tips, trends, and connections for users of thomson reuters

SOLUTIONS

NO STOPPING HER Jody Padar is on track to build her father’s firm into a million-dollar business.

TIPS, TreNdS, aNd cONNecTIONS fOr USerS Of ThOmSON reUTerS SOfTwareIS

SU

e 2

| 2

010

GET STRaTEGIc IN THREEmarketing tips for the bound and determined.

jumP IN, THE waTER’S fINENo website yet? It’s time to take the plunge.

full SPEEd aHEadFirms of the future are really going places—are you?

Blogging and tweeting, remote access and leasing: Accountants are growing with smart technology and creative solutions.

+

Solutions is published by the Tax & Accounting business of Thomson Reuters, 7322 Newman Boulevard, Dexter, MI 48130; 800.968.8900. Printed in the United States. Copyright 2010 Thomson Reuters, Issue 2, 2010. Page 6 and above: Copyright 2010 Joe Vaughn/Vaughn Media Inc. (Kathie Knapp); pages 8-11 and above: Copyright 2010 Steven E. Gross and Associates (Jody Padar)

issue 2 | 2010

[ 2 ]

Questions or feedback? Email your thoughts to [email protected].

The Tough Get Going12

4 NEwSlINEE-filing is upon us; happy birthday ARNE; manage payments online.

7 IN YOuR wORdS You, too, can have a professional website. (And, really, you should.)

14 TIPS & TacTIcSNew and better ways to reach out to your faraway clients.

AlSo INSIDE

SOLUTIONS

Join our online users’ forum, at CS.ThomsonReuters.com/Community.

Find more on the web, at CS.ThomsonReuters.com.

SolUTIoNS [issue 2, 2010]

Facebook (search for Thomson Reuters Tax & Accounting)

Twitter (@TRTaxAccounting)

YouTube (@YouTube.com/ThomsonReutersTax)

FEATURES

ThIS IS NOT YOUr faTher’S fIrm

8

6 Inside Story:

KaThIeKNaPP

Visit us on:

A Conversation With Jon Baron and Teresa Mackintosh: Part II

VIEW PoINT

Starting with the next issue, Teresa

mackintosh, cPa.cITP, senior vice president

and general manager, Professional market,

will be taking over the Solutions View Point

column from jon Baron, as Jon concentrates

his efforts on his new role as president,

americas, workflow & Service Solutions,

for Thomson reuters.

In the previous issue of Solutions Teresa and

Jon gave us their thoughts on the changes

impacting the accounting industry; in this

View Point, they talk about the changes

wrought by globalization, and share what

they’re looking forward to the most in their

new duties.

Q. jon, you became president of what

was then creative Solutions, Inc. in 1998.

That organization is now, of course, part

of the global Tax & accounting business

of Thomson Reuters. How do you think

globalization has changed the challenges

Teresa will face?

jB: The sun never sets on our customer base.

That’s something that wasn’t true back in

1998, and it’s a huge opportunity. But it has

big implications for the way we do business.

how do we manage serving those firms? we

have great tools to allow them to move

work electronically, but what about service

and support hours? what about our data

center operations for Virtual Office cS,

GoSystem Tax rS, Gofileroom, SaaS for

cS Professional Suite, and Netclient cS?

we have answers to all of this, but it’s very

different than it was in 1998. Information

travels much faster today than it did just a

few years ago.

There’s also the impact of international

reporting, and the general operations of

our customers’ clients that have global or

international operations. Our customers look

to us for assistance with IfrS, XmL, and

tax provision and transfer pricing issues—and

to provide efficient solutions to them to serve

their global clients.

Q. Teresa, what’s the single most

important thing jon has taught you that

you’ll carry over into your new duties?

Tm: Jon has taught me a tremendous amount

over the last fourteen years, and he’ll continue

to be an important voice in our business for

years to come. he’s a true visionary when it

comes to game-changing technology, yet

he manages to stay very grounded and keep

business operations running at top efficiency.

That’s because he’s careful to keep a balanced

perspective—and that’s the “lesson” I want to

carry with me, to always keep that balance in

mind whatever I do.

