The FINANCIAL -- The Tax & Accounting business of Thomson Reuters on September 1 announced the latest release of its patented and market-leading tax provision software, ONESOURCE Tax Provision.

Version 7.0 enhancements include multilingual capability to serve a global audience, a new user interface, IFRS reporting functionality, and deeper software integration.

According to Thomson Reuters, with the launch of Version 7.0, ONESOURCE Tax Provision is now available in French, Spanish, and German, to improve global tax accounting workflow within multinational corporations (MNCs). Additional languages are planned for future releases. The new user interface is designed to improve ease-of-use for tax accountants by making it simpler and faster to access the most important information.

Version 7.0 includes support for IFRS reporting and improved integration with ONESOURCE Income Tax return software. Aimed at improving tax department efficiency, the new capabilities simplify the “return to provision true-up” posting with ONESOURCE Income Tax.

“Among the many challenges facing companies that are expanding operations globally is the need to shorten the financial close cycle, of which the tax provision is a critical piece,” said Joe Harpaz, senior vice president and general manager of Global Tax Technology at Thomson Reuters. “7.0 was created with a global focus, offering enhanced performance, improved ease-of-use, and new capabilities designed to support the mission critical corporate tax needs of MNCs.”

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