Thomson Reuters tax product innovation enables firms to automate processes and increase efficiency

TORONTO, June 15, 2023 – Thomson Reuters (NYSE/TSX: TRI), a global content and technology company, today outlines recent innovations in its tax and accounting product suite that support professionals to increase efficiency in their day-to-day workflows. From automating key processes, to supporting customers with growing their advisory practice – tax and accounting officers will benefit from the time savings driven by these recent updates to Thomson Reuters’ tax and accounting technology.

“The drive for efficiency is a top strategic priority for tax and accounting leaders at firms of all sizes. Products that save our customers time by eliminating work, making it easier to get the job done, are essential,” said Piritta van Rijn, Global Head of Product, Accounting, Tax & Practice at Thomson Reuters. “With these latest product enhancements, we’re helping our customers to work smarter by streamlining tax workflows, while giving them confidence by ensuring accuracy of the work being produced. We’re ultimately helping accounting professionals to better serve their clients.”

Thomson Reuters’ Innovation and Product Enhancements Include:

Streamlining Tax Workflow with SurePrep – Since its acquisition of SurePrep in January this year, Thomson Reuters has invested significantly to enhance functionality and integrate SurePrep with its existing technology. The latest updates include the launch of enhanced integration between GoSystem Tax RS and SurePrep. This Live Sync integration utilizes API capabilities to provide real-time data exchange between these two applications, saving an additional 15 minutes per return while providing a seamless experience.

Availability: The GoSystem Tax RS and SurePrep integration is available in the US.

Automating Entire Single Audit Process – Thomson Reuters continues to simplify auditing with Checkpoint Engage Single Audit – the only cloud-based application that automates guidance for the entire Single Audit process. Made available to users in the US, it enables customers to streamline the error-prone Single Audit process with step-by-step in-product guidance. As a result, accounting professionals can remain compliant with government requirements, while confidently and efficiently performing audits – all in a single platform. The application was also recently recognized as a ‘2023 Top New Product’ by Accounting Today¹.

Availability: Checkpoint Engage Single Audit is available in the US.

¹ ’The 2023 Top New Products’ – Accounting Today, February 10, 2023.

Repeatable and Structured Tax Advisory – Today, the majority (93%) of tax and accounting leaders believe clients are looking for some form of advisory services, and tax strategy in particular². With Thomson Reuters Checkpoint Edge, users can access Advisory Maps that provide an end-to-end workflow for delivering tax planning and advisory processes. Through this recently released feature, each map provides step-by-step guidance and implementation aids for every phase and task required. This enables staff of all levels to confidently evaluate and determine the best options for their client or business. The solution not only brings new revenue opportunities for firms, but it also enables advisory engagements to be delivered in a more structured, repeatable, and cost-effective way.

Availability: The Advisory Maps tool in Checkpoint Edge is now available in the US depending upon subscription, with over 40 maps available for tax, and financial reporting and management.

² ‘2023 The State of the Tax Professionals Report’ by Thomson Reuters, February 2023.

Saving Time with Enhanced In-Product Guidance in UltraTax CS – In preparation for tax season, Thomson Reuters evaluated the end-to-end workflow in UltraTax CS to find where customers needed help in successfully completing everyday tasks. Thomson Reuters’ data showed that product installation, forms approval status, and e-file rejection management were key areas where additional guidance was needed. As a result, UItraTax 2022 included additional on-screen prompts, links to key help topics for over 150-plus common e-file rejections, and a new forms and e-file approval dashboard where customers can see real-time updates on the availability of the products they use.

Availability: UltraTax CS is available in the US and provides nationwide state and local jurisdiction coverage.

Thomson Reuters

Thomson Reuters (NYSE / TSX: TRI) (“TR”) informs the way forward by bringing together the trusted content and technology that people and organizations need to make the right decisions. The company serves professionals across legal, tax, accounting, compliance, government, and media. Its products combine highly specialized software and insights to empower professionals with the data, intelligence, and solutions needed to make informed decisions, and to help institutions in their pursuit of justice, truth, and transparency. Reuters, part of Thomson Reuters, is the world’s leading provider of trusted journalism and news. For more information, visit tr.com.

Contact

Kirsty Bennett
Director, Customer and Product PR
+44 7786 005 128
kirsty.bennett@thomsonreuters.com