Thomson Reuters' SafeSend Acquisition: Why Accounting Firms Are Saying 'Here We Go Again'

A Pattern That’s Hard to Ignore

When Thomson Reuters announced their acquisition of SafeSend, instead of celebration, practitioners shared a collective concern that echoed through social media: “Here we go again.”

Why Such Skepticism?

Ask any accounting professional about their experience with Thomson Reuters’ software solutions, and you’ll likely hear stories that explain this reaction. FileCabinet CS is sunsetting, leaving firms scrambling. Onvio users report ongoing system outages and performance issues during peak tax season – exactly when reliability matters most.

“I’ll never forget this. It was so frustrating,” recalls Sergio Bustamante about his experience with Onvio. “They changed my account and removed all my licenses on March 13th – right in the middle of corporate tax deadline.” After paying for an upgraded license to access needed functionality, Thomson Reuters informed him that the updated function he wanted wasn’t even working. “We were drowning in manual processes. The questionnaire wasn’t working, clients couldn’t access their portals, they couldn’t create accounts. For our growing firm, it was an absolute nightmare.”

The Real Cost to Your Practice

When core tools for document management and client collaboration fail to evolve or become unreliable, the impact ripples through every aspect of your practice:

• Lost Revenue: Every minute spent wrestling with system outages or helping clients navigate clunky portals is billable time lost
• Staff Burnout: Your team wastes valuable time on manual workarounds and system troubleshooting
• Growth Limitations: Limited storage and client capacity restricts firm expansion and forces use of multiple systems.

Breaking Free Without Breaking What Works

Here’s the good news: You don’t have to sacrifice your entire tech stack to solve these challenges. While UltraTax CS remains a solid tax preparation solution, firms are increasingly turning to independent, specialized solutions for critical functions like document management and client collaboration.

As one CPA noted in response to the SafeSend acquisition: “I love UltraTax, but my sincere worry for our ecosystem is that these progressive providers get gobbled up, and innovation stagnates. I am all in on not entirely hitching our wagon to TR. We don’t want to get caught flatfooted with all the innovation in our industry.”

The key is finding the right complementary tools that prioritize innovation and reliability.

This is where SmartVault, a document management and client portal, comes in. With SmartVault, you get:

• Direct integration with UltraTax CS for automated file routing
• A modern, intuitive client portal that clients actually use
• Reliable performance even during peak tax season
• Regular updates and innovations based on user feedback
• US-based support when you need it

While Thomson Reuters users struggle with outages and limitations, firms using SmartVault report a drastically different experience. “I went to Thomson Reuters’ Synergy conference and told people, ‘You have to check out SmartVault!’” Kristie Agar of O’Connor and Agar CPA said. “It reduces headaches and works much smoother than other document management systems. SmartVault is just easy to use, and everything is right where I need it.”

Looking Ahead: Your Path Forward

As SafeSend joins Thomson Reuters’ growing portfolio of acquisitions, firms face a choice: wait to see if this acquisition follows the familiar pattern of innovation slowdown, or take proactive steps to ensure their practice has the tools it needs to thrive.

The solution? Keep what works (UltraTax CS) while upgrading to modern, reliable solutions for document management and client collaboration. Don’t wait for another system outage or frustrated client to make a change. SmartVault offers a path forward that prioritizes innovation, reliability, and practice growth.

Schedule a demo to see how SmartVault can help your firm maintain its competitive edge while protecting your UltraTax CS investment.