Q. what are you each looking forward to

most about your new roles?

jB: I’m most looking forward to the

opportunity to extend the leading technology

we’ve developed beyond the U.S., if it’s a

good fit. That would include our document

management systems and client collaboration

and communication tools such as portals,

practice management, and others. I’m excited

to compare accounting and tax processes in

different parts of the world, and to see how

their differences and similarities could affect

the future of the profession. I’m also looking

forward to better understanding the tax needs

of large corporations who are operating on a

global basis.

Tm: working with customers and staff has

been my favorite part of my career at Thomson

reuters, and I’m looking forward most to

continuing those relationships in the future. I

really think we share a exceptional connection

with our customers, which gives all of us here

at Thomson reuters a wonderful sense of

validation and makes us feel like our hard

work pays off in so many ways, every single

day. and in the coming years, I think that

relationship will only be enhanced as we guide

our customers through the trends impacting

the profession right now. It’ll be exciting to go

through those changes together.

CS.ThoMSoNREUTERS.CoM [ 3 ]

go gloBAl: leARn MoRe ABouT ACCounTing ABRoAd BY liSTening To Jon BARon And TeReSA MACkinToSh’S podCAST, cS.THOmSONREuTERS.cOm/cOmmuNITY/BlOGS/SOluTIONS/.

Jonathan a. Baron

President, americas, workflow &

Service Solutions, for Thomson reuters

Teresa mackintosh cPa.cITP

Senior Vice President & General manager,

Professional market

NeWsLiNe

SolUTIoNS [issue 2, 2010][ 4 ]

Have you been waiting for the ability to update your payment information online? Or the option to use a direct debit account for your payments? The wait is over!

we’ve recently added the ability to manage your payments online, which includes the option to use a direct debit account for your payments and gives you more control over your payment options for various services. Our new manage Payment Options feature can be accessed through the my account tab on our website, cS.ThomsonReuters.com,

where you already have the ability to update your email address and subscriptions, select delivery preferences, adjust account settings, renew your products, take surveys, download software, and more.

So the next time you visit our website, take a moment to check out the new manage Payment Options functionality in the my account section. It’s just another way we’re trying to serve your needs. If you have questions or suggestions for the new manage Payment Options tool, please email us at [email protected].

NOw YOU caN maNaGe YOUr PaYmeNTS

oNlINE

aRNE: One Year OldIn June 2009 we unveiled a complete overhaul of arNe (the accountant’s resource Network) to the Thomson reuters tax and accounting user community. although we kept the same resources and 24/7 access to discussions with community members, we changed the layout and updated the overall operation significantly—making sure in the process that arNe remains completely adaptable and scalable to meet future needs and enhancements.

we’re pleased to report that the new arNe is a hit; over the past year we’ve seen a substantial increase in new users joining the ranks of the forum and blog veterans. Groups have formed quickly, allowing like-minded users to have discussions based on shared interests, and the marketing mondays blog, which offers users access to a wealth of marketing tips and advice, is another popular feature. arNe’s growth has also allowed us to poll users for opinions on select topics from time to time, which helps us tailor the community to our users’ needs.

The future of arNe is bright, and there are plans in the works for even more enhancements and refinements. Stay tuned …

pRACTiCe CS Wins Technology innovation Award

The CPA Technology Advisor recently recognized the Staff management module of Practice cS with a Technology Innovation award, which honors emerging technologies that have the potential for significant positive impact on the tax and accounting profession.

Visit cS.ThomsonReuters.com/Practice for more information.

CS professional Suite®

& enterprise Suite™

ACCounTing

accounting cS™

client Bookkeeping Solution®

engagement cS®

financial analysis cS®

Trial Balance cS™

write-Up cS®

doCuMenT MAnAgeMenT

filecabinet cS™

Gofileroom®

pAYRoll

accounting cS Payroll

myPay Solutions®

Payroll cS®

pRACTiCe MAnAgeMenT

Practice cS®

TAX

fixed assets cS®

GoSystem® Tax rS

Planner cS®

ToolBox cS®

UltraTax cS®

WeB SeRViCeS

Netclient cS®

NetStaff cS®

web Builder cS®

SaaS Leasing

MoBile AppliCATionS

mobile cS™

Z


aRE YOu REadY? MANDAToRY 1040 E-FIlING FoR 2011as you know, starting January 1, 2011, tax professionals who expect to file more than 100 individual or trust tax returns during the year will be required by the IrS to start using e-file. Tax professionals who expect to file more than 10 returns will be required to e-file beginning January 1, 2012. Get a jump on the electronic filing mandate now and be ready with our helpful e-filing resources.

