Thomson Reuters Synergy

Cloud Tax and Accounting Platform Unveiled by Thomson Reuters

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Nov 5th 2015
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The big news here at Thomson Reuters Synergy 2015 is the unveiling and official launch of Onvio, a cloud-based system that combines tax and accounting applications into one platform.

Jon Baron, managing director of the Professional segment with the Tax & Accounting business of Thomson Reuters, announced the new suite at the opening keynote on Nov. 5.

“We are very excited to introduce this new suite of products,” Baron said. “We're launching a new brand. Onvio is a cloud-based suite, platform, and product built with significant customer input. We will introduce it gradually over the next few years.”

Though this is not the first online application Thomson Reuters has launched over the years, the roll-out of Onvio represents the company's newest cloud-based offering to “support the needs of progressive firms and to meet the needs of today's client.”

The name “Onvio” comes from the themes of “onward” and “vision,” according to Scott Fleszar, Thomson Reuters vice president of product management and business development. “It's our thought on how we are going to move the profession forward. It's a flagship brand for us.”

The goal of the new platform is to improve accounting professionals' productivity, enhance firmwide collaboration, and elevate client service. Onvio integrates with the current Thomson Reuters suite of products. For instance, users will be able to toggle between Ultra Tax CS and Onvio Client Center while reviewing and requesting documentation when preparing tax returns and also facilitate bulk sending of engagement letters for e-signatures.

With the Onvio announcement, the team at Thomson Reuters stresses their commitment to the company's desktop products and higher-end, more sophisticated enterprise software. Several updates were also released at Synergy for UltraTax CS, Accounting CS, Workpapers CS, GoSystem Tax, GoFileRoom, and AdvanceFlow.

“Our commitment to the desktop is not changing,” Fleszar said, adding as a software provider in the market, Thomson Reuters has been pulled to deliver more for the web while balancing the needs of those firms that are still working on the desktop. As a result, he said, they are providing products that address the cloud user, the desktop user, and those firms that are using both, “We've built integration between the cloud and the desktop,” he said.

Designed to take advantage of a centralized firm database, Onvio enables users to seamlessly process information across applications, providing accounting firm staff and clients with anytime, anywhere access via any device. Onvio was developed on a global platform – it currently will be offered in the United Kingdom and Canada – and was built from the ground up to support different currencies and languages.

The Onvio suite currently includes:

  • Onvio Documents and Mobile App: Enables accounting firms and their staff to work closely with clients to do tasks, including source documents, share finalized files, provide direct file links to documents, and facilitate document and file requests.
  • Onvio Client Center and Mobile App: A secure online portal and accompanying mobile app that serves as a home base for tax and accounting firms' clients. Client Center enables firms and their clients to exchange documents and collaborate on workflow in order to make the document gathering and collection process more efficient and convenient.
  • Available on iOS and Android devices, the mobile apps integrate with Dropbox and Google Drive, provide automatic document enhancement, and will work in native Microsoft Office applications.

Additional modules coming in December:

  • Onvio Time & Billing: Flexible tracking methods allow firms to track time and expenses, create invoices for billing, and provide accounts receivable tracking.
  • Onvio Workpapers: A collaborative workpaper management and trial balance tool that integrates with Onvio documents for managing all aspects of client engagements.

“We believe Onvio will increase your productivity significantly, that you will enjoy the nice, clean look and all of the capabilities that the new design has allowed us to do,” Baron said. “We are committed to our current products and we will continue to enhance them, but we will be ready when you are to move to Onvio.”

Editor's Note: Is this something you could see using in your practice? What do you think of the cloud suite approach in a time when “best of breed” is again becoming in vogue? Share with us your views on the latest Thomson offering.

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By Rhenderson1234
May 7th 2016 08:44 EDT

Seems like a great product, wonder when the audit piece will be ready ?

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