2011 Review of Thomson Reuters – Accounting CS

Thomson Reuters - Accounting CS
800-968-8900
www.CS.ThomsonReuters.com

Best Fit: Firms looking for a central write-up and trial balance system as part of a suite of integrated tax and practice management systems for managing workflow across all engagements.

From the Sept. 2011 Review of Client Write-Up Systems

Introduced last year, Accounting CS from Thomson Reuters is the vendor’s next-generation combination of write-up, trial balance, compliance and client-side bookkeeping. The system is designed as a

complete firm accounting solution, with the ability to extend web-based accounting capabilities to business clients, so that their data lives on the same central database used by the firm. The program includes after-the-fact payroll functions, and has an available add-on for processing live payroll. Accounting CS also integrates with the other CS Professional Suite applications, including document management, practice management, fixed assets, tax planning and tax compliance.

Basic System Functions:

Installation of Accounting CS is guided, and its template-based interfaces help with common setup tasks, including creating charts of accounts, banking information, check writing functions and system defaults. When setting up clients, existing entities can be copied or details can be entered completely from scratch. Custom data fields can be added at the firm, staff, client, employee and vendor levels. Security settings allow for granular access to specific program areas and functions, and individual users can also customize dashboards and interface components.

The application’s slick interface was introduced last year when Thomson Reuters debuted the newly designed system. The program initially displays any alerts and firm information, then offers a system centered on key dashboards screens. The Firm Dashboard displays customized information in panels, such as staff availability, e-filing functions and document management tools. The Staff Dashboard can include the individual user’s schedule, available support documents and resources, and links to desired websites (with some already added for the IRS, SSA, the online ARNE2 user community as well as the system’s support website).

Most GL and journal management, reconciliation, payroll and other day-to-day activities can be accessed while in any area of the program via a vertical menu on the left side of the screen. The Client Dashboard offers a broad overview of key client data, including bank account information, vendor management, income statements, budgets and employee management. The information on the Client Dashboard can be tailored to the specific user’s role and preferences. Transaction entry screens offer drop-down lists for selection of transaction types, subtypes, journals, periods and dates, and allow for the use of templates. Users can scroll between individual transactions or display them in a spreadsheet view. Screens for other tasks offer similar selection lists and tabbed access between functions, with multiple navigation options making the program very user friendly.

Accounting CS can support any number of concurrent users and an unlimited number of companies, with support for consolidated, multi-level and multi-location business structures. Client access to the application is provided through the secure Thomson Reuters server farms, using either NetClient CS or Client Virtual Office CS. The client can have multiple users entering data simultaneously for a single entity, and the accounting firm can determine the functions and access rights that the client and its employees have within the system.