at cS.ThomsonReuters.com/uTefile, you’ll find a number of useful resources and links to help you with the e-filing process, including: • IRSlinks,including

www.irs.gov/efile, where you’ll find the applications and instructions to participate in the IrS e-file program

•TheUltraTaxCSElectronic filing Guide (Pdf)

•AlinktoUltraTaxCSElectronicfiling training information

•ThecompleteStateElectronicfiling Guide

If you’re new to electronic filing, keep in mind that the IrS may require up to six weeks to process your e-filing application. we recommend that you complete and submit your application as soon as possible to ensure you’re approved at the beginning of the 2010 tax season.

for more information about e-filing with UltraTax cS, visit cS.ThomsonReuters.com/uTefile.

accounting cS, which debuted in may, is already opening new possibilities for firms of all sizes with its ability to divide work by task as well as by client, allow multiple staff to work on the same client simultaneously, and combine write-up, live and after-the-fact payroll, trial balance, and financial reporting into a single, unified platform.

with the recent introduction of accounting cS client access, customizable, real-time collaboration with clients is now possible. The firm and client can work simultaneously in the same database, for seamless updates and anytime-anywhere access. client access is remotely hosted, so there’s no need for firm employees to install applications on their clients’ local machines, or to learn a separate client application. The firm simply chooses which data to make available to clients.

coming soon, new additions to accounting cS will make it an even more powerful tool. They include:•Newaccountingfeatures:Clientconsolidationcapabilities,split-screencapabilitiesinthe

enter Trial Balance display, and the ability to insert charts, graphs, and logos into financial statements (late 2010).

•Newpayrollfeatures:TheabilitytoseparatepayratesandG/Laccountsbydepartment,supportfor alternative overtime rates, monthly limits on deductions, and support for sales-based calculations (late 2010).

•Newaccountspayablecapabilities(spring2011).•Newaccountsreceivableandengagementworkflowcapabilities(late2011).

for more information on accounting cS, visit cS.ThomsonReuters.com/accountingcS.

New Features Coming to accounting cS

MoBile CS RElEASEDiPhone® Users Now have on-the-Go Access to Practice CS

Using cutting-edge mobile application technology, mobile cS extends the reach of cS Professional Suite and enterprise Suite products from your desktop to your iPhone, giving you 24/7 access to your data from any location. The initial release of mobile cS offers Practice cS content with on-the-go access to helpful client and staff data, as well as key firm data such as wIP and ar. future releases will expand the content to other products. Learn more at cS.ThomsonReuters.com/mobilecS.

helping clients with the HIRE Act

did you know that Thomson

reuters provides free resources

to help you communicate the

provisions and benefits of the

hIre act to your clients?

Visit cS.ThomsonReuters.com/

Support/marketingTools

and log in to access free

letter templates under the

Payroll Services section.

whether you process payroll

yourself, or refer it to

myPay Solutions, you can

use this communication as an

opportunity for relationship

building and business growth.

[ 6 ] SolUTIoNS [issue 2, 2010]

PRoFIlE: KaTHIE KNaPP

a reaL Team PLaYer

iNsiDe sTORY

It was a pretty sure bet that KaTHIE KNaPP’S career would involve

accounting. After all, this sporty director of Accounting Development

comes from a family of accountants. She joined Thomson Reuters

in 1994 as a phone support representative. Knapp has since helped

develop three generations of accounting products, and moonlights

as a self-described hockey mom.

