NEW YORK, Nov. 4, 2021 /PRNewswire/ -- Deloitte Tax
LLP ("Deloitte Tax") 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.
"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departments have often lagged, reliant on outdated legacy systems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."
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.
Deloitte U.S. firms do not practice law or provide legal
advice.
About Deloitte
Deloitte provides industry-leading audit, consulting, tax and
advisory services to many of the world's most admired brands,
including nearly 90% of the Fortune 500® and more than 7,000
private companies. Our people come together for the
greater good and work across the industry sectors that drive and
shape today's marketplace — delivering measurable and lasting
results that help reinforce public trust in our capital markets,
inspire clients to see challenges as opportunities to transform and
thrive, and help lead the way toward a stronger economy and a
healthier society. Deloitte is proud to be part of the largest
global professional services network serving our clients in the
markets that are most important to them. Building on more than
175 years of service, our network of member firms spans more than
150 countries and territories. Learn how Deloitte's more than
330,000 people worldwide connect for impact at
www.deloitte.com.
About Thomson Reuters
Thomson Reuters is a leading provider of business information
services. Our products include highly specialized
information-enabled 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, reuters.com.
Deloitte refers to one or more of Deloitte Touche Tohmatsu
Limited, a UK private company limited by guarantee ("DTTL"), its
network of member firms, and their related entities. DTTL and each
of its member firms are legally separate and independent entities.
DTTL (also referred to as "Deloitte Global") does not provide
services to clients. In the United
States, Deloitte refers to one or more of the US member
firms of DTTL, their related entities that operate using the
"Deloitte" name in the United
States and their respective affiliates. Certain services may
not be available to attest clients under the rules and regulations
of public accounting. Please see www.deloitte.com/about to
learn more about our global network of member firms.
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SOURCE Deloitte