Workpapers CS CS Professional Suite - Thomson Reuters

Transcription

Workpapers CS CS Professional Suite

CS Professional Suite from Thomson ReutersKnowledge you can trustThe Tax & Accounting business of Thomson Reuters — the world’s leading information resource —brings you the most comprehensive line of integrated software, research, and guidance available tothe accounting profession.Powerful. Productive. Profitable.The CS Professional Suite combines powerful data sharing, paperless processing, and onlineconvenience to help you achieve a more productive and profitable practice. After all, when you’re ableto customize just the right mix of software suite solutions for your firm, you can do some amazingthings — like streamline firm workflow, strengthen client ties, and maintain a competitive edge. Andthat’s pretty powerful stuff.

Table of ContentsWorkpapers CS What is Thomson Reuters Workpapers CS?. 2Fast setup. 3Powerful workpaper management. 4Comprehensive trial balance capabilities. 5Thomson Reuters Checkpoint research and guidance. 6Standardizing engagements. 9Flexible tracking and security.10Advanced collaboration tools. 12Workpapers Dashboard. 13Streamlined tax engagement tools.14Integration with Source Document Processing.14New ways to buy and use your software.15Comprehensive training and consulting options.16

1Workpapers CS

2What is Thomson Reuters Workpapers CS?Completely paperless workpaper managementWith real-time collaboration and powerful tools for managing documents and data from a variety of sources,Workpapers CS breaks the boundaries set by traditional engagement management software. Built specifically toimprove the tax workflow process, Workpapers CS makes it easier than ever to stay on top of your engagements,standardize your processes, and provide your clients with better service in less time.Available as either a cloud-based or local installation, the single-interface, single-database structure ofWorkpapers CS puts the information you need at your fingertips. No syncing, and no checking in or checking outfiles. Collaboration is easier than you ever thought possible when your information is always up to date.Fast setupComprehensive trial balance capabilitiesWorkpapers CS offers a setup process designedto get you up and running quickly, and enableseach staff member to customize their workspacefor maximum efficiency. It also features powerful multimonitor support.The working trial balance feature in Workpapers CSenables you to quickly import data from a spreadsheet,link trial balance data directly to Microsoft Word andExcel files, and then transfer your adjusted balance toUltraTax CS , GoSystem Tax RS, and a variety of othertax applications.Powerful workpaper managementWorkpapers CS makes paperless workpapermanagement a reality. Your work is made fast and easywith a sophisticated binder system, extensive tabbingcapability, and powerful features such as quick previewand drag-and-drop.Streamlined audit and tax engagement toolsBuilt specifically to streamline and simplifyyour engagements, Workpapers CS is includedin our cloud-based Software as a Service forCS Professional Suite (SaaS) product, and is alsoavailable in a locally installed configuration. It enablesmultiple staff members to manage workpapers andwork in the trial balance simultaneously.

3Workpapers CS Fast setupWhether you’re starting a new engagement or setting up staff membersin the application, Workpapers CS makes the setup process fast and easy.The dashboard-based layout can be quickly customized for each employee.Also, the detailed security settings enable you to tailor an employee’slevel of access based on the specific tasks they need to perform in theapplication. New client setup provides a templated process with a varietyof ways to quickly import information into the application.Set up new clients fast Streamline standard account mappings to betterintegrate with UltraTax CS and quickly generatefinancial statements. Use firm-wide templates to conveniently set upstandards across multiple clients. Create up to 20 customizable account segments tobuild a robust Chart of Accounts mask that can handleup to 60 alphanumeric characters in any order. Set up an unlimited number of accountgroupings and related codes and subcodes togroup accounts in reports, financial statementsand leadsheet schedules. Easily convert clients from CS Professional SuiteAccounting products and other accounting software. Use client templates to quickly set up accountgroups, tax codes, and Chart of Accounts. Import data from third-party applications,including Microsoft Excel and QuickBooks .Customize security settingsAccounting mappingsfor standardizedclassification codes andtax code assignment, anda variety of importingoptions, make setup easy. Use firm-wide security features to set up customsecurity groups for staff that work in specific areasof the application. Enable workpaper management services for yourclient engagements. Modify security privileges for secure access tosensitive information in data entry screens orspecific data entry fields. Enable event tracking for workpaper-related tasks.Customize and streamline your environment Customize your workspace by creating separate firm, client, and staffdashboard views, creating additional keyboard shortcuts and defining userpreferences for a fresh look and feel. Increase your efficiency in a multiple-monitor environment, enabling you tosee more at one time. Enter account balances and make adjustments faster with the spreadsheetstyle Trial Balance grid. Identify separate account segments easily by using optional color codes in theChart of Accounts mask.