In Her words

combining technology with my business and accounting background has been a perfect fit for me. even though my dad, brother, and sister were all accountants, I didn’t plan to be a cPa. Still, my B.a. in business and economics was highly focused on accounting. I had never thought about working in the software field, but I ended up falling into it and it opened up a lot of opportunities for me.

does my accounting background influence my work? Sure. coming from a family of accountants, I feel I understand what accountants need in order to be more efficient. accounting cS, which I helped develop, is a good example because it helps clients do their own bookkeeping in an environment the accountant controls—which makes the accountant’s life so much easier.

Technology has definitely evolved since the days our products were dOS-based. It was exciting to work on the accounting cS team, since it’s the first generation of our accounting products that can be used by both the accountant and the client. Instead of two applications built by two separate teams, it’s a single product created through true team collaboration.

Sports are a big part of my family’s life. I played volleyball in college and still do. while I used to play in several leagues, now I limit it to one women’s league. as I get older and family activities increase, I’ve had to tone it down a little bit.

my 9-year-old son plays hockey and my 74-year-old dad and I both play softball. we’re a very close family, and going to University of michigan football games has been a big part of our family gatherings for 25 years. we love tailgating—at an afternoon game, we’ll grill turkey burgers, although I like doing the breakfast thing better. we make a special egg casserole and a baked french toast dish that’s a family tradition.

[ 7 ]CS.ThoMSoNREUTERS.CoM

wHO SaYS SmallER fIRmS caN’T cOmPETE

wITH laRGER ONES? certainly not milton dean of

dean financial Services. and here’s the secret: You’ll

need a website.

“having a website levels the playing field a little

bit when competing with the much larger firms,

because you can present a lot of content and detailed

information,” explains dean, an accountant who

operates the South fulton, Tenn., firm with his father

and a very small staff.

dean developed the firm’s website nearly 10 years ago,

using web Builder cS. “You can create your site in about

two hours,” he says. “Then you can tweak it and update

it in minutes whenever you need to.”

having a website helps dean financial Services work

with clients all over the country, a notable benefit for

firms in rural locations. Plus, with the client portals

they provide using Netclient cS, the firm can offer

the same level of advanced technology available from

even the largest practices, such as online invoicing

and bill pay or stock quotes.

The dean financial Services site also offers tools

that ensure that clients keep coming back, including

calculators and informational links. This self-serve

functionality enhances customer satisfaction and

loyalty, while moving the firm ever closer to a truly

paperless environment.

“I don’t know why even the smallest firm would

hesitate to have an online presence,” dean says. “If you

haven’t already created a website, I urge you to jump

in because it’s a very simple process. The water’s not

nearly as deep as you might think.”

iN YOuR WORDs

BuIld

youR own. Visit cS.ThomsonReuters.

com/web-Builder to

learn more.

maKe IT LIKe a PrOwant to see a professional-looking website

designed by someone who isn’t a professional

web designer? check out dean financial

Services’ website at deanfs.com.

The firm created its site using web Builder cS,

which provides templates and tools

customized for the tax and accounting

industry. Thomson reuters can also help you

secure and maintain your domain name,

aka website address.

There are other options out there, too,

including the iweb software on apple

computers and other programs for users

ranging from novice to pro. Only a few are

designed specifically for tax and accounting

firms, though, and in most cases you’ll be on

your own when it comes to managing your

domain name.

Take the plungeIt’s simpler than ever to develop your own website.


JOdY L. Padar, cPa, mST, Grew UP IN a TaX fIrm. really. her father did his accounting work in the family’s home.

“I remember being about 6 years old and opening the door for clients who were coming to our house during tax season. we had a home office before home offices were trendy,” Padar says.

Today, Padar is a partner in the firm her father James J. matousek, cPa, founded nearly 40 years ago. The practice is currently rebranding itself as New Vision cPa Group, a name that better reflects the firm’s forward-thinking approach.

“we’re not doing business the old way,” Padar explains. “It’s portal-driven, it’s technology-driven. Things are changing so we want to stay new and future-focused.”

The New family BusinessPadar joined the firm four years ago, after working for practices large and small. at the time, her father offered this succinct advice: “Go get your own clients.”

he made it clear to her that she wasn’t going to be taking over his work. “he already has his clients,” she says. “It was about me doing what I need to do to create my own firm.”

