Deloitte and Thomson Reuters Form an Alliance Aimed at Empowering Corporate Tax and Legal Departments

Deloitte Tax LLP and Thomson Reuters have announced a strategic alliance aimed at helping corporate tax and legal departments enter a new age and accelerate digital transformation. This alliance seems like a rational next step in the decade-long history of cooperation the companies shared, serving clients across a multitude of industries on a global scale. 

“We’re thrilled to build on our longstanding relationship with Deloitte through this new alliance. Thomson Reuters and Deloitte have long worked together to support corporate tax departments as they face great transformation and change, from regulatory developments to digital disruption. We are eager to continue that relationship, as well as add a new focus around the corporate counsel. We continually see in-house tax and legal departments under immense pressure to always be fast and accurate, while combatting constrained resources and an ever-evolving business landscape. This alliance between Thomson Reuters and Deloitte will allow us an opportunity to help our customers solve their biggest pain points through content-driven technology solutions.”

Sunil Pandita, president of Corporates at Thomson Reuters

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A drive for digitalization

Digital transformation becomes of much higher importance to senior executives in finance, legal and operations areas, yet many organizations still lag behind, when it comes to exploring new, innovative business processes. Most tax and legal departments simply can not keep up. As little as 20% of legal departments are using technology to automate routine tasks, states a survey of legal departments by Deloitte. 

“Now more than ever, digitization is becoming crucial to the effectiveness of tax and legal departments. Through this alliance, we will deliver tailored technology implementation solutions to help position our clients to focus on what they do best — deliver enhanced value in their organizations, leveraging robust data for decision-making and cost control, backed by the unmatched global breadth and depth of Deloitte and Thomson Reuters.” 

Steve Kimble, chairman and CEO, Deloitte Tax LLP.

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The alliance

As we’ve mentioned before, the newly formed alliance between Thomson Reuters and Deloitte builds upon a lasting history of cooperation. Both companies will be able to enhance efficiency, align data more clearly, and improve transparency through an end-to-end tax process. ONESOURCE serves as the cornerstone of the cooperation. It is a leading corporate tax technology platform that has served as a quintessential element of the tax ecosystem. Moreover, it has already enabled tax compliance and reporting in more than 18o countries. Now Deloitte will be integrating ONESOURCE with its own tax consultancy insights thus offering new opportunities for clients when it comes to transactional taxes, global compliance, reporting and risk management. 

In turn, Thomson Reuters will offer an improvement in their support of corporate legal departments using Deloitte’s technologies to streamline contract and content management, matter management, workflow, and e-billing. 

“Tax functions deal with an ever-changing and ever-increasing regulatory landscape for direct and indirect tax. The combination of Deloitte’s implementation methodology and tax technical services with Thomson Reuters’ product suite addresses risk, compliance, and efficiency opportunities in an extremely valuable manner, allowing our clients to focus their efforts on creating added value to the organization. Our dedicated tax technology practice is aligned with those clients to achieve their transformation goals around the globe” 

Jennifer Deutsch, partner, Global and U.S. Tax Management Consulting leader, Deloitte Tax LLP.

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About Deloitte

Deloitte is an industry leader in providing legal, consulting, and financial advisory as well audit, assurance, and tax services. They have worked with nearly 90% of the Fortune Global 500 companies as well as thousands of private firms. Their 345,000 professionals offer a reliable service and the company has spanned to over 150 countries throughout its 175+ year history. 

About Thomson Reuters

Thomson Reuters is a provider of BI and business information services. The company operates through five segments: Tax & Accounting, Legal Professionals, Corporates, Reuters News, and Global Print. The company operates in 75 countries and offers access to specialized information-enabled software and tools.