A new type of solution for corporate treasury departments has been perfected over the last 2-3 years: online databases combined with interactive analytical and diagnostic tools that solve real corporate treasury department problems. These new digital tools are opening up a whole new vista of solutions. A couple of the latest solutions show what is happening, particularly in regulatory compliance where, as Thomson Reuters put it, “New release provides compliance peace of mind with enhanced productivity and flexibility.”
Thomson Reuters upgrade ONESOURCE Indirect Tax
Thomson Reuters’s ONESOURCE Indirect Tax, the company’s intelligent, end-to-end global tax automation solution has been upgraded. Available in the cloud for simplified deployment and maintenance, the new release offers both shared and dedicated cloud options, addressing the needs of mid-sized businesses and large multinationals alike.
Automates tax calculation
The cloud tax solution automates tax calculation for all transactions around the globe and unifies tasks such as calculation configuration, certificate management, reporting, DFI and compliance. To support the dynamic and changing tax regulations and to ease the burden on tax and IT departments, the new release simplifies configuration tasks with streamlined, automated workflows using an intuitive step-by-step wizard. The new release provides faster access to tasks, their data and tax information.
Chris Carlstead, managing director, Indirect Tax, for the Tax & Accounting business of Thomson Reuters, said, “ONESOURCE Indirect Tax delivers on this expectation by providing transactions with the right tax, the first time, every time."
ONESOURCE global tax suite
The latest version of ONESOURCE Indirect Tax is part of the Thomson Reuters ONESOURCE global tax suite that provides tax calculations and compliance across all tax types and across jurisdictions globally. With seamless integration, companies can leverage one platform for corporate income taxes, indirect taxes, trade and customs, transfer pricing, and tax research.
Card Assistant from Bank of America Merrill Lynch
Bank of America Merrill Lynch have launched Card Assistant - a digital tool to deliver information and education to commercial card clients - which, they claim, enables time-pressed program administrators to access industry and product updates, informative webcasts, fraud prevention tips, case studies and reference information in one convenient place. A key component of the site is the Card Education page featuring short video tutorials on common features of the card platform.
Hubert J.P. Jolly, global head of financing and channels for Global Transaction Services at BofA Merrill. “Card Assistant makes it as easy as possible for our clients to access the information and training they need, whenever and wherever they need it.”
CTMfile take: There is now much more focus from banks and suppliers on helping corporate treasury departments to do their job in the rapidly changing technical and business world, e.g. Thomson Reuters say their patented tax calculation engine “continually evolves to meet the tax needs of every business and automatically updates as tax changes occur across the globe.” And Bank of America Merrill Lynch say their aim is to be, “the focal point to assist and advise our clients as they navigate the increasingly complex global card program landscape.” But, corporate treasurers, “Are things really getting better?”
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BofA Merrill expands Commercial Card coverage
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