One of the first things Padar did was start offering clients a complete accounting and tax solution package. Instead of just preparing tax returns, New Vision cPa Group performs reviews throughout the year leading up to tax time, and also provides payroll services.

clients pay a monthly fee for the package of services they choose—as well as for the comfort and confidence that comes from knowing their accounting firm is available to them year-round, offering advice to help them run their business.

“Now clients are paying for the knowledge in my head, instead of my time. Plus, clients like knowing exactly what they’ll be paying every month.”

a child of TechnologyPadar remembers childhood trips to chicago with her father, dropping off tax returns at the data

Well, in the case of this accounting practice, it actually is. only better.

Father’s Firm

This is Not Your

FiRM FACTS

Z BaSIcS: Based in mount Prospect, Ill., New Vision cPa Group has a staff of four, plus three contractors. The firm specializes in bookkeeping and provides tax and accounting services to individuals and small business entrepreneurs.

Z wEBSITE: The firm provides a wealth of resources, including a secure client portal created using Netclient cS, at newvisioncpagroup.com.

Z SOfTwaRE: In addition to most elements of SaaS for cS Professional Suite, the firm uses other products that work within their SaaS environment.

Jody Padar, cPa, walking with her father, James J. matousek, cPa, on the campus of Oakton community college in Illinois, where she teaches taxation and consulting.

SolUTIoNS [issue 2, 2010][ 10 ]

40/40In 2009, Padar was honored by The CPA Technology Advisor

as one of the “40 Under 40.” She earned her master’s degree in taxation

from Northern Illinois University.

ZNo one can accuse Padar of being all work and no play. She’s a master swimmer who competes on a team and gets in about 3,000 yards twice a week. Swimming pals encouraged her to enter a triathlon a couple of years ago, which she proudly completed.

She and her husband, chris, are the parents of two children: an 8-year-old son and a daughter who is “10 going on 30,” Padar says. Padar loves traveling, especially to rome, where she lived for a year during college, but is equally happy on the day trips she and her girlfriends take to a casino in milwaukee to play bingo for the afternoon.

By offering our clients more value, we’ve tripled the size of our firm in four years—and that was during a recession. my goal is to become a million-dollar firm.

Jody Padar

“ “iN The

sWim OF

ThiNgs

processing center followed by a stop for ice cream on the way home. She began her career in the 1990s, when technology was really starting to take off.

Today, Padar can’t imagine running a practice without a full complement of technology. “If you’re afraid of technology, you’ll be left behind,” she says.

her father used UltraTax cS for years, and Padar has migrated the firm to Software as a Service (SaaS) for cS Professional Suite, which enables online remote access. SaaS technology provides the flexibility of leasing while keeping costs down and reducing IT burden.

Padar and her father work in two separate offices and her mother, Peaches matousek, who has always handled administration for the firm, works from home. Other than one full-time staff member who works alongside Padar, everyone else works remotely.

“all our contractors work where they live,” she says. “my parents have a vacation home in wisconsin, so even during tax season they can be there and still be working.”

Larry Goeckner, the Thomson reuters associate sales manager who works with Padar, admires how she integrates her professional and personal responsibilities.

“She’ll call me from one of her kids’ events,” he says. “She’s involved with the firm and with her family life, using technology to bridge the two. and her parents do it, too, which dispels the misconception that older professionals are anti-technology.”

Padar tried other ways of working remotely, including a virtual private network (VPN), but prefers the reliability and convenience of SaaS.


leSSonS leARned: hear Jody Padar speak about joining her father’s firm in one of our exclusive Solutions podcasts. Visit cS.ThomsonReuters.com/community/Blogs/Solutions.

lIFEloNG lEARNING

waNT TO lEaRN SOmETHING NEw? juST aSK

jOdY PadaR. She’s always eager to expand her

own expertise, and admits to having “the heart of

a teacher.”

She’s an adjunct professor at Oakton community

college in Illinois, where she teaches taxation

and QuickBooks consulting. Plus, Padar believes

in educating her firm’s clients instead of just

providing them with deliverables.

“Small businesses need someone to help them

work through ideas—that’s what they’re hungry

for,” she says. “They’re not hungry for a tax

return, though they need that, too.”

