Thomson Reuters

Tax & accounting supercharged

Ok, how exciting does tax & accounting sound to you? Not at all? Stick with us. 

With tax & accounting firms in the US generating a whopping $144 billion in fees, business growth is key. However, with a challenging market, a shortage of talent, changing client expectations, and transitioning business model dynamics, firms face significant challenges in both the short and long term. 

To solidify Thomson Reuters' position as an industry leader, we developed a robust digital strategy focused on user experience, offering cutting-edge data analytics and smart data insights. We also created a prototype, giving a preview of the potential future of the T&A industry.

Challenge

Highly-competitive market keeps its leaders up at night

The tax and accounting industry struggles with talent retention due to long hours, rising regulatory complexity, and a shrinking pool of new entrants. Coupled with limited automation and fragmented software, firms are overwhelmed by the amount of data they are dealing with on a daily basis. To stay competitive, a clear strategy is needed to transition towards efficiency and automation, navigating these challenges and transforming the business model.

"We can't be doing things the way we did when our grandfathers ran CPA firms."

Partner, top-tier accounting firm

Solution

Unlocking the Industry’s full potential with Data Insights

We embarked on a mission to make Thomson Reuters the driving force behind the much-needed disruption of the tax and accounting industry. We conducted extensive research with top-tier firms, gathering insights on their current challenges and future goals. Armed with this knowledge, we crafted a strategic roadmap and developed a prototype that illustrates the digital reinvention of the T&A industry. 

This innovative tool empowers firms to turn their services into products, creating revenue streams and streamlined workflows. The concept is simple yet powerful: build a comprehensive ecosystem, enhance workflow efficiency, and transform big data into actionable insights that provide abundant opportunities for growth.

Contextualized Data

Imagine a world where discovering business opportunities is a breeze. Well, it might soon be a reality. We developed a concept that combines different tax & accounting related data sources, including company, legal, and market information. By doing so, we enable tax and accounting professionals across the firm, regardless of their experience level, to focus on discovering and leveraging business opportunities, making it easier and more efficient than ever before. The software reduces the time required to build up initial client knowledge manually, empowering users to build their know-how around law and regulation changes, relevant market insights, and their clients.

Personalized insights

Tax and accounting professionals know the importance of building strong and lasting relationships with their clients. It takes time to establish trust and provide genuine value that can help clients grow their businesses. But imagine there’s a tool that could combine all of the available data about a client's industry, regulations, and past interactions to make each meeting more productive and insightful. That's exactly what our prototype is designed to do! By providing refined insights and better questions, our digital assistant empowers tax professionals to offer personalized and profitable recommendations that will take their client relationships to the next level.

Workflow automation

Our innovative concept is all about making life easier for tax & accounting professionals by providing relevant data and suggestions to help them take action. But it's not just about client and regulatory information - with this concept prototype we took it to the next level by incorporating various data sources such as industry insights, valuation databases, local real estate interest rates, and city development plans into our system. 

This is what we believe will be the future of data-driven decision-making,  empowering firms to be proactive and efficient, while providing unparalleled value to their clients.

"It’s the first time we see what we’ve talked about for years!"

VP Strategy at Thomson Reuters

Conclusion

Redefining the future

We helped Thomson Reuters take the lead in redefining the future of the industry by developing a comprehensive user-centered digital strategy and an all-in-one concept prototype for a business software that empowers firms to streamline workflows and transform big data into actionable insights. 

Our concept provides not only abundant opportunities for firms’ growth, but also enables the industry to move into a bright and prosperous future.