2012 Review of Thomson Reuters – Accounting CS

Thomson Reuters – Accounting CS
800-968-8900
www.cs.thomson.com

From the Nov. 2012 review of client write-up systems.

Best Fit: Professional accounting firms seeking write-up and full trial balance functionality as part of a broader integrated professional suite of programs for tax, client accounting, document management and other services.

Strengths:

• Thorough integration with other CS Professional Suite programs
• Client-side accounting system has direct 2-way integration with the professional system
• Option for integrated client portals and mobile apps for optimal collaboration
• Excellent reporting customization options and financial statement generation

Potential Limitations:

• Technical support is free only during initial 60 days for installed version, but is included with SaaS version.

Accounting CS from Thomson Reuters is offered in both installed and cloud-based versions, combining write-up, trial balance and after-the-fact payroll compliance functions, and has an optional web-based client-side bookkeeping system. The program provides a central component for full-service accounting and tax practices, with integration of live client data. In addition to the after-the-fact payroll and reporting capabilities, an optional module is available for performing live payrolls. New for 2012, the system includes a built-in receivables management system, allows data import from spreadsheets, and offers several enhancements to transaction entry functions.

The system can be used as a stand-alone program, but is more productive when used as a part of the larger CS Professional Suite, because Accounting CS directly integrates with the other programs, which include programs for professional tax preparation, tax planning, fixed asset management, and engagement, document and practice management.

Basic System Functions - 5 Stars
Accounting CS offers guided installation and provides options for using templates when creating new clients and charts of accounts. Users can also create custom templates or import chart or account structures from a spreadsheet.. Additional customization includes options for creating any number of custom data fields for firm, staff, client, employee and vendor information tracking. Each user can customize system dashboards and preferences.

The system can support any number of staff users, with overwrite protection ensuring data integrity when being concurrently accessed. Security features allow restricting access to specific clients, groups or general program areas, or to very specific functions. The program can be used to manage any number of client entities, including those with multiple sub-entities and locations, and provides full consolidation capabilities.

The Accounting CS interface opens onto the firm information and alerts page, which can also be customized by users to include shortcuts to program functions. The overview screen offers several dashboards that can be selected by the user. The primary Firm Dashboard offers top-level data and can be tailored to show firm productivity, aging, staff availability, e-filing functions, document management and other items.

The Client Dashboard view provides excellent at-a-glance data that can include bank information, vendor management, income statements, budgets, payroll and employee management data. Each user also has a Staff Dashboard view that can include their schedule, shortcuts, website links, support information and access to the online user support community. On the left side of the screen, a vertical menu also gives users simple access to core components of Accounting CS from anywhere in the program, making it easy to jump to a client’s GL and journals, reconciliation functions, payroll and other day-to-day activities.

During transaction data entry, the screens provide pull-down lists for selecting transaction type, subtype, journals, periods and dates. Transactions can be viewed individually or in a spreadsheet display. New data transaction functions include the ability to import amortization schedules from ToolBox CS and TValue for principal and interest reporting.