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Thomson Reuters Announces Next-generation Tax Compliance Solution

04 March 2010

Digita Software Simplifies data collection for accountants.

EXMOUTH, February 2010 – The Tax & Accounting business of Thomson Reuters recently launched a next-generation intelligent tax system, under its Digita brand. The software will revolutionise the collection of data for UK accountants. It is considered to be the most significant productivity innovation in personal tax compliance since Digita pioneered on-screen tax forms over a decade ago.

Digita Tax Exchange simplifies the collection of data making the compliance process faster and more efficient. It is ideally suited to the current economic climate, where as a result of downward fee pressure, many practices report that compliance services are barely profitable.

The powerful data import and validation engine in Tax Exchange automates the collection of data from a variety of sources including spreadsheets, scanned documents, banks, brokers, payroll systems and client portals.

Unlike solutions that can only format scanned documents for manual data entry, Tax Exchange 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.

Where data is not available in electronic format and manual data entry cannot be avoided, Tax Exchange works with Microsoft Excel spreadsheets to provide an efficient and streamlined data entry solution that can be tailored to users’ specific needs.

The immediate benefit for practices using the system is that they are able to utilise non-qualified staff in the collation process at a lower hourly cost. This allows qualified staff to concentrate on consultancy services that attract higher fees.

According to Digita (www.digita.com), Tax Exchange will save accountants substantial time and money reducing 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.

Jerry Rihll, Managing Director of Digita commented:

"Digita Tax Exchange will increase productivity and provide a cost-efficient method to securely, simply and safely automate the process of data gathering."

The economic turmoil continues to leave its mark, and those who are surviving are doing so because of their ability to change their ways, become more efficient, or streamline operations and business practices. It is the informed accountancy practices that use technology developments, such as Digita Tax Exchange, to their advantage that will emerge stronger and more successful.

Digita Tax Exchange will be unveiled to customers at the annual conference on 18 March 2010 to be held at the Forest of Arden Country Club, near Coventry for more information please visit http://www.digita.com/conference2010


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