Alliance to help corporate tax and legal departments respond to their compliance and regulatory challenges and ever-increasing need for operating efficiency
Deloitte Tax LLP and Thomson Reuters today announced a strategic alliance to help corporate tax and legal departments across the world transform how they work. By combining the robust content, leading-edge software and technology of Thomson Reuters with Deloitte’s market-leading capabilities in consulting and technology implementation, the alliance will deliver solutions for in-house tax and legal teams to address the growing challenges they may face from global compliance and regulatory demands, as well as the urgent need to become more efficient, nimble and digital.
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“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,” said Steve Kimble, chairman and CEO, Deloitte Tax LLP.
Digital transformation is a top priority for nearly every institution and commands the attention of many senior executives across the finance, legal and operations areas. While many parts of the organization have begun the digitization journey, tax and legal departments have often lagged, reliant on outdated legacy systems and manual business processes that cannot keep pace with today’s demands. In a Deloitte survey of legal departments, only 20% indicated they used tools to automate routine tasks. Similarly, a separate survey of tax leaders said their teams must give deeper advisory support on key initiatives such as digital business models, supply chain restructuring and sustainability — even as their budgets remain flat or fall.
“We’re thrilled to build on our longstanding relationship with Deloitte through this new alliance,” said Sunil Pandita, president of Corporates at Thomson Reuters. “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.”
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Tax and legal departments must reinvent their foundational operations and processes to thrive in a dynamic and demanding environment, and it is becoming imperative that they accelerate their transformation efforts. The Deloitte-Thomson Reuters alliance is designed to help them do just that. Digital transformation of core operating platforms enables tax and legal functions to generate real-time data insights and increase productivity, while simultaneously managing costs and risks more effectively. This allows tax and legal professionals to focus on providing advice and strategic insights.
The alliance builds upon the significant relationship Deloitte and Thomson Reuters have fostered over the past decade serving global, industry diverse tax clients on their transformation journeys. The alliance will enable Deloitte and Thomson Reuters to enhance efﬁciencies, align data, create economies of scale, and improve transparency throughout the end-to-end tax processes. ONESOURCE, a leading corporate tax technology platform, is a critical component of the tax ecosystem, enabling tax compliance and reporting in 180 countries. Deloitte’s integration of this technology with its tax consultancy insights can provide businesses with possible solutions to enhance their specific tax lifecycles. Enhancement areas include global compliance, reporting and risk management for corporate taxes, and transactional taxes.
“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,” said Jennifer Deutsch, partner, Global and U.S. Tax Management Consulting leader, Deloitte Tax LLP.
Deloitte and Thomson Reuters will also support corporate legal departments leveraging enterprise legal management technology, a rapidly growing segment that is focused on improving and streamlining legal operations through specialist technology for matter management, workflow, e-billing, contracts, content management and more. Clients will benefit from the combination of Deloitte’s technology implementation prowess and Thomson Reuters’ leading tools to optimize technology and create efficiencies in legal departments.
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