Padar will also be a speaker at this year’s

Thomson Reuters users’ conference in October,

where she’ll make presentations on social media

and Software as a Service (SaaS).

what’s more, she’s now an official blogger

for webCPA.com and will be speaking at the

accounting Today Growth & Profitability Summit

in November. The topic, appropriately, is, “You’ve

Got Your dad’s firm: Now what?”

“Our VPN never worked right and we had to do the updates, which we don’t have to do anymore,” Padar explains. “Plus, when my laptop broke recently, I had all my data on a new laptop within two hours.”

Last year, the firm also launched another key element of a paperless practice, a secure client portal. They are preparing to implement Practice cS this year.

Technology and TraditionPadar’s enthusiasm for technology doesn’t end with the software at her practice. She’s also an avid user of Twitter, which she joined about a year ago.

In addition to using it to exchange ideas with other cPas, she follows customer service experts to learn more about keeping clients happy. “Knowing how to really delight customers is something I think sets our firm apart,” Padar says.

Plus, she’s made valuable peer connections and even picked up new business via Twitter. “You’re not going to close a deal on Twitter—you still have to make a personal connection,” Padar says. “But through Twitter, I’ve ended up getting to know people in the next town.”

and even with its extensive use of new technology, the traditions of Padar’s family company remain strong: Great service and smart business. 2


The Tough Get GoingKeep your firm moving forward with a 1-2-3 punch of strategic marketing.

Has the going been tough?

No doubt about it. The last

couple of years have been

challenging for just about

everyone and every

business. But that’s no

reason to let your firm

lose momentum.

In fact, many

accounting practices

are starting to focus on

business development—

particularly now, as

we’re beginning to see

some “pockets of optimism,” says

hugh duffy, cofounder and chief marketing officer

of Build Your firm, a practice development and

marketing company that works exclusively with

accounting firms.

The economic downturn actually prompted many

accounting firms to learn how to use marketing

for lead generation, according to duffy. “even in

the severe down economy, we have clients that are

doing extremely well. They are maintaining more

control over their own destiny,” duffy explains. “To

do this, you have to be proactive about managing

your marketing as well as new business acquisition.”

1. GET STRaTEGIc

Though there are numerous marketing options

out there, don’t plan on using them all.

Instead, duffy suggests, employ a targeted

strategy that suits your firm’s expertise

and resources. whether you opt for email

newsletters, a facebook page, or participation

in business-appropriate LinkedIn Groups,

establish your firm as an expert.

“find the forum that suits your expertise, your

comfort level, and your professionalism, and do

it extremely well,” duffy says. “The cost for these

strategies isn’t significant, but they do require

time and effort.”

he advises against any media that aren’t

targeted, including cold-call telemarketing and

Yellow Pages advertising. also, duffy suggests,

don’t solicit business from market sectors

that are still struggling, such as real estate

or construction.

WhY go online? hugh duffy explains marketing via social media in a Solutions podcast. Listen at cS.ThomsonReuters.com/community/Blogs/Solutions.

CS.ThoMSoNREUTERS.CoM

The Tough Get GoingKeep your firm moving forward with a 1-2-3 punch of strategic marketing.

add to your marketing toolbox.

find more resources at

cS.ThomsonReuters.com/Support/

marketingTools.

Z

[ 13 ]

GeT TO KNOw ByF

Build Your Firm (BYF) works with accounting professionals to help them learn to market, price,

and sell their services for optimal returns. A Thomson Reuters preferred partner, BYF offers its

clients customized software bundles that facilitate BYF’s workflow approach, which helps firms

leverage technology to operate more efficiently. To learn more, visit buildyourfirm.com.

2. GET PERSONal

whenever possible, use marketing to express your

firm’s personality and create a personal connection.

If you or someone on your team has great charisma,

try posting a YouTube video about your firm’s

services and expertise on your website. “Potential

clients want to identify with folks who speak to

them, who can address their needs, and build a

sense of trust,” duffy explains.

