The True Costs of CTA Regulation: How BOI Reporting Software Can Save You Time and Money.
Enacted in January 2024, compliance with the Corporate Transparency Act is mandatory for over 40 million businesses in the U.S. Handling these BOI reports and staying up to date with CTA regulation can be a frustrating and costly process. This is especially true if you are filing directly through FinCEN’s e-filing system.
At FincenFetch, we’ve spent over two years building our SOC2 secure BOI filing software. Our solution simplifies compliance efforts and minimizes costly errors. In addition, the FincenFetch platform helps firms generate new revenue. Over 200 firms, including several top 100 firms, rely on our software today. We’ve tailored our BOI reporting platform to meet your industry’s needs with more than two dozen features designed to make these filings secure and simple to manage.
Let’s take a look at the costs associated with beneficial ownership information report filings and how FincenFetch can help you save time and money.
Understanding the Costs of CTA Regulation
CTA filings come with a variety of costs, including but not limited to:
- Legal and Compliance Fees: Hiring legal or compliance experts for CTA filings is often necessary, increasing overall costs. These filings can take about 2 hours to complete manually, but only 5 minutes with software. Using FincenFetch, your firm can save on hiring extra admin staff and reduce the time senior staff spend on CTA compliance. This allows your existing team to handle reports quickly, turning CTA filings into a profitable new revenue stream in just minutes per report.
- Data Collection and Documentation: Gathering and organizing information for CTA filings is time-consuming and labor-intensive. Three of the six steps involve data collection, taking at least one hour per report. Our software automates this process with online walkthroughs, saving time and ensuring accurate data collection.
- Opportunity Costs: Manually handling CTA filings takes valuable resources away from core business activities, leading to lost opportunities. With FincenFetch, you can focus on your business and earn $300 to $400 in new revenue per BOI report. With over 1 million reports already filed in 2024 and many clients having multiple LLCs, this revenue stream is significant.
The Value of FincenFetch
Our innovative BOI software solution offers a cost-effective alternative to FinCEN’s manual handling of CTA filings. By leveraging automation and technology, FincenFetch minimizes the need for costly manual intervention, reducing overall expenses. Plus, our custom-branded dashboard allows you to charge your clients whatever you choose per report (our firms typically charge anywhere from $300 to $700 per report).
How FincenFetch Provides Value
- Cost Savings and Revenue Generation: FincenFetch cuts costs for CTA filings by automating the process. It saves you time and money, allowing you to focus on strategic tasks and generate new revenue.
- Efficiency and Accuracy: Our solution simplifies the CTA filing process, making it efficient and accurate. FincenFetch uses AI to extract and autofill BOI information from ID uploads, reducing mistakes. Automated submission also cuts down on errors and delays.
- Transparency and Predictability: FincenFetch provides clear, upfront pricing, helping you budget effectively and plan your CTA regulation strategy with confidence.
How Firms Can Profit from CTA Regulation
While filing directly to FinCEN can incur significant expenses in terms of financial resources and time, our platform saves you time and makes you money. With FincenFetch, you can unlock cost savings, streamline your CTA Regulation efforts, and enhance transparency in your operations.
For more information, download our free e-Book and book a demo with our solutions team today.
