CCH, a Wolters Kluwer business — ProSystem fx Tax SaaS

CORE PRODUCT FUNCTIONS/FEATURES:
The new SaaS model of ProSystem fx still retains the core compliance
capabilities of the system, offering modules for comprehensive support for all
entities with annual income reporting requirements (1040, 1041, 1065, 1120,
1120S, 990, 706, 709 and 5500), as well as all states. It also provides integrated
unlimited e-filing and extensive multi-state filing functions for individuals
and business entities along with full depreciation and depletion capabilities.
The program includes strong diagnostics features that search for omissions and
inconsistencies with on-screen review functions that offer tick marks, notes,
lists, overrides and estimates, with all changes tracked and available in management
reporting. It also supports multiple staff access to returns for practices with
advanced preparation and review workflow processes.

Unlike browser-oriented web-based systems that open through a web browser,
ProSystem fx Tax opens into a much more traditional-looking screen.
This is because of the utilization of a Smart Client, while core workflow functions
and the back-end compliance engines are located on CCH’s servers. Without
getting too technical, this “smart client” setup results in an intuitive
and fully functional work environment that doesn’t have the limitations
of a browser. Users can access the tax system either directly or from the Dashboard
view, which offers a single interface for working with any of the ProSystem
fx programs a firm uses. The Dashboard also offers user customization
options, displays recent tasks and access to clients, and displays Outlook email,
calendaring and to-do lists using an interface that includes components from
the Microsoft communications system.

In addition to outstanding user customization options, professionals can work
with client returns in several ways, with access available through either the
Return Manager or the Client Manager, both of which provide selection lists
that can be sorted, filtered or searched using multiple methods. Clients can
also be grouped or assigned to specific offices or practice business units,
and the management systems offer complete status overviews for returns and staff
responsibilities. During client setup tasks, basic information is entered on
screens that offer drop-down selection lists, lookups and other smart features,
or users can create templates to help streamline data entry for client types
or groups that share similar attributes. Additionally, “tooltips”
offer information about icons, and users can drag-and-drop frequently used features
into a Quick Access Toolbar.

When working within returns, data is entered on interview sheets and form
replicas and then transferred to the master client return. The interview sheets
and returns offer auto-calculation, copy/paste capabilities, and the option
to set tick marks, notes, show items as estimates, view return histories, move
between associated returns, drilldown to underlying calculations or spreadsheets,
or even add attachments to return fields. The system offers selection lists
of all federal and state forms, and highlights those currently a part of the
active return. Various navigation panels, pop-up menus and form-stepping features
help users move quickly through a client return.

PAPERLESS WORKFLOW:
The next generation of the ProSystem fx Suite includes extensive work
product distribution options that allow returns and client documents to be archived
in the suite’s fx Document paperless management system, which
is also offered under the new SaaS model, and has features for creating PDFs
and storing digital files in addition to integration with the tax, practice
management, workflow and portal systems. Each of these programs also offers
significant workflow advantages, especially the new ProSystem fx Workstream,
which provides tools for managing client and staff activities, managerial reporting,
strategic notification tools, and integration with CCH’s Time Capture,
Billing and Accounts Receivables modules.

Other optional modules that enhance the system’s paperless workflow
capabilities include ProSystem fx Scan, which offers functions that
can use optical character recognition (OCR) technology to automatically create
organized and bookmarked digital (PDF) client binders from scanned in client
source documents and, with the AutoFlow add-on, can also pull client data from
those scanned documents, let preparers review the data, then import it directly
into a client return. Documents that can be scanned and auto-populated into
client 1040 returns include W-2s, 1098s, 1099s, Consolidated 1099s, 2439, SSA
1099 and K-1s.

ProSystem fx Tax also offers import of apportionment information,
K-1 data from other returns and spreadsheets, fixed asset information, and data
from Excel spreadsheets. It also offers a GL bridge to business accounting systems
and can export data into similar formats.

INTEGRATION:
ProSystem fx Tax offers total integration with the other SaaS platform
systems in the new suite, most notably with Document, Workstream, Portal and
Practice. It also integrates with most of the other programs in the traditional
ProSystem fx family, such as Scan, Write-Up, Planning and Fixed Assets.
Through its GL bridge, it offers the ability to pull financial data from accounting
systems and return complete tax information into those programs. The program
also offers impressive integration with the Microsoft Office suite, including
Word and Excel, and with Outlook for client contact and calendaring. Comprehensive
research capabilities are available through integration with CCH’s IntelliConnect
platform, which offers online access to the entire CCH library of tax and accounting
primary source materials, analysis and topical news. Tax users can attach research
findings to returns, and the research system can also automatically alert staff
to issues that may affect certain clients.

REMOTE CAPABILITIES:
With the new system, CCH also debuted the new ProSystem fx Portal offering,
which allows collaboration with clients through a secure and encrypted web-based
login, enabling the client and the firm to store and transfer documents and
other files that can be designated as read-only or read-write, plus it has a
check in/out option and maintains file histories. Since ProSystem fx
is a SaaS suite, it can be used anywhere, but the required installation of the
Smart Client files on the user’s computer means that it isn’t accessible
on any computer or device until installed. At this time, the system does not
offer utilities for mobile devices.

SUMMARY & PRICING
The new SaaS version of ProSystem fx Tax offers advanced workflow and
return preparation capabilities, as well as cutting-edge technological advances
that enable greater practice control, staff overview, collaboration and review
process management. ProSystem fx Tax SaaS is a great advancement in
tax compliance for firms with complex clients, reporting requirements and advanced
workflow requirements, but as with most advanced systems, training is recommended
and provided with every purchase. An all-inclusive version of the tax system
with all entities and all states for several professional users would involve
an investment of less than $10,000 per year, with the ability to “pay
as you go” or on a subscription basis. Of course, most practices have
needs that don’t necessitate every available module. The module-based
system allows practices to select the entities, states and additional add-on
features needed.

2010 OVERALL RATING: