The Tax & Accounting business of Thomson Reuters has released a number of enhancements to the latest version of Workpapers CS, its workpaper management software for tax engagements.
The enhancements include increased integration with UltraTax CS, the addition of Source Document Processing for managing workpapers, and several additional points of integration with other applications in the Thomson Reuters CS Professional Suite.
The new features enable firms to further streamline their paperless tax workflow by integrating processes between Workpapers CS, Source Document Processing, and UltraTax CS. Workpapers CS automatically pulls the correct folder structure from UltraTax CS for a transparent digital transition from paper to Source Document Processing to Workpapers CS and UltraTax CS.
Specific enhancements in the new release include integration with Source Document Processing to enable firms to transmit client source documents for UltraTax/1040 clients directly from a Workpapers CS engagement to Source Document Processing. Source Document Processing uses optical character recognition technology to organize and label workpapers, and then deliver them directly to the correct folder in Workpapers CS.
New integration with NetClient CS enables firms to drag and drop a client’s source documents directly into the engagement binder using the new File Exchange Documents Portlet.
The software also includes the ability to assign tax codes to multiple accounts at the same time using the Assign Codes feature from the Enter Trial Balance or Chart of Accounts screen. Users also get the ability to assign a default workpaper reference to folders within an engagement binder, streamlining the process of adding workpapers. Firms can also determine how each subsequent workpaper’s reference should be incremented by setting these features in the folder properties dialog box.
Designed to automate tax engagements, Workpapers CS enables firms to electronically manage workpapers from various sources. It includes the ability to link documents to the trial balance for dynamic balance updates.
Workpapers CS also features for routing workpapers electronically and collaborating online, including the ability to sign off electronically on completed work and the ability to create notes and annotations for specific colleagues and specific workpapers.
“Reducing the time and resources it takes to complete tax prep work is a critical challenge for today’s firms,” said Scott Fleszar, vice president of strategic marketing at the Tax & Accounting business of Thomson Reuters. “The new enhancements to Workpapers CS provide additional tools that will help firms eliminate tedious data entry tasks, move more work from preparers to administrative staff, and ensure more accurate tax return preparation, all while reducing the overall time it takes to complete a tax return. Workpapers CS helps firms spend less time on compliance work and more time providing value-added advisory services to their clients.”
On-premise users of Workpapers CS can install the new release from a Web download or CD, while Virtual Office CS and SaaS for CS Professional Suite users will receive it automatically.
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