Understanding the firm’s current workflow, specific needs, and setting goals for the software deployment.
Software Installation and Setup:
Installing UltraTax CS on local servers or workstations and setting up user accounts, permissions, and security settings.
Data Migration:
Importing client data and historical tax returns from legacy systems or previous software solutions.
Configuration:
Customizing settings like tax jurisdictions, filing preferences, and integration with other Thomson Reuters CS products or third-party software.
Training and Onboarding:
Providing user training through webinars, tutorials, and documentation to ensure staff are comfortable with features and workflows
Testing:
Running trial tax returns and workflows to identify any issues or adjustments needed before full deployment.
Go-Live and Support:
Transitioning to live use with ongoing support and troubleshooting during the initial phases.
Optimization:
Gathering user feedback post-implementation to fine-tune settings and improve efficiency.
Customisation
Workflow Configuration:
Adjusting steps and processes to match firm-specific tax preparation methodologies.
Templates and Forms Customization:
Modifying tax forms, letters, engagement documents, and reports to align with the firm’s branding and client communication style.
Integration with Other Tools:
Connecting with other Thomson Reuters products like Practice CS and Accounting CS, as well as third-party applications (e.g., document management, client portals).
User Role and Permission Settings:
Defining access levels and responsibilities for different team members to ensure security and compliance.
Custom Calculations and Overrides:
Creating specific tax calculation rules or manual overrides based on unique client situations.
Automation Features:
Automating repetitive tasks, such as data import/export, e-filing, and reminders, tailored to business preferences.
Additional Costs
Setup Fees:
Charges related to initial installation, data migration, and system configuration, which may vary depending on the complexity and size of the firm.
Training Costs:
While some training resources are included, more extensive or personalized training sessions may incur additional fees.
Maintenance and Updates:
Regular software updates are typically included in subscription plans, but some firms may pay for advanced maintenance contracts or priority update support.
Technical Support:
Basic support is usually included, but premium support packages (e.g., 24/7 support, dedicated account managers) can cost extra.
Add-On Modules or Features:
Additional specialized modules or integrations, such as document management or advanced reporting tools, might require separate licensing fees.
Hardware or Infrastructure Upgrades:
If needed, upgrading servers, network infrastructure, or workstations to meet software requirements can add to costs.
Training
Live Webinars and Workshops:
Regularly scheduled interactive webinars covering key features, best practices, and updates tailored for new and experienced users.
On-Demand Video Tutorials:
A comprehensive library of videos that users can access anytime to learn specific tasks or review processes at their own pace.
User Guides and Documentation:
Detailed manuals and step-by-step guides that explain software functions, workflows, and troubleshooting tips.
Dedicated Support Team:
Access to knowledgeable support specialists via phone, email, or chat to answer questions, resolve technical issues, and provide guidance.
Community Forums and Knowledge Base:
Online user communities and searchable databases where users can find answers, share insights, and connect with peers.
Personalized Training Options:
Customized training sessions or on-site visits (for larger firms) tailored to the firm’s specific workflows and staff needs.
Security Measures
Data Encryption:
Use of strong encryption protocols (e.g., SSL/TLS) to protect data both in transit and at rest.
Access Controls and User Authentication:
Multi-level user permissions, role-based access, and secure login methods (including multi-factor authentication options) to restrict access to authorized personnel only.
Regular Security Audits and Compliance:
Frequent security assessments and adherence to industry standards such as SOC 2, GDPR, and IRS security guidelines.
Data Backup and Disaster Recovery:
Automated backups and disaster recovery plans to prevent data loss and enable quick restoration in case of system failures or cyber incidents.
Secure Cloud Infrastructure:
For cloud deployments, use of secure, compliant data centers with physical security, network firewalls, and intrusion detection systems
Updates
Annual Major Releases:
Typically, a major software release occurs annually before the tax season, incorporating the latest tax code changes and significant feature enhancements.
Periodic Minor Updates:
Throughout the year, smaller updates and patches are released as needed to address bugs, security issues, or minor feature improvements.
Automatic or User-Initiated Installation:
Updates can often be automatically pushed to users or manually initiated based on firm preference and IT policies.
Pre-Release Testing and Beta Programs:
Selected users may access beta versions to test new features and provide feedback before wider release.
