The Corporate Transparency Act has added an extra layer of reporting that many clients will initially find cumbersome enough to reach out for professional help. Accordingly, this regulation provides an enormous opportunity for growing your accounting or law firms as 33 million reporting companies across the U.S. must file initial reports to FinCEN in 2024.
Your firm cannot ignore this $8B filing market, so as FinCEN adds its BOI report to every reporting company’s compliance burden, your firm should plan its approach to FinCEN reporting. This includes knowing how you will collect client report data, manage 100s of BOI reports, and file to FinCEN.
By leveraging specialized software for beneficial ownership information reporting, your firm can scale revenues and attract new clients through increased client satisfaction, enhanced firm efficiency, and reduced errors. Just as you use e-signature software when clients need to sign documents, FincenFetch is your firm’s tool for their Corporate Transparency Act reporting.
Firms cannot rely on PDF processes or existing data collection for BOI reports. Collecting beneficial ownership information using PDF forms or similar legacy processes is time-consuming and complex. These methods require about 90 minutes of time from each client as they navigate filing rules around addresses, beneficial owners, substantial control, and dozens of other unfamiliar terms. Even explaining this regulation to clients can be time-consuming, both for the client and the firm.
Compare this to 15 minutes when using specialized software, and the time and stress-saving becomes a clear win for the client’s experience. Sending Fetch Links from your firm to each client using FincenFetch invites reporting companies to a guided experience that collects information quickly, explains the regulation clearly, and reduces errors and confusion.
Polled firms intend to charge flat rates from $300 to $600 per FinCEN report for basic reporting company filings, with an average polled cost of $400 per basic report. Without software, firms can expect to spend 2 hours per reporting company, leading to a meager $200 in revenue per hour for the firm. FinCEN’s estimates some firms will need up to 5 hours per report. 1
Software multiplies your firm’s hourly revenue, allowing your firm to use junior staff to operate over 10x faster and file 4 to 6 reports per hour. FincenFetch allows your firm to bill $1,600 to $2,400 per hour while keeping prices low for each reporting company and gaining market share of an emerging $8B filing industry through efficiency.
Specialized tools available in your FincenFetch dashboard also allow sending automated reminders when clients need to update their reports, creating billing opportunities for your accounting or law firm. This results in a win-win as your firm generates more billable activities while ensuring that each client’s reporting company remains compliant, reinforcing client trust and leading to higher retention rates.
FincenFetch allows your firm to bill $1,600 to $2,400 per hour while keeping prices low for each reporting company and gaining market share of an emerging $8B filing industry through efficiency.
Firms cannot avoid using submission software for reporting company data collection. The Corporate Transparency Act requires the submission of supporting documents from beneficial owners such as beneficial owner IDs, a process demanding secure software capabilities. These documents must be obtained from every beneficial owner or individual with substantial control within a reporting company. Rather than using disjointed systems like PDF forms for collecting data and then another online system for capturing uploads, using an integrated solution simplifies the procedure and enhances efficiency.
Software not only accelerates reporting company data collection but also makes filings more accurate, reducing errors and the possibility of incurring FinCEN’s significant fines ($10,000) for filing incorrect information. Traditional methods of collecting information from beneficial owners can lead to errors, omissions, or inconsistencies.
FincenFetch solves this by guiding the client through each step, ensuring that the submitted information is accurate and complete. FincenFetch defines confusing terms like substantial control, ownership interests, company applicant, and dozens of others as clients move through a 15-minute submission that saves their progress along the way. Easy experiences for reporting companies reduces back-and-forth between the client and the firm and increases the client’s confidence in the firm’s expertise.
For firms with a vast client base of reporting companies, adhering to the Corporate Transparency Act rules without specialized software could become a logistical nightmare. Nearly every client of the firm will need to file as a reporting company, so your firm should plan for a solution that can handle the volume of clients you currently support and the new clients you expect to win by offering CTA compliance services.
FincenFetch software efficiently handles FinCEN reporting for any size of firm, even for hundreds or thousands of clients and related beneficial owners. By tracking all filings for every reporting company on an easy-to-use dashboard, your firm can monitor progress to avoid penalties for your clients and keep your staff stress-free and organized.
A smooth, fast, and error-free reporting process translates into higher client satisfaction, turning your clients into brand ambassadors. The easier you make it for clients to comply with these regulations, the more likely they are to refer your firm to other potential clients. No client asks for more regulation, but your firm can make it painless and show clients your respect their time and business. By adopting a comprehensive software solution, firms can not only enhance their operational efficiency but also significantly improve client satisfaction, leading to more referrals and revenue growth.
Most firms offering CTA compliance cannot afford to NOT use software for FinCEN CTA report filing. CTA filing software is profitable for firms, increasing compliance filing revenues by 700% or more for firms using software instead of legacy workflows.
Meanwhile, pricing for software is approximately 8% of expected filing revenues, making this a must-have for firms filing reports to FinCEN.