Look for ways to share kudos about your firm. People

look online for performance ratings and reviews, so

get the word out. “whether it’s a recommendation

from a LinkedIn contact or a review on angie’s List,

an accumulation of positive press posted on the

Internet can establish trust,” he says.

when clients praise your work, get in the habit of

asking them for a recommendation or whether you

can post their quote on your website.

3. GET SmaRT

If you’re like most professionals in accounting, you’re

probably wondering when you’re going to find the

time to do all this marketing. Use your resources.

If your firm is on the larger side, consider hiring or

appointing someone to oversee these activities.

Smaller firms can work with one or two practice

development firms. and, regardless of firm size,

duffy recommends accountants attend at least

one accounting marketing workshop each year, to

learn best practices in both marketing and closing

the deal.

“There’s plenty of business out there,” he says, “so

it’s worth the upfront investment to develop the skill

set to know how to effectively market your firm.”

Tips & TACTiCs

[ 14 ]

Tune in online

more answers await you at cS.ThomsonReuters.

com/Tips.

SolUTIoNS [issue 2, 2010]

ulTRaTax cS Q: what’s the final date for transmitting returns on

form 4868 extension?

A: The deadline for transmitting returns on form

4868 extension is October 15, 2010. Thomson reuters

transmits returns to the IrS Submission Processing

centers at the drain times published by the IrS,

which vary depending on the client’s state of

residence. To view a list of the published drain

times from UltraTax cS:

1. click the Electronic filing and other product

news link in the Notices section of the

UltraTax cS home Page.

2. In the detail column, click the link for the 1040 e-file

Processing Schedule, 4/23 to 10/20 notice posted

on april 23, 2010.

To ensure that electronic files are transmitted to the

IrS on time, we recommend that you transmit files to

Thomson reuters at least one hour prior to the drain

time published by the IrS.

#Tip: Because the IrS experiences a high volume of

transmitted electronic files between October 10 and

October 15, transmissions and acknowledgments

may be delayed. we recommend you transmit

returns as soon as possible before October 10,

rather than accumulating a batch of returns and

transmitting them on October 15. The IrS allows

returns that were rejected on October 15 to be

retransmitted electronically within five calendar

days of the deadline to avoid penalties, so the last

date to retransmit rejected late returns or rejected

returns on form 4868 extension is October 20.

NETclIENT cS

Q: I’d like to share files with my clients through their

portals. what’s the easiest way to do that?

A: New features in file exchange let you assign next-

generation Netclient cS users to groups and then

grant the groups access to shared and personal

file exchange folders.

#Shared folders: clients see the entire contents

of each folder, and you choose whether they can

upload files to shared folders. clients cannot create

or delete subfolders or files in shared folders.

Next-generation NetStaff cS users with access to

the Netclient cS tab and file exchange can see

all files that are in shared folders.

#Personal folders: Netclient cS users can upload

files to personal folders, and each user can see

only the files he or she uploaded. Next-generation

NetStaff cS users with access to the Netclient cS

tab and file exchange can also see all files that

users have uploaded to personal folders.

If you use UltraTax/1040 web client Organizers

or if you deliver UltraTax/1040 returns to

Netclient cS portals, you can assign all of your

1040 clients to a group and give that group access

to the Source documents personal folder. By doing

this, you can quickly and easily provide all your 1040

clients with a private Source documents folder. You

can then log in to NetStaff cS and download files from

your clients’ Source documents folders at any time.

# Note: You can also give your clients access to

a Private folder. You cannot use this folder to

exchange files because only Netclient cS users

can upload files to the Private folder, and each

Netclient cS user can see only the files he or

she uploaded.

GET BETTER cONNEcTEd

have questions about sharing files with clients or transmitting returns? we’ve got the answers!

featured solutions in this issue

ACCounTing

client Bookkeeping Solution

financial analysis cS

[ 15 ]CS.ThoMSoNREUTERS.CoM

PaYROll cS

Q: how can I automatically retrieve the total deposits

into Line 11 of form 941?

A: as long as the deposits have been recorded

using printed or handwritten vendor checks, those

check amounts can be retrieved into the form. from

the form 941 screen in the Payroll Tax Processing

window, choose Tasks > Vendor checks and select

the appropriate vendor. checks dated within the last

quarter are selected as the original default setting

for each client. The amount in the Total field of the

Vendor checks dialog automatically carries to Line 11

in the form 941 screen.