4Powerful workpaper managementNo matter what types of workpapers you need to manage, Workpapers CS makes it easy to improveaccuracy and standardize processes across your firm. For example, the Add Workpapers Wizardenables you to import multiple workpapers at a time and add reference numbers, folder location, staffassignments, and more.After workpapers are in the application, it’s easy to manage, route, and track them with asophisticated binder system and real-time collaboration tools in the Workpapers Dashboard.The Add WorkpaperWizard provides a wayto quickly add multipleworkpapers to theengagement binder.Process workpapers faster Process all types of live workpapers and linkthe balances to the trial balance. Automatically label, organize, and capturedata from scanned source documents usingSource Document Processing and OpticalCharacter Recognition (OCR) technology. Accommodate a variety of document typesincluding Microsoft Word, Microsoft Excel andAdobe Acrobat . Drag and drop documents to different binderfolders within the Engagement Binders Tree portlet. Scan workpapers into the engagement binderwith a tablet, smartphone, or other WIA- orTWAIN-compatible device. Simplify organization, assignment, and routingof workpapers with a sophisticated binder system. Use the Workpaper Preview portlet to viewdocuments without opening them in theirnative application. Manage workpapers more easily with aconvenient tree structure that offers dynamicfolder, subfolders, signoff notations, review notes,and a recycle bin. Use multiple-monitor support to simultaneouslyview balances, workpapers, reports, and more. Create a bookmarked PDF of an engagementbinder and send it to Onvio Firm Management orto a location on a local computer. Use the built-in PDF editor to annotatedocuments, including an electronic calculator tape. Print documents into the system using the printer.Collaborate from anywhere Add multiple workpapers to the engagement atone time using the Workpaper Wizard, or drag/dropfrom any location accessible via your workstation. Get real-time, dynamically updated work statusand information with active dashboard portlets. Allow a third party or a customer to update infoby disconnecting workpapers, and then reconnectthem back into your engagement binder with ease. Use digital review tools to annotate workpaperswith a variety of tickmarks and markup tools. Sign off electronically on completed work.

5Workpapers CS Comprehensive trial balance capabilitiesThe working trial balance capabilities included with Workpapers CS provideyou with the tools to manage complex business clients. It’s easy to importclient data using the spreadsheet import tool, and then code and groupaccounts for workpaper, financial statement and tax purposes. As soonas you have adjusted your trial balance for tax purposes, you can quicklytransfer it to UltraTax CS, GoSystem Tax RS and many other tax applications.Expedite your trial balance Switch the basis for your financial statements — tax,book, budget and more. Create an unlimited number of customized viewsin the Trial Balance grid. Create detailed, customized worksheets andvariance reports. Handle departmental and locational clients withimproved Chart of Accounts flexibility. Use a wide variety of special journal entries,including adjusting, reclassifying, tax, potential,and more. Consolidate client data by account number oraccount grouping. Link Microsoft Word and Microsoft Excel documentsto the trial balance and get real-time balanceupdates for spreadsheets and financial statements. Expedite your engagements by rolling forward(proforma) your prior-year workpapers to thecurrent year — and the process automatically rollsforward current-year balances. Use more than 30 predefined tickmark imagesto indicate the review status of accounts, orcreate custom tickmarks by uploading images orentering text.Immediately seehow your journalentries affect yourtrial balance with theconvenient JournalEntry View. Easily create custom tax codes to control howsubschedule detail is displayed in yourtax application. Store up to five different budget amounts per client.

