October 29, 2024

Thomson Reuters unlocks New Era of Accounting with Embedded Financial services

  • Efficiency: The new suite of embedded financial services redefines efficiency beyond accounting by automating accounting processes and freeing professionals to focus on growth strategies for their businesses and their clients.
  • Advisory role: With the automation and integration of financial processes into accounting management, accountants can now offer real-time advisory, providing strategic insights and agile decisions crucial for the competitiveness and success of their clients in increasingly complex scenarios.
  • SMB transformation: Supported by accountants, small and medium-sized enterprises reach a transformative level of financial management. Process simplification, direct integration with payroll and tax systems, and the ability to focus on sustainable growth are facilitated and simplified for SMBs.
SAO PAULO, October 29 - Thomson Reuters (TSX/NYSE: TRI), a global content and technology company, today announced its suite of financial services embedded in the Domínio portfolio, a leading leader in the Brazilian accounting market. Unprecedented in Thomson Reuters global portfolio, the suite accelerates the company's vision of international expansion and establishes a new level of advisory, integrated and real-time accounting.
 
The suite includes three core products: Domínio Contabilidade Digital, which automates and performs real-time accounting for the financial transactions of the accounting office and its clients, automatically managing receivables, taxes, and salaries within the Fiscal and Payroll modules; Domínio Conta PJ, which is free of monthly fees and offers simplified contracting, enhances the integration between financial transactions and accounting, allowing the accountant and their clients to issue invoices, make payments, and conduct transactions via Pix (instant payment platform managed by the Central Bank of Brazil); and Domínio Benefícios, a platform for managing meal and food vouchers for employees of accounting offices and SMBs, uniquely integrated with the Payroll system, free from bureaucracy.
 
Developed in response to the accounting complexities of Brazil, the solutions connect directly to Domínio's accounting, payroll, and tax systems, eliminating manual processes and simplifying daily routines to expand strategic growth opportunities for accounting offices and their clients.

"We are moving significantly beyond traditional accounting to offer unmatched efficiency and strategic insights," says Adrián Fognini, Head of the International segment at Thomson Reuters. "This innovation is driven by the consultative and technological vision of Brazilian accountants, who operate in a highly complex, digitalized, and dynamic environment. By combining our expertise with the profile of Brazilian professionals, we provide the most advanced resources to establish a new standard of accounting that enhances the value generated by these professionals," he emphasizes.

Marcondes de Borba, Vice-President of the Tax and Accounting Professionals at Thomson Reuters in Brazil, emphasizes the pivotal role of accountants in this transformative economic journey. "Accountants are at the center of SMBs operations and are crucial, especially as Brazil progresses in a context of increased digitalization and significant Tax Reform. We have developed our portfolio together with the accounting community to transform daily routines into opportunities for strategic growth, sharpening the focus on what truly drives businesses," the executive elaborates.

Furthermore, a 2024 global survey by the Thomson Reuters Institute reveals that 70% of Latin American accountants recognize a growing consultative demand from their clients. Professionals in the region prioritize business growth, routine simplification, and the provision of high-level advisory services. This insight underscores the evolving role of accountants as strategic partners in the region's economic landscape.

By reducing the time and resources spent on manual and low-value tasks, the new Domínio solutions from Thomson Reuters enable accountants to focus on high-level consultancy, financial planning, and valuable financial management solutions for their clients. "In addition to being essential for the competitiveness of offices and the growth of their businesses, this innovation enhances the accountant's ability to generate strategic insights, driving the business strategies of SMBs that represent 30% of the national GDP," highlights Marcondes. "The seamless integration of accounting and financial services drives process automation, mitigates risks and maximizes resource efficiency, sharply increasing the accuracy of our analyses. This capability allows us to generate more robust and targeted financial reports, armed with pivotal insights that streamline, simplify and amplify our clients' decision-making processes," states Guilherme Cardeal, director of Cardeal Contabilidade, a consultancy with over four decades of specialized expertise. "Real-time transparency in the communication of integrated financial information bolsters our clients' confidence in our firm and secures opportunities for enhanced efficiency, competitiveness and business growth."

International Innovation

Brazil is perceived by the company as a responsive center of innovation, developing solutions that deeply address the complexities of Brazilian accounting. This strategic approach in a community with more than 250,000 users of its solutions positions Thomson Reuters as a vital partner for accountants and SMBs, navigating together in an environment of high digitalization and constant technological transformation. ‘It's inspiring to witness how our unceasing combination of the deep expertise from our colleagues with the cutting-edge technologies, such as embedded financial services, AI and cloud, is dramatically changing the professional landscape’, adds Adrián.

With over 25 years of expertise, Thomson Reuters' Domínio solutions lead in technology and content solutions, compliance, and security. Following the global trust standard of Thomson Reuters and with a robust infrastructure and professional-level cutting-edge technology, the Domínio portfolio complies with rigorous guidelines, including LGPD, and features technology partnered and regulated by the Central Bank of Brazil.

Thomson Reuters maintains a robust leadership in the Brazilian market, where it extensively operates in the fiscal and tax operations of companies of all sizes, whether through the Domínio portfolio or the ONESOURCE suite, aimed at large corporations across various industries. For more information about the Thomson Reuters embedded financial services suite, visit Domínio Contabilidade Digital, Domínio Conta PJ and Domínio Benefícios.

Thomson Reuters

Thomson Reuters (TSX/NYSE: TRI) ("TR") informs the way forward by bringing together the trusted content and technology that people and organizations need to make the right decisions. The company serves professionals across legal, tax, accounting, compliance, government, and media. Its products combine highly specialized software and insights to empower professionals with the data, intelligence, and solutions needed to make informed decisions, and to help institutions in their pursuit of justice, truth, and transparency. Reuters, part of Thomson Reuters, is a world-leading provider of trusted journalism and news. For more information, visit tr.com.

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