Unlike many filing burdens placed on U.S. companies, Corporate Transparency Act 2024 initial reports will require each reporting company to provide identification documents for each beneficial owner, including individuals with substantial control.
CPA firms, accounting firms, and law firms assisting clients with these filings will need to have secure systems in place for clients to upload IDs for all individuals with ownership interests or substantial control over the reporting company.
Firms sending “Fetch Links” from their FincenFetch dashboard provide clients with an intuitive Corporate Transparency Act reporting system that collects all information from clients in a workflow designed to prevent confusion, speed up filings, reduce errors, and support uploading ID documents from each beneficial owner as part of the reporting process.
Desktop users can drop files right into their FincenFetch dashboard for each beneficial owner, and mobile users can either upload a picture or take a picture of the document directly from the platform.
Without FincenFetch in place, firms would rely on legacy processes like PDF forms to capture BOI report information. These processes are 6x slower for clients, less secure, and require the firm to retype the information later, leading to wasted time and increased errors. Additionally, PDF processes do not support uploading files, nor do they allow linking these files to the reports without a secondary system.
FincenFetch unifies the myriad facets of FinCEN reporting into one intuitive online platform.
Just as your firm sends a link to each client to obtain their reporting company information, each reporting company can also send links to their individual beneficial owners. These links invite each beneficial owner to a brief online submission process where they can provide only their required personal information and upload their ID without dealing with the complexity of the rest of the FinCEN report.
Each document uploaded onto FincenFetch is promptly encrypted and then meticulously stored within a fortified cloud repository. By adhering to the pinnacle of industry standards, FincenFetch ensures that the entrusted tools your firm utilizes stand as guardians of PII, all the while seamlessly assembling the requisite data for comprehensive BOI reporting.
To explore our BOI information collection and FinCEN report filing platform for your firm, schedule a demo today.