6Increase productivity with instant access toThomson Reuters Checkpoint research and guidanceThe powerful combination of Workpapers CS with Thomson Reuters Checkpoint editorial analysis and guidance providesunparalleled efficiency and ultimate convenience as you prepare your clients’ engagements.Seamless integration with the foremost authority in professional guidanceFor practical and trusted content, there’s no better source available for accounting professionals than guidance and practiceaids from our Thomson Reuters PPC experts. Our leading guidance ensures a smooth and complete process for all yourengagements.Because Workpapers CS offers seamless integration with Checkpoint Tools, you can enjoy a truly paperless engagement. Thisintegration allows you to: Have instant access to customizable engagement workpaper templates Use built-in calculations to save time and boost accuracy Take advantage of productivity features like quick sign-offs, one-click links to content-specific licensed guidance, and ability to sharedocuments instantly with clientsExclusive integration with PPC’s SMART Practice Aids , including the game-changing Field Work module, will help yousimplify your processes with editable versions of all the practice aids from right within SMART Practice Aids itself, instead of inseparate, static documents. The risk-based approach of SMART Practice Aids also allows on-the-fly procedural updates to youraudit and preserves your changes so they roll forward each year. Relied upon by thousands of firms, SMART Practice Aids takesthe guesswork out of the steps and information needed to effectively and confidently serve your clients.PPC’s Practice Aids feature more than 100 documents for every title and include checklists, worksheets, programs, and lettersthat can be launched right from the Workpapers Dashboard.

7Workpapers CS Easily add workpapers froma variety of sources intoWorkpapers CS, includingcontent from CheckpointTools and PPC’s SMARTPractice Aids.

9Workpapers CS Standardizing engagementsConsistent and professional resultsSensitive to the needs of multi-office firms, Workpapers CS makes standardizing your engagements simple.The application enables you to set global staff-level access and create template clients. Unlike otherapplications, Workpapers CS allows you to set up template clients — or, if you prefer, you can build the clientby selecting a group of PPC guides and using Excel and Word documents you already have.The end result is an organized and integrated audit engagement that positively represents your firm. Internally,you can rest assured that you’ve provided a quality service to your clients in the most efficient and profitable way.Seamless integration of rollforward with Checkpoint Toolsand SMART Practice Aidsmeans significantly less timespent preparing engagementsyear after year.

10Flexible tracking and securityEnsure accuracy and compliance withcomprehensive tracking and security featuresKey concerns with any engagement are efficiencyand compliance. Workpapers CS provides you witha system that is complete with powerful security andtracking features, including our Event Tracking feature,so you can effectively manage your engagement fromstart to finish.Powerful lockdown and status features assist youin meeting the 45-60 day audit standard. Theapplication’s built-in wrap-up functionality guidesyou through the process of finalizing engagements,including locking down all final documents in aread-only state. Workpapers CS also offers securityfeatures to control access to the wrap-up function.Implement security features upfrontto guarantee accuracy throughoutyour engagementFrom the start of the engagement process,Workpapers CS provides you with complete workpapermanagement capabilities to maintain control of theentire engagement workflow. You can quickly assignstaff members — administrator, partner, manager,supervisor, staff, and so forth — to groups that areassigned specific permissions. For example, you canset up managers with full access to all Workpapers CSfeatures and also limit other staff to specific functions,such as adding workpapers or journal entries. Bysetting staff-specific permissions, you can ensure fileintegrity and a smooth workflow.Enable firm-wideand staff groupsecurity to ensurethe integrity ofyour work.

