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App Watch on Thomson Reuters, Xero, and Panalitix

Jul 18th 2016
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Welcome to another week of App Watch, which is essentially AccountingWEB’s way of letting you our audience know what has happened recently in the application and service provider world as it is relevant to you.

This week we have a significant upgrade from Thomson Reuters and their ONESOURCE product; a link-up between Xero and TSheets; and a noteworthy union between from Panalitix and Intuit.

As is our regular disclaimer, this column is not out to break any news nor is it a paid or otherwise endorsement of any of the aforementioned products and services. App Watch is meant solely as useful bits of information about news coming from the accounting-related application and service provider community. We also like to through a bit of insight into what the news means, or could mean, to you.

Now then, off we go…

News: Thomson Reuters Launches ONESOURCE 2016

Thomson Reuters has completely redesigned the interface and user experience of its tax technology platform, ONESOURCE. The new tax platform allows customers to access all of the applications in one location, on any device and any browser. They can return to their last activity with one click, view tax industry news and world events, and personalize the look of their interface using Reuters photography. The company will deploy multiple applications on the new platform throughout the year. Thomson Reuters ONESOURCE Tax Provision is the latest application to be deployed as part of the update. ONESOURCE Tax Provision allows customers to analyze data in seconds with drill-down and flexible filtering throughout the application, enabling them to accomplish direct tax obligations, including meeting disclosure requirements on public financial statements.

Views: As one of the largest tax and practice software makers in the country, one would expect serious upgrades to be made regularly to one of its most popular product lines. As I’ve mentioned in the past too, any product that is going to allow users to do more not only in the product itself, but as a function for clients is going where technology and business is moving. It fits right in with the trend of accountants and tax professionals being expected to provide deeper information and insights to their clients in a more timely manner. What apparently is still missing, as far as core tax software is concerned in general, is pure-cloud abilities. Most practitioners still believe that, specifically with corporate tax, that the products themselves are so robust it has been a challenge to create a pure cloud version.

News: Xero and TSheets Announce Global Partnership

The partnership includes a direct integration between Xero’s cloud accounting and payroll software and TSheets’ time tracking and scheduling software. TSheets and Xero will work together to simplify the lives of accountants, bookkeepers, and small business owners spanning multiple industries on a global scale. This integration is designed to improve the way small and medium sized businesses operate by saving them time and money on payroll, invoicing and billing

Views: Say what you will about time tracking and scheduling fading as a priority in the accounting world as the trend is moving more towards value-based pricing and structures for services. But time tracking is still at the core of many firms and definitely businesses. Even as firms trend away from the time sheet, they still do need to have an understanding of their time in order to move towards more advanced ways of pricing out services. For TSheets, in particular, they have been linked up with QuickBooks for enough time to become the number 1 add-on in that ecosystem and now with this link-up with Xero, it also gives TSheets a more global exposure as Xero is in multiple markets around the world.

News: Panalitix Now Available at Intuit Marketplace

Panalitix, a subscription-based community for accountants and financial advisors, is now available at the Intuit Marketplace. Panalitix software currently syncs with QuickBooks Online, Xero, and MYOB accounting solutions. Panalitix provides CPAs with the answers on how to help their clients improve their business by serving up content from its online learning library, LearningHUB. The library contains over 130 hours of e-learning on how to improve a CPA firm, create capacity and then grow the firm by offering business advisory services. In addition, the company’s Firm dashboard presents and highlights client targets versus actuals, with all clients consolidated on a single dashboard, irrespective of which cloud solution they employ. Using the client dashboard, accountants can view active alerts, review financials, and reference advice to adjust KPIs tracking below target opening up powerful accountant-client conversations and highlighting ways to improve performance and promote future growth.

Views: One of the better ways for any product to get known these days is through integration and app marketplace-type relationships such as this. Intuit, being the accounting powerhouse that it is (at least here in the U.S.) and Australia-based Panalitix being a relative unknown over here, this is a decent win for them. They appear to have a very useful offering for accountants and have been making in-roads with other core accounting product vendors here and being part of the Intuit Marketplace will most certainly get them some needed eyeballs from accountants and bookkeepers.

Replies (2)

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By Laura Rojo-Eddy
Jul 20th 2016 11:30 EDT

Hi, Seth - Regarding your comment on pure-cloud capabilities of core tax software, I'd like emphasize that all applications on the Thomson Reuters ONESOURCE 2016 platform, including Tax Provision, are entirely cloud-based and do not require any type of download onto a user’s machine or device. ONESOURCE Tax Provision in particular does not require Citrix for operating v2016.

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Replying to Laura Rojo-Eddy:
Seth F
By Seth Fineberg
Aug 4th 2016 11:43 EDT

Thanks for the thoughtful response, Laura. While it is true the current ONESOURCE line is cloud, I was making a point about how accountants do not believe that corporate tax software is quite ready for cloud, or rather there has not been a "worthy" pure-cloud software for corporate tax work.

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