With 33 million U.S. reporting companies needing to file mandatory Beneficial Ownership Information (BOI) reports to FinCEN under the Corporate Transparency Act, your firm needs to plan how your staff will support these filings, the expected client volumes, and associated revenues.
Filing revenues in 2024 alone will approach $10B nationwide and over $800MM per major metropolitan area. This new filing market will drive outsized revenues to firms ready to support large volumes of new client reporting company filings. Planning software to increase efficiency for firms and reduce submission times and complexity for clients’ reporting companies is critical to managing this new filing market for your firm.
FincenFetch acts as your firm’s online tool – similar to an e-signature platform – built specifically for FinCEN reporting. This includes supporting all FinCEN filing requirements with your firm’s branding, custom terms and conditions, and even API-based integrations for high-volume filing firms such as online incorporators.
FincenFetch starts every client submission by allowing your firm to send a “Fetch Link” from your online dashboard to your client. This Fetch Link is branded with your firm’s information and can be configured to send from your firm’s web domain, should your firm choose this option. Once clients click the Fetch Link, they are brought to FincenFetch’s simplified FinCEN reporting platform that instructs clients on FinCEN’s Reporting Rule and allows clients to submit all required FinCEN report information in 15 minutes. Without software like FincenFetch, FinCEN submissions typically require each reporting company to spend two frustrating hours or more to submit their information, with a much higher rate of errors.
Using Fetch Links and an intuitive online experience does more than allow your firm to process more reports, save client time, and increase revenues – it also differentiates your firm from competitors.
Imagine a law or accounting firm sending long-form PDFs needing 65 signatures and requesting that clients print, sign all fields in ink, scan, and email these forms back. Your firm likely wouldn’t choose this process for clients. Instead, you would send a quick e-signature document. This is the difference that FincenFetch brings to your firm’s client experience for FinCEN reporting.
With 65+ data points required under FinCEN’s Reporting Rule, not only do FinCEN filings require a large amount of time from each client to enter their data, they also create confusion. Every field has complex requirements to submit correct BOI information about beneficial owners and the reporting company. FinCEN reporting without software support is as complicated as a tax return and includes harsher penalties for filing incorrect information, such as $10K fines or two years in jail.
If your firm already uses e-signatures for signing documents, you will quickly understand why your firm needs FincenFetch for Corporate Transparency Act filings. When a reporting company encounters a software solution like FincenFetch, co-branded with the trusted emblem of your chosen law or accounting firm, it shows clients: “We are invested in making your life easier.”
Another critical feature that FinCEN reporting platforms must offer is the ability for clients to agree to custom terms stipulated by their supporting firms. Each reporting process may have unique nuances, legal stipulations, or conditions. Questions like “Who is liable for FinCEN penalties if the client provides later or incorrect information?” must be clearly outlined in your terms and agreed upon by clients as part of the BOI report submission process.
FincenFetch supports PDF or text-based custom terms supplied by your firm for client agreement as the first step of each report. As clients agree to these terms, the system records IP addresses and timestamps client acceptance directly within the secure report data for each reporting company. This provides a perfect audit trail for your firm if needed later. By storing an acceptance of these terms, the firm safeguards itself and ensures that the reporting company is fully apprised of the conditions attached to its report.
While the aforementioned features cater wonderfully to a vast majority of firms, there’s another echelon that demands special consideration: Larger incorporation services or those with internal technical teams that wish to integrate FincenFetch into their online experience.
Firms that focus on bulk online incorporations, have a client base of over 10,000, or with a robust technical team should contemplate white-label solutions, particularly if they have a strong foothold in the incorporation business. Our tailor-made solutions empower firms of any size to integrate FinCEN report collection tools within their existing online environments seamlessly via API connections.
This provides a double advantage: your firm can continue to leverage your established digital ecosystem while ensuring that the reporting tool includes all FincenFetch features and the advantages of constant updates to comply with FinCEN’s requirements.
The Corporate Transparency Act’s sweeping regulations around Beneficial Ownership Information reporting have paved the way for a new era in how law and accounting firms serve their clientele. It’s not just about compliance; it’s about offering a branded, seamless experience that reinforces trust, showcases foresight, and emphasizes the firm’s commitment to leveraging the best in technology for client benefit. With the right FinCEN report collection software, firms can transform a regulatory mandate into brand-building and revenue-scaling growth that positions them far ahead of their competitors, cementing their position as trusted partners in CTA compliance in their local markets.