11Workpapers CS Control the entire engagement usingadvanced tracking optionsConsistent tracking of the workflow process anddocuments is critical, especially when managinglarge, complex engagements that requiremultiple staff working on the engagementsimultaneously. The comprehensive trackingfeatures in Workpapers CS ensure that allcomponents of an engagement are completedaccurately and on target. Using the WorkpapersDashboard, you can see real-time diagnosticson your engagement by pre-defining filteredworkpaper and notes lists that only show you theworkpapers and notes that meet the criteria ofyour choice.In addition to using dashboard views for realtime engagement information, Workpapers CSalso includes the following helpful reports tohelp you maintain an up-to-the-minute view ofthe entire engagement process. Engagement Binder List — Lists engagementbinders in a tree structure, similar to how theyappear in the Engagement Binders Tree portlet,including the note count, workpaper staffassignments, and signoffs for each workpaper. Notes List — Lists notes for engagement binders,folders, and workpapers, including the staff whocreated or replied, the date and time, the assignedstaff, and the status. Workpapers List — Lists workpapers ofengagement binders, including the reference,name, note count, assigned staff, and signoffs. Engagement Binder Status Report — Provideshelpful information regarding completion status,audit report release date, and the number ofdays remaining before the engagement must bewrapped up and locked down.

12Advanced collaboration toolsMaximize your productivity in the officeor in the fieldA key component of Workpapers CS is the builtin collaboration tools that enable multiple staffin the field to work simultaneously in the sameengagement and complete engagements in atimely manner.Built-in tools for a smooth workflowBecause Workpapers CS provides you withadvanced collaboration tools, you can maximizeyour efficiencies in your engagement tasks andensure accuracy at the same time. Specificcollaboration tools include: Multi-Staff Functionality — Enables more thanone staff member to work in an engagement,including updates to the trial balance. This meansno more chasing people down or sending emails tofind out the status of any part of the engagement.Workpapers CS enables you to assign anunlimited number of staff to a specific client’sengagement and to assign specific workpapersto staff for completion. Full collaborationcapabilities within Workpapers CS make workingin real time a reality for your firm, meaningfewer minutes spent waiting to review files andassurance that nothing is out of sync. Portal Integration — Enables you to accessWith the productivity tools in Workpapers CS,you can: Interactive Workpaper Lists — Gone are the days Complete all assurance and tax engagementsquickly and efficiently. Eliminate IT burdens and version control issuesby removing the need to constantly move filesback and forth between the main client file andlocal client files. Create transparency in your workflow by workingand reviewing, in real time — giving partners,reviewers, and staff a platform built for clearcommunication. Relieve the frustration of waiting for data filesfrom other engagement staff to become available. Avoid bottlenecks or landmines in the processby seeing and reviewing issues as they arise andwithout having to wait for everyone to sync up files. Provide your staff with the most powerfulpaperless engagement system available as eithera desktop or cloud-hosted solution.Onvio Firm Management or a NetClient CS portal from within the Workpapers Dashboardfor easy file collection. Getting information fromclients and third parties has never been easier!of combing through folders and subfolders tofind and review content, or running static reportsto see where things stand. With our interactiveworkpaper lists, you can easily get to theworkpapers that need to be reviewed right fromthe Workpapers Dashboard, and they update inreal time as work is done. Disconnect Workpapers — When you needto work outside of the main binder for yourengagement, simply disconnect the files you needand reconnect them once you have access to themain binder again. Review Notes — Enables you to easily add reviewnotes to individual workpapers or folders in anengagement that can be viewed in the Notes portletin the Workpapers Dashboard. Notes can then bereplied to and cleared later in the review process byanother member of the engagement team.

13Workpapers CS Realize unprecedented role-based standardizationthrough the Workpapers DashboardConsistent and professional resultsThe Workpapers Dashboard in Workpapers CS gives you the ultimatecontrol over how different roles in an engagement interact with theengagement binder and contents. Instead of running static reports to seethe progress of an engagement, the Workpapers Dashboard providesreal-time updates on activity.Although dashboard views in Workpapers CS can be configured to yourspecific liking, some examples of valuable uses of these views include: A Preparer View to see the engagement tree, client portal contents forintegration, wo

CS Professional Suite from Thomson Reuters Knowledge you can trust The Tax & Accounting business of Thomson Reuters — the world’s leading information resource — brings you the most comprehensive line of integrated software, research, and guidance available to the accounting profession. Powerful. Productive. Profitable.