Concur Integrates with Thomson Reuters ONESOURCE Indirect Tax Solution

By CIOReview | Friday, November 21, 2014

BELLEVUE ,WA: Concur, provider of spend management solutions has announced a new integration with Thomson Reuters cloud-based ONESOURCE  Indirect Tax solution to maximize efficiency and savings for AP departments.

Concur Invoice customers can now easily calculate tax amounts charged by their vendors while managing the entire tax lifecycle. Concur customers utilizing ONESOURCE Indirect Tax can now execute tax determinations on vendor invoices quickly and securely via the cloud and benefit from monthly, automatic updates to tax rates and rules resulting in increased tax calculation accuracy. Through a cloud-to-cloud connection, customers are provided a more efficient and cost effective way to ensure compliance with corporate tax regulations.

Thomson Reuters tax experts maintain the broadest and deepest coverage of indirect tax data, supporting rates and rules for over 14,500 tax authorities in the U.S. This integration reviews each invoice and calculates tax that should have been charged by the vendor, posting the calculated amount back to Concur. With the proper setup in Concur Invoice System, invoices with a difference between the calculated tax amount and charged tax amount can be flagged as an exception, enabling customers to take preventative measures to resolve the tax issue.

"The integration of our cloud-based ONESOURCE Indirect Tax solution with Concur Invoice solves an enormous business problem," says Gary L. Allen, Vice President of Software Technology of Thomson Reuters.