Intuit Lacerte vs. Thomson Reuters ONESOURCE

Lacerte helps to serve a great variety of clients and businesses, it has over 5,700 forms. It also supports multi-state, K-1s, and more. It suits for power users with high business inflow. Its useful for a CPA who is processing a high value firm or individual with zero errors. The error diagnostic feature covers more than 25k error checks. This is less applicable to CPA's whose are managing regular individual 1040 routines.

Incentivized

ONESOURCE is well suited for organizations that want to maintain their compliance efforts within a single platform. Most of the software looks and operates in a similar manner, which makes it easy to navigate and integrate yourself into additional products. Additionally, the ONESOURCE platform is a great platform for anyone looking for a provider that stays on top of tax law changes and will quickly integrate the changes into their product.

Incentivized

• Continually updates when bugs are found or tax law change
• Live customer suppprt
• Listen s to customer to improve product
• E-signature to get signed forms from remote customers
• Organizers for customer to complete on paper or electronic
• Tax appointment scheduling within the program and recurring for future appointments
• Client invoices by form
• Trial balance from accounting software to save time on business data entry

Incentivized

• The ability to recall data from prior years is great. We constantly get requests to pull prior year forms and the system allows us to complete these requests efficiently.
• The ability to track tax information events (such as print filing dates, b-notices, and recipient responses) is a huge benefit of ONESOURCE and is one of the main reasons we utilize their service over that of their competitors.
• ONESOURCE customer service is highly responsive. One of the huge benefits of working with ONESOURCE is the assigned CES who answers any & all questions relating to not only the software itself, but the underlying tax requirements and due dates, etc.

Incentivized

• The updates from IRS to Lacerte need to be improved, so far so good.
• Reporting needs to be improved. Feature like sorting categories. scorp/ind/non-profit
• Tax summaries can be improved - like the differentiation between rental income & expenses. I trust this feature would be a great help.

Incentivized

• High TOC. No patching strategy for Onesource. Each bug fix is basically a new implementation, requiring an end-to-end regression test for SSabrix/Onesource and each connected ERP.
• Lack control of developments. Often a bug fix release contains changes to other - undocumented - areas within the application which leads to multiple implementation iterations.
• Limited collaboration with ERP providers. If something goes wrong in the connector to an ERP system (e.g. due to ERP version upgrade), Thomson Reuters is not as connected with the ERP vendor as could be desired i.e. the burden of connecting the ERP provider with the Onesource provider (TR) is laying with the customer. This is especially true for the Oracle Fusion integration.
• High project cost. When connecting to an ERP system for the first time , the integration with Sabrix is costly due to the need for connector development (less for the actual Sabrix configuration).

Incentivized

To reiterate - a very useful tool for private company information, otherwise not forthcoming on the public domain. It is very crucial in Company analyses for various lenses, slices and dices of Company information. Also useful in industry analysis and in list building. Overall a great research and analytics tool.

Lacerte customer service has been great. They are very knowledgeable about the product and can help resolve problems quickly.

Incentivized

The ONESOURCE support has improved significantly over the years. Support sends out emails with the answer provided which helps in the future when the same issue occurs. This reduces the amount of calls to ONESOURCE Support as you can better document the calls and rely on previous answers if the same issue occurs. ONESOURCE support has also implemented a callback feature that reduces the amount of time spent on hold.

Incentivized

I’ve heard other tax preparers talk about their software and their likes and dislikes. When I offer to show them Intuit Lacerte most are blown away by what it does. One preparer used ProConnrct online tax (also by Intuit), and she loves how easy Intuit Lacerteis to use. She said having live support (not chat) to actually be able to show issues and work through them was great. Both programs use the same calculations, but the extras (trial balance, organizers with prior year data, invoicing, scheduling, filters, etc) are what makes Intuit Lacerte the best!

Incentivized

Thomson Reuters has a central location for the documents. It is time saving and truly is streamlined which is one of the main reasons why this program beats out the competition. Most of the areas that one source is lacking is at the very least the equivalent or better than the competition so the parts that it does better really elevates the software against the competition

Incentivized

• It has helped meet overall business goals.
• Gives you the ability to add in and purchase only what you need.

Incentivized

• By moving the tax return preparation process in-house by utilizing ONESOURCE, the company has significantly reduced the costs associated with filing the income tax returns.
• ONESOURCE has given the company better control over the data.
• By utilizing ONESOURCE, the company has better internal documentation that will assist in defending future audits without having to rely on outside accounting firms.

Incentivized