Rather than retool their existing accounting software, Thomson Reuters decided to build a completely new application from the ground up.

The result is Accounting CS, the first tax and accounting application designed to take full advantage of cloud computing and the continuous, free flow of real-time data that it allows.

“Previous accounting software suites operated with a client-by-client processing approach, whereas Accounting CS was designed to leverage the capabilities of the cloud,” explained product manager Louie Calvin. “Data had to be moved manually between different machines and applications, and clients had to be processed one at a time.”

Numerous new features announced at the company’s Annual Users’ Conference include the ability to consolidate clients by account grouping or account number. A new accounts payable feature allows clients to record payables and payments, track cash requirements, and produce aging reports to enhance cash flow management. Other enhancements affect client access, generation of custom reports and graphs, and payroll compliance. There are also speed and performance improvements across the entire platform.

For those who prefer not to have their software hosted remotely, Accounting CS is available in a desktop version, Calvin indicated. “However, we feel that the hosted version offers the widest variety of collaboration and workflow advantages, and the biggest gains for firms that adopt it,” he said.