Thomson Reuters and KPMG Forge Alliance to Transform Tax Operations

New York, December 10, ​2024 – At a ​time of growing complexity in global tax regulation and digital transformation, Thomson Reuters and ​KPMG LLP strengthened their strategic alliance to provide leading-edge solutions to corporate tax executives. This ​association integrates KPMG’s advisory knowledge with Thomson Reuters’ cutting-edge technology to ​optimize tax, commercial and financial information operations.

According to Thomson Reuters, the collaboration is aimed at helping organizations navigate complex tax environments, improve compliance, and simplify processes. By taking advantage of KPMG’s extensive experience and Thomson ​Reuters’ technological capabilities, the alliance positions corporate tax services to ​act proactively, transforming them into strategic business partners that stimulate ​organizational growth.

The Tax Operations Revolution

The alliance allows tax professionals ​to access suitable solutions that improve operational efficiency ​and ensure compliance with ever-changing tax ​laws. As Thomson Reuters said, ​KPMG is one of ​the main implementers of the ONESOURCE suite, a robust platform that simplifies ​tax operations through automation, integration and real-time ideas.

KPMG’s role as a participant in ​the ONESOURCE certificate ​implementation programme ensures ​that customers receive exceptional support in the adoption and integration of new ​technologies. This initiative enables businesses to modernize their ​tax systems ​and effectively manage data, responding to the challenges of increasing digitization of tax processes.

Adapting to the digital tax landscape

The digital transformation ​of tax processes presents opportunities and challenges. Tax authorities ​around the ​world are adopting technologies ​such as generic IA to improve access to data and law enforcement. This trend calls for corporate tax services to invest in advanced technologies to remain competitive and compatible.

KPMG and Thomson Reuters worked together to provide innovative tools that organize and ​manage broad data sources, ensuring accurate tax calculations, compliance and information. By equipping companies ​with customized solutions, the alliance ​minimizes the risks associated with manual processes ​and ​simplifies ​workflows, improving both productivity and ​accuracy.

Data analysis and global compliance

Data management and accessibility remain critical for organizations that encourage compliance with tax laws. The partnership between Thomson Reuters and KPMG ​addresses these challenges through advanced ​data analysis and management tools, providing tax managers with real-time information to improve decision-making.

According ​to Thomson Reuters, the ONESOURCE platform, combined with the KPMG experience, allows organizations ​to unlock efficiencies throughout the financial life cycle. These ​instruments not only ​ensure smooth global compliance, but also increase the visibility of tax items, reduce compliance risks and promote best reporting practices.

With tax regulations that evolve rapidly through governments, moving forward requires agile and proactive ​solutions. The integrated partnership approach enables businesses to effectively ​manage regulatory changes while mitigating compliance risks.

Innovation through technology

Continuous improvement and innovation are the cornerstones of the Thomson ​Reuters and KPMG alliance. Advanced technologies, including artificial intelligence, have become essential to automate tax transactions, ​identify fraud and provide practical information.

According to KPMG, AI-based analysis and ​automation simplify data collection ​and increase the accuracy ​of reports. By using algorithms to analyze complex tax data, corporate tax teams can discover economic opportunities and stimulate business growth. These innovations make ​tax departments the main contributors ​to strategic decision-making ​within organizations.

Increased fiscal and commercial functions

Thomson Reuters ​and KPMG aim to strengthen the strategic role of tax and ​business ​operations within organizations. By transforming data ​into a valuable strategic asset, ​the partnership fosters a data-based culture that drives ​businesses towards sustained growth and competitive advantage.

The alliance offers scalable and customized solutions that meet the unique needs of businesses, ensuring that tax services are not just operational entities, but key drivers of general objectives. With this progress, organizations can confidently navigate through the complexity of modern ​financial environments and position themselves for future success.

In keeping with its commitment to innovation and customer ​success, Thomson Reuters and KPMG continue to evolve. By combining appropriate solutions, technological knowledge and advisory ​services, the partnership ​helps ​organizations adapt to the ​changing tax landscape and ​achieve their strategic objectives.