Tax and accounting software developer Thomson Reuters has announced new integration between its UltraTax CS tax prep software and its AdvanceFlow cloud-based engagement management software. The new functionality brings integrated, enterprise-level tax prep and audit management capabilities to firms as a cloud-based solution.
The new feature highlights the continuing evolution of cloud-based technology, making online collaboration an increasingly essential ingredient in the tax and accounting workflow. The ability to seamlessly transfer tax balances and adjustments from AdvanceFlow to UltraTax CS will enable large firms to collaborate remotely in ways that weren’t possible in the past according to Melissa Yard, product manager for AdvanceFlow.
“By integrating UltraTax CS and AdvanceFlow, we’ve built a holistic approach that enables large firms to collaborate across multiple disciplines and areas of expertise, in addition to collaborating across multiple offices,” she said. “This new functionality will enable tax and audit departments to collaborate instantaneously, from anywhere. All they need to do is log in and go to work.”
Yard said the new integration represents a landmark in the development of cloud-based accounting software as a way for large firms to collaborate more efficiently and adopt more flexible, efficient workflows and systems.
“This is a very exciting time in the development of the cloud, since we now have UltraTax CS, AdvanceFlow, and GoFileRoom working together as a single system,” she said. “Just a few years ago, the cloud was used primarily for communication and storage, but with applications like AdvanceFlow, it’s turning into the place where the heavy lifting of the accounting process is done—particularly at large firms with multiple offices.”
While AdvanceFlow is available exclusively in the cloud, the new integration can be used with either cloud-based or locally installed versions of UltraTax CS.