

ERP/GL’s

SAP BCS

Remote/Foreign Data CbC BEPS

Report

Tax Provision

Tax

Returns & Est.

Payments

Management

WorkFlow Manager

Entity Manager

Analytics

• Query • Benchmark• Visualization

Financial Data

ONESOURCE Work Papers

Data Collection

Statutory Reporting

Stat reports

BEPS Action Manager

Estimated Payments

Income Tax

28%

24%18%

15%

10%

5%

0.5

1.0

1.5

2.0

2.5

3.0

201 1 201 2 201 3 201 4 201 5

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ONESOURCE DIRECT Tax Suite

Financial

Reporting

Workflow FileRoomCalendar Audits

Data Management /

Collection Compliance & Reporting

ERP/GL’s

SAP BCS

Remote/Foreign Data CbC BEPS

Report

Tax Provision

Tax

Returns & Est.

Payments

Management

WorkFlow Manager

Entity Manager

Analytics

• Query • Benchmark• Visualization

Financial Data

ONESOURCE Work Papers

Workpapers and Data Collection

Statutory Reporting

Stat reports

BEPS Action Manager

Estimated Payments

Income Tax

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Financial Data Management

ONESOURCE General Ledger Manager

• A centralized repository of all financial data for direct tax deliverables

– Perform chart and entity maintenance for provision and income tax processes

– Manage multiple charts-of-accounts and create tax-specific charts

– Powerful reports and analytics

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Financial Data Management

Perform chart and entity maintenance for provision and income tax processes

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Financial Data Management

Manage multiple charts of accounts and create tax-specific charts

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Financial Data Management

Powerful reporting and analytics

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ONESOURCE DIRECT Tax Suite

Financial

Reporting

Workflow FileRoomCalendar Audits

Data Management /

Collection Compliance & Reporting

ERP/GL’s

SAP BCS

Remote/Foreign Data CbC BEPS

Report

Tax Provision

Tax

Returns & Est.

Payments

Management

WorkFlow Manager

Entity Manager

Analytics

• Query • Benchmark• Visualization

Financial Data

ONESOURCE Work Papers

Workpapers and Data Collection

Statutory Reporting

Stat reports

BEPS Action Manager

Estimated Payments

Income Tax

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Workpapers and Data Collection

ONESOURCE DataFlow

• Provides a secure, controlled, and automated environment to create efficiencies around

the workpaper and data collection processes

– Create secure, web-based templates to control access, review and sign off process

– Can be utilized for any Excel-based process

– Connected to the rest of ONESOURCE (Direct Tax, Transfer Pricing, etc.)

– Manage multiple charts-of-accounts and create tax-specific charts

– Powerful reports and analytics

Thomson Reuters ONESOURCE® DataFlow

Optimise your

existing tax and

finance data

collection and

workpapers with

ONESOURCE

Dataflow

ONESOURCE Data Management

Secure web-

based template

Extends the

capabilities of

Excel

Data provider

portal

Simple

interface

supporting

attachments,

notes and

status

Data stored in

the cloud

Prepopulate,

collect and

store data in a

centralized

database

Data

aggregation

and analysis

Easily access

data for

consolidation

and review

Automate

reporting and

compliance

Integration with

compliance

and reporting

applications

Controls

Automated

notification,

reminders and

tracking

Leverage

existing Excel

workpapers or

tax packages

Standardize

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Opportunities for Improvement

ERP

Other Systems

Data Collection

Template

Data Providers

Notifications &

Reminders

Administrators

Extraction

Report

DataFlow

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Workpapers and Data Collection

USE CASE: Standard Provision Workpapers

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Workpapers And Data Collection

USE CASE: Standard Return Workpapers

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Workpapers and Data Collection

USE CASE: Provision Data Collection

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Workpapers and Data Collection

USE CASE: Foreign Subsidiary Data Collection

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Workpapers and Data Collection

Connected to the rest of ONESOURCE (Direct Tax, Transfer Pricing, etc.)

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ONESOURCE DIRECT Tax Suite

Financial

Reporting

Workflow FileRoomCalendar Audits

Data Management /

Collection Compliance & Reporting

ERP/GL’s

SAP BCS

Remote/Foreign Data CbC BEPS

Report

Tax Provision

Tax

Returns & Est.

