Top 7 Features of Ultratax for Workflow Optimization

Tax season puts constant pressure on tax firms to move faster, reduce manual work, and maintain a high standard of client service. With growing workloads and tight deadlines, firms need a tax solution that helps streamline processes without compromising accuracy.

UltraTax CS, Thomson Reuters’ professional tax software, is built to support that need by helping preparers automate routine tasks, reduce data entry errors, and improve overall workflow efficiency.

UltraTax CS Features That Streamline Tax Preparation Workflow

In this blog, we will explore the key UltraTax CS features that help firms simplify tax preparation and optimize their tax workflow.

1. Returns and Forms Availability

UltraTax offers a comprehensive library of state, federal, and local forms. You can view the forms in the product information section of the UltraTax CS application. UltraTax CS includes individual and corporate forms, such as 1140 and 1120. You can find the forms according to your state by clicking on the relevant tab.

For instance, if you want to file individual taxes and want to see federal forms, go to the 1140 tab and expand the federal section to find forms, such as 1140 (U.S. Individual Income Tax Return), 1140-SR (U.S Tax Returns for Seniors), and 1140NR (U.S. Non Resident Alien Income Tax Return).

This library is updated regularly to incorporate any changes by the IRS. This level of form management enhances a tax preparer’s workflow as they do not need to gather forms from multiple sources.

2. Intelligent Calculations

UltraTax CS enables tax preparers to make precise calculations with ease. As you input the data, you can view it getting populated in the tax form in real-time. Consequently, diagnostic messages are displayed if the application finds any calculation issues. It allows tax preparers to identify and make adjustments in real- time.

Moreover, tax preparers can ensure accuracy while handling complex scenarios, such as multi-state taxation, depreciation methods, and intricate credit calculations. With intelligent calculations, tax preparers can instantly see the impact of each entry and make adjustments before sending it for client review.

3. Data Sharing

UltraTax CS facilitates seamless data sharing by allowing tax preparers to simultaneously view the data input and form windows on one screen. Hence, as you enter data in the window, you can see it being filled in the tax form.

It helps you identify the data source and optimize verification. Moreover, it eliminates double data entry and the errors associated with it. You also get updates on newly updated data, which you can import directly into the form.

4. Advanced Diagnostics

The advanced diagnostics feature helps you correct errors and identify missing information before filing taxes. It analyzes last year’s entries to point out the ones you might have missed this year. The application constantly flags potential errors, which tax preparers can view on the Diagnostics section.

You can access the Diagnostic section by either pressing CTRL+D or the Diagnostics icon in the toolbar. UltraTax segregates the issues into different sections, such as Critical, FYI, Overrides, and To Do, in the Diagnostics window, so you can review and take action accordingly.

For instance, the To Do section issues messages about any missing data in the forms. Once you have resolved the issue, you can right-click on it and select Acknowledge for completion. Once you have identified the missing information, you can send an email request to the client.

5. Data Mining

Data mining is an advanced analytics and search feature that enables tax preparers to gather valuable insights, such as tax-saving opportunities, and personalize client interactions. It helps them take on a more advisory role rather than only preparing taxes.

You can add or modify different search criteria in the Data Mining section by choosing the client database. You can also combine different criteria to get deeper insights. UltraTax CS offers multiple predefined criteria, including forms, return type, and state attachment.

Data Mining enables you to create custom reports according to the business requirements. For instance, you can create a report of clients who filled out a specific form or schedule. With data mining, you can help clients make the right decisions.

6. E-filing and Online Dashboard

UltraTax CS’s online dashboard gives you real-time visibility into all your clients’ e-filings. You can access the e-filing dashboard by visiting the UltraTax website and logging in with your CS Web ID.

The E-filing dashboard contains multiple tabs, such as Accepted and Rejected, denoting different e-filing statuses. For instance, the clients with filing extensions are mentioned in the Extensions tab. Moreover, you can easily export this data into Excel to work in an offline mode.

This feature facilitates e-filing, which enables tax preparers to go paperless and minimize errors. Once filed, acknowledgments and updates are automatically tracked in UltraTax, eliminating the need for manual follow-ups.

7. App Integrations

UltraTax CS is part of the CS Professional Suite, a family of applications designed to accomplish niche business functions, such as accounting, document management, workpaper management, and client communication.

It gives UltraTax the leverage of in-house integrations, resulting in automated workflows and real-time data sync. For instance, UltraTax CS’s integration with Accounting CS enables you to assign tax codes in the accounting solution and export them to UltraTax CS.

Moreover, UltraTax CS integrates with applications, such as Ledgible and SafeSend One, for tasks like cryptocurrency tax reporting and client communications.

Optimize Your Tax Workflow With the Flexibility of Cloud

The UltraTax CS features mentioned in the blog help you navigate the tax season without hassles. However, by adding cloud capabilities to the desktop software, you can enhance the tax workflow by multiple-fold.

Hosting Ultrax CS desktop software on the cloud introduces unparalleled flexibility in the tax process by enabling preparers to work from any location with any device at any time.
Moreover, you can collaborate with global clients on the online portal, enabling real-time document sharing.

Want to experience how cloud optimizes your tax workflow?

Ace Cloud Hosting offers UltraTax cloud hosting on high-performance computing servers, with 99.99% uptime, unlimited app integrations, 45-day rolling backup, and enterprise-grade data security. Try it out for free now.