11/9/2021 1:42 PM ET
Legal Newswire POWERED BY LAW.COM
Deloitte Tax LLP (“Deloitte Tax”) and Thomson Reuters today announced a strategic alliance to help corporate tax and legal departments around the world transform the way they work. By combining the robust content, leading software and technology of Thomson Reuters with Deloitte’s market-leading capabilities in consulting and technology implementation, Allianz will provide solutions for internal tax and legal teams to meet the growing challenges they face worldwide can meet compliance and regulatory requirements as well as the urgent need to become more efficient, more agile and more digital.
“Today, more than ever, digitization is crucial for the effectiveness of tax and legal departments. Through this alliance, we will deliver bespoke technology implementation solutions to help our customers focus on what they do best – adding value to their businesses, leveraging robust data for decision making, and controlling costs backed by the unmatched global breadth and depth from Deloitte and Thomson Reuters, “said Steve Kimble, Chairman and CEO, Deloitte Tax LLP.
The digital transformation has the highest priority for almost every institute and attracts the attention of many executives from the areas of finance, law and operations. While many parts of the company have started digitization, tax and legal departments are often lagging behind and rely on outdated legacy systems and manual business processes that cannot keep up with today’s requirements. In a Deloitte survey of legal departments, only 20% said they use tools to automate routine tasks. Similarly, a separate survey of tax executives found that their teams need more advice on key initiatives such as digital business models, supply chain restructuring and sustainability – even if their budgets stay the same or decrease.
“We are very excited to build on our longstanding relationship with Deloitte through this new alliance,” said Sunil Pandita, President of the Division at Thomson Reuters. “Thomson Reuters and Deloitte have long worked together to support corporate tax departments in major transformations and changes, from regulatory developments to digital disruptions. We are keen to continue this relationship with a new focus on corporate advisory. We see all the time In-house tax and legal departments under immense pressure to always be quick and accurate while addressing scarce resources and an ever-evolving business landscape. This alliance between Thomson Reuters and Deloitte gives us the opportunity to help our clients solve their biggest pain points through content-driven technology solutions. “
Tax and legal departments need to reinvent their basic operations and processes to thrive in a dynamic and challenging environment, and it becomes imperative that they accelerate their transformation efforts. The Deloitte-Thomson Reuters alliance aims to help them do this. The digital transformation of core operating platforms enables tax and legal functions to generate real-time data insights and increase productivity while managing costs and risks more effectively. This allows tax and legal professionals to focus on providing advice and strategic insight.
The alliance builds on the significant relationship Deloitte and Thomson Reuters have cultivated over the past decade in serving global, industry-specific tax clients on their transformation journey. The alliance will enable Deloitte and Thomson Reuters to increase efficiency, align data, achieve economies of scale and improve transparency throughout the entire tax process. ONESOURCE, a leading corporate tax technology platform, is an important part of the tax ecosystem, enabling tax compliance and reporting in 180 countries. The integration of this technology with the insights of Deloitte’s tax consultancy can offer companies possible solutions to improve their specific tax lifecycle. Areas of improvement include global compliance, reporting, and risk management for corporate and transaction taxes.
“Tax functions deal with an ever-changing and ever-expanding regulatory landscape for direct and indirect taxes. The combination of Deloitte’s implementation methodology and tax-related services with Thomson Reuters’ suite of products addresses risk, compliance and efficiency opportunities in an extremely valuable way. so that our customers can focus their efforts on creating value for the company. Our dedicated tax technology practice is geared towards these clients in order to achieve their transformation goals around the world, “said Jennifer German, Partner, Head of Global and US Tax Advisory, Deloitte Tax LLP.
Deloitte and Thomson Reuters will also support the legal departments of companies using corporate legal management technology, a rapidly growing segment that focuses on improving and streamlining legal processes through specialized technologies for matter management, workflow, e-billing, contracts, content management and more focused. Customers will benefit from the combination of Deloitte’s technology implementation expertise and Thomson Reuters’ leading tools to optimize technology and improve legal efficiency.
Deloitte’s US companies do not act as lawyers or provide legal advice.
Deloitte provides industry-leading auditing, advisory, tax and advisory services to many of the world’s most valued brands, including nearly 90% of the Fortune 500® and more than 7,000 privately held companies. Our people come together for the common good and work in the industrial sectors that drive and shape today’s market – delivering measurable and lasting results that help build public trust in our capital markets, inspire customers to address challenges as Seeing opportunities for transformation and success and helping towards a stronger economy and a healthier society. Deloitte is proud to be part of the largest global professional services network serving our customers in the markets that are most important to them. Building on more than 175 years of service, our network of member companies spans more than 150 countries and territories. Visit www.deloitte.com to find out how Deloitte’s 330,000+ employees around the world come together to make an impact.
Via Thomson Reuters
Thomson Reuters is a leading provider of business information services. Our products include highly specialized information-based software and tools for legal, tax, accounting and compliance professionals combined with the world’s most global news service – Reuters. For more information on Thomson Reuters, visit tr.com and for the latest world news, visit reuters.com.
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