AdvanceFlow
Cloud-based audit engagement management software by Thomson Reuters
About AdvanceFlow
AdvanceFlow, now known as Engagement Manager, is a cloud-based audit engagement platform by Thomson Reuters. It enables accounting firms to manage the entire audit lifecycle from trial balance imports to financial statement reporting, with real-time collaboration and workpaper management from anywhere.
Pros & Cons
Pros
- Fully cloud-based with access from anywhere on any device
- Comprehensive audit lifecycle management in a single platform
- Real-time collaboration enables remote team workflows
- Strong integration with Thomson Reuters ecosystem including Checkpoint Engage
- Built-in risk-based audit methodology streamlines compliance
Cons
- Customer support response times are frequently criticized by users
- Stability issues reported with occasional crashes during use
- Hidden costs for additional integrations like research services
- Limited to the Thomson Reuters ecosystem, reducing flexibility
- Only one known pricing tier at \u002470/user/month with no free or lower-cost options
Key Features
Cloud-Based Trial Balance
Fast trial balance imports with customizable views, enabling accountants to work with financial data from anywhere
Workpaper Management
Create, organize, and manage audit workpapers with customizable templates for consistency across engagements
Financial Statement Reporting
Generate comprehensive financial statements and reports directly from engagement data
Real-Time Collaboration
Multiple team members can work on the same engagement simultaneously with live updates and access controls
Risk-Based Audit Methodology
Built-in risk assessment framework that guides auditors through a structured, methodology-driven approach
Document Security
Multi-layer security controls ensuring only authorized users can access specific documents, including protected email sharing
Checkpoint Engage Integration
Seamless integration with Thomson Reuters Checkpoint Engage for practice aids and audit guidance
Automated Workpapers
Automate repetitive workpaper tasks with templates that ensure consistency and reduce manual effort
Pricing
- Cloud-based engagement management
- Trial balance imports
- Workpaper management
- Financial statement reporting
- Real-time collaboration
- Document security controls
- Free trial available
Best For
CPA Firm Audit Engagements
Accounting firms managing multiple audit clients can centralize all engagement files, workpapers, and practice aids in the cloud
Remote Audit Teams
Distributed audit teams can collaborate in real time on complex engagements without being in the same office
Financial Statement Preparation
Firms preparing compiled or reviewed financial statements can use built-in reporting tools to generate consistent output
Compliance-Driven Auditing
Organizations needing structured, risk-based audit methodologies can leverage built-in frameworks for regulatory compliance
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