By IWR News Desk3 March 2010
The Tax & Accounting business of Thomson Reuters is launching an intelligent tax system that will “revolutionise” the collection of data for UK accountants.
Called Digita Tax Exchange, it will reduce the time taken to gather client data by as much as 90%. By reducing the time from 30 minutes to 3 minutes per tax return, this equates to a saving of c£50,000 per annum based on a client base of 1050 and an hourly rate of £100, Thomson Reuters said.
Launched under its Digita brand that pioneered on-screen tax forms over a decade ago, the intelligent information provider said the latest platform is a significant productivity innovation in personal tax compliance.
It simplifies the collection of data, making the compliance process faster and more efficient. The company said the system is suited to the current economic climate, where as a result of downward fee pressure, many practices report that compliance services are barely profitable.
The system can bypass manual data entry altogether by providing a simple interface for importing the output from third party intelligent scanning software directly into Digita Personal Tax.
Its features such as powerful data import and validation engine automates data collection from a variety of sources including spreadsheets, scanned documents, banks, brokers, payroll systems and client portals.
The company said the system allows info pros to utilise non-qualified staff in the collation process at a lower cost and allows qualified staff to concentrate on consultancy services that attract higher fees.
Jerry Rihll, managing director, Digita said: “It will increase productivity and provide a cost-efficient method to securely, simply and safely automate the process of data gathering.”
Digita Tax Exchange will be launched to customers on March 18 2010.
Back to press cuttings