Big Four firm Deloitte and Thomson Reuters have announced a strategic alliance to help corporate tax and legal departments across the world to ‘transform how they work’. For Deloitte this relationship will primarily run through its Deloitte Tax LLP.
By combining the content and technology of Thomson Reuters with Deloitte’s consulting and technology implementation skills, 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’ they said.
The alliance builds upon the significant relationship Deloitte and Thomson Reuters have fostered over the past decade serving global, industry diverse tax clients.
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 corporate tax technology platform made by Thomson Reuters is a critical component of the tax ecosystem, they said, 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’, they explained.
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’, they added.
‘Now more than ever, digitisation 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 organisations, 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, in a statement.
Sunil Pandita, president of Corporates at Thomson Reuters, added: ‘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.’