The Source Document Processing Service offers firms a workflow strategy that can save significant time, money, and staff resources, and substantially reduce 1040 tax preparation time and costs.
Thomson Reuters - Source Document Processing
From the July 2011 Review of Tax Document Automation Systems
- Firms who use the related Thomson Reuters applications (FileCabinet CS and UltraTax CS). Note: FileCabinet CS is required for labeling and organizing. UltraTax CS is required if firms want to take advantage of the data extraction feature.
- UltraTax CS users who have clients with significant securities trades or source documents.
- The least expensive scan, organize and populate tool reviewed here, at $6/return.
- Strong integration throughout the CS Professional Suite applications, including automatic search and import of tax data from the payroll, write-up and flow-through entity tax preparation applications.
- Requires firms to use FileCabinet CS, which must be used instead of Adobe Acrobat to annotate and reference source documents.
- Unlike many of its competitors, Thomson Reuters does not sell an Adobe Acrobat extension to assist practitioners with creation of workpapers.
- The application does not support any third-party solutions for document management or tax preparation.
The UltraTax CS Source Document Processing Service is the CS Professional Suite application from Thomson Reuters for scanning, organizing and populating data from tax forms into UltraTax CS.
Core Product Functions/Features:
The CS Professional Suite from Thomson Reuters has always been known for its high level of integration between the various applications, and the UltraTax CS Source Document Processing service is no exception. Scanned source documents are submitted using secure NetClient CS portals, or scanned and submitted to the UltraTax CS Source Document Processing service. Once data has been extracted from the organized documents into UltraTax CS, they are filed in FileCabinet CS. Proforma information from the prior year highlights missing documents that were included in the prior year’s return so administrative staff can retrieve these items before the preparer begins work.
Thomson Reuters is the only solution reviewed here that supports data entry by scanning barcodes on W-2 forms. Another integration point is the feature in UltraTax CS that imports tax forms prepared by the practitioner in Payroll CS, Write-Up CS, Accounting CS, or Accounting CS Payroll directly into new returns in UltraTax CS. K-1 forms from pass-through entities prepared by the same firm are automatically imported into UltraTax CS once the return is marked as complete.
The product takes documents scanned into FileCabinet CS and client-scanned documents delivered on NetClient CS Portals, and submits them to a secure data center for organization and data extraction. Once the images are processed by the Source Document Processing service, a bookmarked PDF is created and filed in the client’s folder in FileCabinet CS.
Unlike its competitors, Thomson Reuters has chosen to facilitate tick marks and referencing within its document management application, FileCabinet CS. Because of the use of this tool instead of creating an Adobe Acrobat add-in or a proprietary document format, customers of the UltraTax CS Source Document Processing service are strongly encouraged to also use FileCabinet CS to manage their firm’s documents.
The UltraTax CS Source Document Processing service from Thomson Reuters has some of the best integration with other products within their suite of applications, including the following:
- The only application that offers integration with handheld barcode scanners for automated entry of W-2 information
- Automatic import of W-2s and 1099s prepared with other applications in the CS Suite of products
- Strong integration with both the NetClient CS portals and FileCabinet CS
Thomson Reuters does not offer a solution for indirect download of documents from financial institutions.
- UltraTax CS offers spreadsheet import capabilities that allow preparers to automatically import stock sale transactions and other tax return data
Users have access to training and support through Thomson Reuters, and new users have access to included web-based training or optional on-site consulting from the Thomson Reuters training and consulting group.
Executive Summary & Pricing
At $6 per return per year, the UltraTax CS Source Document Processing Service is one of the least expensive tools reviewed. Thomson Reuters also offered UltraTax CS users a “free day” during March 2011, where users could try out the service by processing as many returns as they could submit during that day.
2011 Overall Rating