Automated Data
Gathering for Hassle-
free Tax Compliance
Gathering for Hassle-
free Tax Compliance
When it comes to accounting, most clients prefer QuickBooks, however, come taxation time, there’s a problem. How do they fetch all that data accurately and compliantly to their ICE file? With W2 Govie Rates, SFL built a bespoke web portal solution that would fetch data from the accounting software and integrate that within the web portal to create a fully accurate, up-to-date and complaint ICE file.
Technologies
– .Net
Services
– Discovery
– UI/UX Designing
– Product Development
– User Testing
Quick And Accurate Complex Tax Reporting
Limited Tax Information QuickBooks provided only basic details, which were insufficient for their complex tax reporting needs.
Compliance Issues Inaccurate or incomplete tax filing could lead to penalties or audits, making it crucial to ensure accurate reporting.
Time and Resource Constraints The client’s finance team was spending significant time manually compiling and reconciling tax data, leading to inefficiencies and potential errors.
Dealing with Limited Information
Despite having all their accounting details updated in QuickBooks when tax filing time comes around, there isn’t any simple solution that can fetch these reports and assist in quickly and accurately creating an ICR file. Thus, the tax return data that would be submitted to the government would be incomplete.
Inaccuracies and Compliance Issues
Though everything is ready in the accounting software, details need to be fetched and incorporated into the ICE report so that incomplete filing is avoided. With hurried, manual data entry, there are higher chances of inaccuracies, and these would later lead to compliance issues.
Inefficiencies & Errors in Manual Reconciliation
Since manual reconciliation would have to be done between QuickBooks and the ICE report there are greater chances of error. Also, a lot of time and effort would have to be invested in this along with the stress of needing to have things done accurately and before the deadline.
Process Automation to Save Time & Resources
Manual processes are time-consuming and lead to inevitable errors. Our team of experts realized that the simplest and most effective solution for the client would be to have the ICE reports generated from data that was already stored in QuickBooks instead of a separate manual entry.
Generate Detailed ICE Files
he client aimed to streamline their tax filing process by developing a solution that could generate comprehensive ICE files, incorporating all income, contributions, and expenses.
Ensure Accuracy and Compliance
It was essential to eliminate errors and ensure compliance with US government tax regulations.
Improve Efficiency
The client sought to automate the process, saving time and resources for their finance team.
Streamlining the Tax Filing Process
When our team of experts got together with the client, we realized that all the accounting related details were already taken care of by QuickBooks. Thus, by fetching this accurate data from there the client’s time would be saved, the data would be accurate, and the process would be streamlined.
Ensuring Compliance with the Regulatory
The web application ensures that there is tax compliance as well as accuracy, which is what the client wanted. Tax filing is not easy as there is a lot of compliance involved and so when errors creep into reports there are compliance and regulatory issues.
Process Automation to Save Time & Resources
Manual processes are time-consuming and lead to inevitable errors. Our team of experts realized that the simplest and most effective solution for the client would be to have the ICE reports generated from data that was already stored in QuickBooks instead of a separate manual entry.
Tax Filing Made Comprehensive,
Automated & Compliant
Automated & Compliant
Quick & Comprehensive
Data Gathering
Quick & Comprehensive
Data Gathering
Bespoke fields are created within the web application so that the client can capture, and store detailed financial data from QuickBooks without manual data-entry. Through automated data gathering, the process becomes both quick as well as comprehensive.
Quick & Comprehensive
Data Gathering
Quick & Comprehensive
Data Gathering
During the creation of manual ICE files, the client formerly spent a lot of time in the process of reconciliation as a manual level. Through leveraging algorithms as well as complex formulas SFL has managed to do away with this. With automated calculations, the process speeds up and the risks of errors are reduced.
Reduced Chances of
Compliance Lapses
Reduced Chances of
Compliance Lapses
The web-app developed by our team of experts incorporated built-in validations as well as mechanisms for error-checking. Through this accurate tax reporting is facilitated as well as chances of penalties and non-compliance are avoided. Furthermore, proper reports raise no concerns during audits.
Faster & More
Accurate Tax Filing
Faster & More
Accurate Tax Filing
Through automation of the tax filing process, the finance team is able to save time on the repetitive data entry that would otherwise have been required to take the data from QuickBooks, create the ICE report and check it manually. Automation ensures timesaving and accuracy leading to compliant tax filing.
Automated Accurate
Tax Filing Results
Automated Accurate
Tax Filing Results
Due to the complex formulas and applications developed in the web application the tax ICE generation process is streamlined and is faster. This minimizes the chance of human error. Thus, the tax filing results are more precise and reliable.