Comprehensive Release Notes:
Detailed documentation accompanies each update, outlining changes, new features, resolved issues, and any required user actions
Training and Support for Updates:
New update rollouts are supported with additional training materials and webinars to help users understand and implement changes smoothly.
Update Notifications:
Users receive alerts and reminders to install updates to ensure compliance with filing deadlines and security best practices.
Integration Testing:
Updates are tested for compatibility with other Thomson Reuters products and common third-party applications to ensure seamless operation.
Data Ownership and Portability
User Ownership of Data:
All tax returns, client information, and related data entered into UltraTax CS remain the sole property of the user (the accounting or tax firm). Thomson Reuters acts only as a data processor or custodian.
Data Access:
Users have continuous access to their data within the software, with no restrictions on viewing, modifying, or deleting information they have entered.
Data Export Options:
The software provides multiple export formats (e.g., PDF, XML, CSV) to enable firms to back up, archive, or transfer client data easily.
Portability Between Systems:
Integration capabilities and standardized file formats facilitate moving data between UltraTax CS and other Thomson Reuters products or third-party applications, allowing for flexible workflow adjustments.
Data Retrieval on Contract Termination:
Upon termination of the service or subscription, firms can export their data to ensure continuity of operations without loss of historical informat.
Scaling Up / Down
Flexible Licensing Models:
Licensing options include subscription-based pricing, allowing firms to add or reduce the number of users or modules as their staff size or service scope changes.
User Seat Adjustments:
Firms can easily increase or decrease the number of active user seats, with billing adjustments reflecting the current usage.
Modular Add-Ons:
Additional software modules or features can be activated or deactivated based on changing service needs without full system replacements.
Scalable Cloud and On-Premise Options:
Whether deployed on-premise or via cloud services, UltraTax CS supports scalability to handle varying workloads and concurrent users.
Contract Flexibility:
Subscription agreements often include provisions for mid-term adjustments to service levels or user counts without heavy penalties.
Support and Training Adjustments:
As the firm scales, support plans and training services can be upgraded or downsized accordingly to match user base changes.
Resource Planning Assistance:
Thomson Reuters typically provides consultation to help firms plan scaling strategies that align with growth or contraction objectives.
Cost Management:
Scaling down allows firms to reduce licensing and support fees, helping maintain budget control during slower periods.
The terms & conditions for contract renewal and cancellation
Automatic Renewal:
Many UltraTax CS subscriptions automatically renew at the end of the contract term unless the user provides notice of non-renewal within a specified period (usually 30 to 60 days before renewal).
Renewal Notifications
Users typically receive reminders before renewal dates, highlighting upcoming charges and any changes to terms or pricing.
Cancellation Notice Requirements:
Cancellation often requires advance written notice within a defined window prior to the contract end date to avoid automatic renewal.
Pro-rated Refunds and Fees:
Refund policies on cancellation vary; some contracts may offer pro-rated refunds if canceled mid-term, while others may require payment for the full term.
Contract Length Flexibility:
Agreements can range from monthly to annual or multi-year terms, affecting renewal and cancellation conditions.
Termination for Cause:
Both parties usually retain the right to terminate the contract immediately for breach of terms, non-payment, or violation of policies.
Compliance
IRS Security Guidelines:
Compliance with IRS Safeguard Rules and e-file security requirements, ensuring the software supports secure tax filing and data handling.
SOC 2 Type II Certification:
Demonstrates strong controls around security, availability, processing integrity, confidentiality, and privacy.
GDPR Compliance:
Adherence to the General Data Protection Regulation for protecting personal data of EU citizens, applicable to firms dealing with international clients.
HIPAA Awareness:
While not a healthcare software, UltraTax CS supports privacy and security practices aligned with HIPAA principles for handling sensitive client data.
Data Encryption Standards:
Use of industry-standard encryption protocols for data at rest and in transit.
Financial Industry Regulatory Authority (FINRA) Guidelines:
Supports firms in compliance with regulations for financial data security and recordkeeping.
State and Local Tax Regulations:
The software is regularly updated to comply with evolving state and local tax filing requirements and standards.
Audit and Logging Compliance:
Maintains detailed audit trails and access logs to support compliance audits and internal controls.
Third-Party Vendor Assessments:
Regular evaluations of third-party integrations and service providers to maintain overall compliance posture.
