Data Science and Analytics Platform Joins Forces with ONESOURCE Tax Automation Suite to Streamline Data Analysis for Tax Professionals
Thomson Reuters, the world’s leading provider of news and information-based tools for professionals, and Alteryx, Inc., revolutionizing business through data science and analytics, announced a strategic partnership aimed at helping tax technologists solve the challenges in tax preparation reporting and analysis.
Tax calculations often require data to be pulled from multiple, disparate sources. However, collecting and formatting this information, and then turning it into insights, can be a complicated and tedious process. The Alteryx Platform, which supports everything from data prep and blending to putting machine learning models to use, complements the automation capabilities of Thomson Reuters’ ONESOURCE by providing a user-friendly application to help tax professionals access and manage tax data. ONESOURCE is the industry’s most powerful corporate tax technology platform and drives global tax compliance and accounting decision-making around the world.
“Tax departments are often understaffed, and yet their responsibilities continue to grow. Partnering with Alteryx will not only streamline workflows for tax technologists, it will also provide greater efficiency through enhanced data automation and analysis, eliminating the need to rely heavily on IT Departments,” said Chris Carlstead, head of partnerships and alliances for Thomson Reuters Corporates Segment. “We look forward to expanding our relationship with Alteryx beyond tax and to bringing these efficiencies to all the corporate customers we serve.”
Tax professionals work in a deadline-driven environment. By automating workflows, creating repeatable processes and eliminating the need to manually import and export data, tax teams will have more time to focus on value-added tasks, strategic advisory and advanced analytics, which can ultimately lead to business-changing results.
“Tax professionals tend to be uniquely data-hungry and analytically literate, but they face major challenges in extracting value and gleaning insights due to the nature of the industry. They deal with complex data across disparate and often inefficient systems in a world where regulation can change in the blink of an eye,” said Steve Walden, senior vice president of business development for Alteryx. “By using Thomson Reuters’ ONESOURCE with Alteryx, we are empowering tax professionals to unlock the true potential of tax information.”