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September 5, 2014

Thomson Reuters — UltraTax CS

OVERALL RATING 4.75   800-968-8900 CS.ThomsonReuters.com   Product delivery methods: __x___ On-Premises _____ SaaS __x___ Hosted by Vendor   BEST FIRM FIT: Small to mid-sized firms that need advanced workflow functionality. Excellent fit for most full-service tax and accounting firms. STRENGTHS: Integration with other Thomson Reuters CS Suite products, as well as the CheckPoint research... Read more »

Steven M. Phelan

OVERALL RATING 4.75

 

800-968-8900

CS.ThomsonReuters.com

 

Product delivery methods:

__x___ On-Premises

_____ SaaS

__x___ Hosted by Vendor

 

BEST FIRM FIT:

Small to mid-sized firms that need advanced workflow functionality. Excellent fit for most full-service tax and accounting firms.

STRENGTHS:

  • Integration with other Thomson Reuters CS Suite products, as well as the CheckPoint research suite & many write-up applications
  • Hosted & leased versions available as part of Virtual Office CS
  • Barcode scanning imports information from W-2s & K-1s for lower complexity returns while supporting complex features requiring manual entry like K-1s with special allocations at the same time
  • New for 2010, UltraTax can automatically e-mail clients when returns are accepted for e-filing with tax authorities
  • Highest electronic filing acceptance rates for 2008 & 2009 tax years of all products reviewed

POTENTIAL LIMITATIONS:

  • Scan & organize tools in the Thomson Reuters suite require users to also license FileCabinet CS or GoFileRoom
  • Limited support for multi-office firms without using Virtual Office or Citrix/Terminal Services.

 

EXECUTIVE SUMMARY & PRICING:

UltraTax CS is a good fit for tax practices of all sizes and volumes. Several software delivery options are available to users. Users may elect to receive a traditional disc to load on a PC or server, may download the software directly from Thomson Reuters or, as previously noted, select a hosted solution. Pricing for the traditional CD/download-based option starts at $2,375 for unlimited federal 1040 returns. Other federal and state modules are available on a per-return or unlimited basis. The hosted solutions are available through purchase or lease and are available at a set monthly fee. 

 

4.75 – CORE PRODUCT FUNCTIONS/FEATURES

  • ·         Product depth/multi-state
  • ·         Navigation/ease of use
  • ·         Support for special situations
  • ·         Analytical review
  • ·         Electronic filing

4.75 – INTEGRATION 

  • ·         w/in publisher’s own suite
  • ·         w/tax research tools & guidance
  • ·         w/other or external programs
  • ·         w/practice management
  • ·         w/external services

4.5 – PAPERLESS WORKFLOW

  • ·         paperless creation
  • ·         paperless open items
  • ·         paperless review
  • ·         access control for limiting access into returns
  • ·         digital document storage/mgmt.
  • ·         data import/output

4.75 – REMOTE CAPABILITIES

  • portal
  • remotes access
  • 1099 depot
  • Outsourced document prep

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Steven M. Phelan

CPA

Steven M. Phelan, CPA.CITP manages an accounting practice based in Oklahoma City, Oklahoma. Areas of practice include taxation, general accounting and technology consulting. He is active within the CPA profession and is a frequent speaker at seminars and conferences throughout Oklahoma. Steven was recently added as a discussion leader for K2 Enterprises where he speaks to CPAs throughout the nation covering a variety of technology topics. Steven is currently a contributing author to the CPA Practice Advisor, where he reviews tax and accounting software solutions. Most recently, Steven was selected as a 2012 Oklahoma Society of CPAs Trailblazer recipient, which recognizes service to the CPA profession and to the community.

View more articles from Steven M. Phelan >

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