# If necessary, you can use the Offset (In days) field

to change the default setting for the range of check

dates to be retrieved each quarter. for example,

enter 10 in the Offset field to retrieve amounts

for vendor checks dated from 10 days after the

beginning of the quarter through 10 days into

the subsequent quarter. (for third-quarter filing,

that would include checks dated between 7/10/10

and 10/10/10.)

fINaNcIal aNalYSIS cS

Q: I’ve produced some reports in financial analysis cS

that my out-of-state client could use. how can I get the

information to my client electronically?

A: from the Print Reports screen, you can choose a

formatting option for the final report. You can extract

the information as a read-only Pdf file, or as an

excel spreadsheet, which allows the client to

manipulate the information further if necessary.

#The Output to file and Output to email options

available in the Print reports screen support

both of these formats. If you’re a licensed user of

filecabinet cS, you’ll also find an option to send

the report directly to that program.

#Note: If you send the report to your client

from filecabinet cS, you must use Pdf as the

file format.

clIENT BOOKKEEPING SOluTION (cBS)

Q: Is there a way to import transactions from my bank

statement so I don’t have to re-enter them in cBS?

A: with cBS, you can import transactions that are saved

in either OfX or QfX format. Once you’ve downloaded

the transactions from your bank’s website, you can

choose checkbook > View Bank Transactions and then

select the checkbook to work with.

fIlEcaBINET cS

Q: can I place a file in multiple client drawers when I

initially store the file?

A: Yes. Starting with version 09.1.0, filecabinet cS

allows you to place documents in multiple client

drawers. when printing files to, embedding files in, or

scanning documents into filecabinet cS, follow these

steps to place a document in multiple drawers.

1. Open the drop-down list for the drawer Id field and

choose Select multiple drawers.

2. In the Select multiple drawers dialog, move the

appropriate drawers to the drawers selected pane

and click OK.

GOfIlEROOm

Q: what types of files can I work on when I’m not

logged in to Gofileroom?

A: You can check out any file that is stored in

Gofileroom and update the file in offline mode. after

you check files out, enable offline mode by choosing

Offline from the drop-down list in the Gofileroom

control Panel. The control panel system tray icon

changes to indicate the offline status; you can right-

click the system tray icon to re-connect to Gofileroom

or exit the application.

# If you’re prompted to log in while you’re working in

offline mode, you can choose to remain in offline

mode. after you log in to Gofileroom, you can

check in the files you changed while working offline.

doCuMenT MAnAgeMenT

filecabinet cS

Gofileroom

pAYRoll

Payroll cS

TAX

UltraTax cS

WeB SeRViCeS

Netclient cS

PRSRT STDU.S. Postage

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This year’s conference offers more than 70 workshops—including cS Professional Suite and enterprise Suite training. You’ll also enjoy a variety of practice management and technology sessions, keynote addresses by nationally recognized speakers, entertaining events, and rich networking opportunities.

Visit cS.ThomsonReuters.com/uc to register or for more information. You can also register and request a printed program by calling a customer Service representative at 800.968.8900 and pressing 1, then 5.

Registration is Open!

SaVINGS & dIScOuNTSThe registration fee is $1,195 for the first person registered from your firm. and even though the early registration period has ended, you can still save up to $150 with these discounts:• AdditionalFirmAttendees—SAVE$100• PreviousAttendeeDiscount—SAVE$50if

you attended the 2009 Users’ conference

BOOK YOuR ROOm TOdaYdiscounts are based on availability, so hotel reservation requests must be received by October 5, 2010, to qualify for the special conference room rate and to ensure room availability. The Gaylord National is also extending the special group rate for three days before and three days after the main program dates of October 27-30—a great opportunity to explore the history and excitement of our nation’s capital, one of the most dynamic cities in the world.

make your reservation by calling the Gaylord National at 301.965.4000 and asking for the Thomson reuters Users’ conference group rate c-reU10. You can also visit us online at cS.ThomsonReuters.com/uc, then click the Travel link.

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