UPDATE: Thomson Reuters contacted Digital First to say that no agreement had been made with Xero. “We can confirm that Xero approached our company earlier this year to discuss the possibility of Thomson Reuters providing them with content to supplement their products, however no agreement was ever made and the discussion ceased,” said Paul Brindle, managing director of the tax and accounting division of Thomson Reuters, in an email to Digital First.
Legal and accounting publisher Thomson Reuters has agreed to supply updates for accountants to cloud accounting company Xero’s practice management suite.
Reuters was one of several content providers which would provide tax rules, pre-filled forms and marketing advice when the service was launched in August, said Rod Drury, Xero’s CEO.
“Rather than locking accountants into one choice we’ve come up with an open-content framework. There’s quite a neat industry thriving around it,” Drury said.
The alliance came as a rebuff to accounting information services provider CCH Australia which acquired cloud-based practice management suite iFirm in July last year. “CCH have made acquisitions and we’re competing with them in New Zealand. So we talked to Reuters,” Drury said.
CCH has already integrated its tax updates and other information services so that accountants can look up legislation within the rebranded CCH iFirm suite.
The Xero solution displayed subscription-based content within Microsoft SharePoint Online, a document management platform within cloud productivity suite Office 365 rather than Xero Practice Manager.
Xero’s practice management suite has a limited ability to store and manage documents and the company has promoted Office 365 as an essential part of its cloud-based “modern practice” concept.
The open-framework policy would apply to competitors, including CCH, said Drury. “It’s open, we would welcome them into it,” he said.
Image credit: Acquisitions Daily