Thomson Reuters recently launched ONESOURCE with CoCounsel on a global scale. Credit: Ken Wolter/Shutterstock.

Thomson Reuters has been recognised as a leader in the field of tax automation, according to recent IDC MarketScape reports.  

The reports are IDC MarketScape: Worldwide SaaS and Cloud-Enabled SaaS Sales and Use Tax Automation Software for Enterprise 2024 Vendor Assessment, and the IDC MarketScape: Worldwide Value-Added Tax Management Applications 2024 Vendor Assessment. 

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The company’s subsidiary, Pagero, was also acknowledged as a leader in the IDC MarketScape: European Compliant e-Invoicing 2024 Vendor Assessment.  

Earlier this year, Thomson Reuters completed the acquisition of Pagero for $800m. 

Thomson Reuters’ e-invoicing offering, ONESOURCE Pagero, aids businesses to streamline their global compliance processes and gain valuable insights. 

It provides a suite of tax compliance solutions, which includes automated tax return preparation and filing for Sales and Use Tax and VAT.  

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It is designed to integrate seamlessly with major ERP systems, offering tax determination and calculation across all transactions.  

Furthermore, ONESOURCE has incorporated edge computing to enhance the speed and control of tax calculations. 

Thomson Reuters Corporate Tax and Trade head Ray Grove said: “We believe our recognition as a Leader in both the enterprise SUT and VAT markets in this IDC MarketScape underscores our unwavering dedication to our customers’ success. Through our trusted ONESOURCE solutions, serving over 205 countries and territories, we continue to push the boundaries of innovation.” 

“Our vision is to create a seamlessly connected suite of global indirect tax calculation, reporting, and e-invoicing capabilities, providing best-in-class technology to enable our customers to navigate the complexities of tax compliance with confidence and agility.” 

IDC research manager Kevin Permenter said: “Thomson Reuters has consistently demonstrated its commitment to innovation and customer success in the SaaS and cloud-enabled Value-Added Tax automation software market.” 

Thomson Reuters recently launched ONESOURCE with CoCounsel on a global scale.  

This integration introduces generative AI assistance into the tax solution, combining a new AI Product Support skill with CoCounsel, the company’s professional-grade generative AI assistant.  

This assistant delivers instant, natural-language answers based on Thomson Reuters’ proprietary content.