Ten Questions to Ask When Considering Tax Document Automation
Increase profits this tax season with organized, indexed client tax documents for fast, accurate data entry. Learn how to evaluate which solution makes the most sense for your firm.
November 8, 2007
Sponsored by Copanion, Inc.
Solutions that automate the organization and indexing of client tax data can provide immediate improvements to productivity and profitability this tax season. The following guide provides 10 simple questions that can be used to help evaluate these solutions and the potential benefits they can provide for your firm.
There is surging interest in automating data entry for 1040 returns. Tax firms face chronic shortages of preparers and support staff during the peaks of tax season. A recent Copanion survey found that most tax practitioners spend more than 40 percent of return preparation time organizing client files and entering tax data. Accounting and tax firms are looking for solutions to reduce or eliminate the grunt work of organizing client source documents, keying data into tax preparation software, and checking numbers.
Solutions from tax compliance suite vendors like Intuit, Thomson and CCH, as well as best-of-breed players like SurePrep and Copanion, start with scanning or uploading client source documents. The next step is recognizing and organizing each set of client source documents into one categorized, bookmarked PDF file. Then data is extracted from the documents and “pushed” or entered into tax preparation software. Finally, documentation and tools may be generated that speed up the partner review process.With a range of solutions available, how can professional tax preparers choose the option that best fits their practice? After surveying over 350 active tax professionals nationwide, from sole practitioners to the largest regional firms, Copanion developed the following ten questions for firms considering tax form automation. The answers can help determine both whether and which solution to adopt.
Does Tax Document Automation Make Sense for Your Firm
The following questions can help you assess whether tax document automation solutions make sense for your firm. Answering “yes” to at least two of the following questions suggests that your firm has the potential to achieve rapid return on an investment in automating tax data entry this tax season.
Evaluating Which Tax Document Automation Solution Fits Your Needs
There are a number of solutions that can improve your productivity and profitability this tax season through organized and indexed client tax documents. The following questions will help you compare vendor solutions across key capabilities.
In addition, integration with your current tax compliance software and the cost of achieving that integration are key factors to consider. A lower cost solution with less integration may make more sense than an integrated solution that costs more. Many vendors offer the ability to try out these solutions so you can assess the solution within your existing tax workflow.
Solutions are available now to help speed your firm’s ability to organize, index, and enter client tax data. And there’s still time left to make an impact on your firm’s productivity and profitability this tax season.
For more information, visit Copanion.