Payments

Management

WorkFlow Manager

Entity Manager

Analytics

• Query • Benchmark• Visualization

Financial Data

ONESOURCE Work Papers

Workpapers and Data Collection

Statutory Reporting

Stat reports

BEPS Action Manager

Estimated Payments

Income Tax

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Tax Provision

ONESOURCE Tax Provision

• The quickest and most efficient wat to securely calculate your company’s tax provision

– Integration with Financial Data

– Integration of Workpapers and Data Collection

– Powerful Reports, Disclosures, and Analytics

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Tax Provision

Integration with Financial Data

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Tax Provision

Integration with Workpapers and Data Collection

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Tax Provision

Powerful Reports, Disclosures, and Analytics

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Tax Provision

Powerful Reports, Disclosures, and Analytics

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Tax Provision

Powerful Reports, Disclosures, and Analytics

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ONESOURCE DIRECT Tax Suite

Financial

Reporting

Workflow FileRoomCalendar Audits

Data Management /

Collection Compliance & Reporting

ERP/GL’s

SAP BCS

Remote/Foreign Data CbC BEPS

Report

Tax Provision

Tax

Returns & Est.

Payments

Management

WorkFlow Manager

Entity Manager

Analytics

• Query • Benchmark• Visualization

Financial Data

ONESOURCE Work Papers

Workpapers and Data Collection

Statutory Reporting

Stat reports

BEPS Action Manager

Estimated Payments

Income Tax

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Income Tax Compliance

ONESOURCE Income Tax

• The most integrated, east-to-use, and “tax-accountant-friendly” return functionality in the

marketplace

– Starting compliance with Finalized Provision Data

– Integration of Workpapers and Collected Data

– User Friendly Review and e-File

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Income Tax Compliance

Starting Compliance with Finalized Provision Data

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Income Tax Compliance

Integration of Workpapers and Data Collected Data

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Extract, Transform and Load

• Data is aggregated from multiple sources and

in different formats

• Rulesets are applied to align, enrich and

prepare the data for effective use

• Cleansed data is loaded into downstream

systems

• Repeatable workflows are set up to run

rulesets and effectively automate the data

management process

Common Tools in the Market:

Analytics and Data Visualizations

•

•

•

•

Country-by-Country Reporting Footprint

Effective tax rate details

39 ONESOURCE: Unified Solutions for Tomorrow’s Tax Professionals

Extract Transform and Load Use Cases

Transformation

• Trial balance reformatting for

load into another system

• Trial balance rollup (mix of cost

center and trial balance detail)

• Trial balance consolidation

• (disparate systems)

• Converting natural sign TB to

debit/(credit)

Rules and Mapping

• Adjustment calculations

• New account identification

• New entity identification

• Populating f/x rates by entity

based on currency code

• Populating tax rates by entity

based on country code

• Performing system admin steps

for a new entity, adjustment, or

new GL account

Data Management

• Analytics

• Management reporting

• Validation

What is Robotic Process Automation?

Automate

manual and

repetitive tasks

Integrate with

existing software

through virtual

“robots”

Replication of

desktop actionsApply simple

rules and

business logic

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Robotic Process AutomationEvolution of Automation

Manual Execution

Scripting Orchestration Autonomics Cognitive

One off processes non-repeatable

Linear tasks -standardized repeatable

Activities – Complex, Standard, Multi-

scritpted

Processes – Dynamic, Non-standard,

Contextual, Inference

Systems – Self Aware, Predictive, Self

Learning, Self Healing

Current State Target State Future State

42 ONESOURCE: Unified Solutions for Tomorrow’s Tax Professionals

What are APIs?Application Programming Interface (API)

Software-to-software interface which allows systems to communicate

• GET – retrieve information

• POST – create information in an existing record

• PUT – create new information

• PATCH – update information

• DELETE – remove information

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Benefits

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Automation to Improve Efficiency and Control

Thomson Reuters ONESOURCE drives your comprehensive tax reporting and

compliance processes with accessibility anywhere, anytime. Effectively manage

your data and reduce risk in an ever-changing environment.

COLLECT structured and unstructured

data while maintaining stringent controls

over the data process using a simple and

intuitive application

ELIMINATE manual tasks and improve

controls using a centralized database

that lets businesses meet obligations

with confidence

INTEGRATE with other tax, finance, and

reporting tools to enable more users to

get more done with the same information

REPORT the tax entry with accuracy,

reliability, and flexibility using a simple

and intuitive interface that is reviewable

in seconds

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Thank You