ver the years, TaxBandits has proven to be an ideal solution for numerous businesses and tax professionals to meet their tax filing needs.
This success story showcases how TaxBandits is an excellent help for one of the leading accounting firms in the U.S. TaxBandits’ easy-to-use platform and exceptional services make dealing with taxes simpler, more accurate, and faster for the accounting firm, supporting them with various tax filing requirements.
Joining hands with TaxBandits enabled the accounting firm to organize their work better and provide excellent client tax filing services without obstacles.
About the Client
The client is a popular outsourced accounting and financial management firm in the U.S. that employs 300+ accountants who serve over 700+ clients nationwide and internationally with exceptional accounting services. They work for various businesses and are experts in accounting, financial, and corporate management services for different sectors.
The Difficulties Encountered
The accounting firm encountered a significant challenge in providing Small and Medium Enterprises (SMEs) with tax filing solutions across various industries.
The system they previously used to offer tax filing services was not user-friendly, and they encountered a few challenges.
Therefore, the accounting firm sought a specialized e-filing solution provider to help them overcome these challenges. This is when the accounting firm found TaxBandits!
TaxBandits helped the accounting firm by offering an end-to-end e-filing solution, seamless workflow administration, and client management in one place.
What were the requirements of the Accounting and Financial Management Firm?
Here is the summary of the requirements of the accounting firm.
Implementing TaxBandits E-Filing Solution
TaxBandits, the #1 IRS-authorized e-file provider, stepped in to provide an end-to-end e-filing solution for the accounting firm as per their requirement, enabling them to manage their business efficiently.
Introduction and Integration Phase
During the Introduction and Integration Phase, TaxBandits enabled the accounting firm to seamlessly transition into using the platform, providing tailored features for workflow administration, prepaid credits, client portal, personalized dashboard insights, and streamlined data import capabilities.1 Workflow Administration:
The accounting firm streamlined its workflow administration to manage tax filings for clients efficiently with the help of TaxBandits. With our aidance, the firm efficiently handled several clients from one place by giving their team the necessary access.
TaxBandits also enabled the firm to group the businesses based on their industry, the states they are operating in, or the forms they require and assign staff members for each group.
It was simple for them to monitor account activity and evaluate the forms for each client.2 Prepaid Credits:
TaxBandits' prepaid credit feature was critical for this client because they had to deal with numerous filings for multiple businesses. Buying Prepaid Credits in bulk saved the organization money and time inputting credit card information before the forms were transmitted to each client.3 Client Portal:
The accounting firm established a more efficient and user-friendly portal for their clients through TaxBandits. This portal allowed the firm to make the 1099s available for their clients’ review and approval. Also, once the forms were transmitted, clients were able to access TaxBandits' secure online portal to download their IRS form copies.4 Personalized Dashboard:
The firm found an efficient tool for organizing, tracking, and making well-informed decisions through the personalized dashboard offered by TaxBandits. The customized dashboard allowed the accounting firm to monitor all their clients’ filings in one place easily.5 Seamless Data Import:
With TaxBandits' seamless data import option, the firm was able to save time and decrease errors. They streamlined their filing process by employing TaxBandits bulk upload Excel templates. The firm downloaded the customized Excel templates offered by TaxBandits, entered their information, and uploaded them into the TaxBandits system.
W-9 Management Process
Before proceeding with the 1099 filings, it was important that accounting firm were able to collect W-9 Forms from their clients’ recipients.
Therefore, the accounting firm was provided with streamlined Form W-9 collection, accuracy validation through TIN Matching, and secure storage capabilities by TaxBandits Form W-9 Manager.6 W-9 Collection:
TaxBandits streamlined the accounting firm's Form W-9 collecting process. To import recipient information and gather TIN information, we offered an easy-to-use solution. We ensured that the W-9 collection process was as simple as possible.7 TIN Matching:
TIN Matching compares taxpayer identification numbers (TINs) obtained to the TINs in the IRS database, decreasing the possibility of inaccuracies in W-9 form information. This facilitated the accounting firm to ensure that their clients’ forms were accurate and contained valid TINs.8Secure Storage of W-9s:
Our cloud-based storage allowed the accounting firm to store their W-9 forms safely and immediately accessible when required.
Tax Filing and Distribution
Following the W-9 collection process, TaxBandits simplified the accounting firm’s filing and distribution process for 1099 forms, which involved the following aspects:9Federal Filing:
We helped the accounting firm file 1099-NEC, 1099-MISC, and other 1099 forms for their clients efficiently by offering a comprehensive platform to ensure filing with the IRS. Specifically, we enabled the firm to manage the bulk filing of 1099-B Forms with complete ease and perfection.10State Filing:
Not only federal, TaxBandits has also streamlined the accounting firm's state filing process. This ensured that the accounting firm complied with their clients’ requirements on state tax compliance. With TaxBandits, the accounting firm was able to complete the filing with 20+ states.11Audit Checks:
TaxBandits' audit checks ensured that the organization's 1099 Forms were validated through IRS Business Rules. Any detected errors were indicated, and the firm was able to make the necessary changes immediately. This ensured the firm submitted error-free filings to the federal and state agencies.12Recipient Copy Distribution:
TaxBandits simplified recipient copy distribution for the accounting firm. Before distributing the form copies to the recipients via Postal Mail, TaxBandits validated the recipients' addresses against the USPS database to make sure their addresses were valid.
Additionally, TaxBandits offered the recipients a secure online portal through which the recipients can view and download their 1099 Forms accordingly.
Advanced Security Protocols
TaxBandits prioritized the security of the accounting firm's sensitive financial data by implementing cutting-edge security protocols. Our advanced security measures were designed to safeguard their information at every stage of the tax filing process. This included encryption techniques to protect data during transmission and storage by ensuring the firm's financial information remained confidential and secure.13SOC-2 Compliance:
With SOC-2 compliance, we adhered to the highest industry standards for information security. This certification signified TaxBandits’ commitment to maintaining controls and safeguards over the firm’s systems by assuring that their data was handled with the utmost care and complied with stringent security standards.14TIN Masking:
TaxBandits knew the need to safeguard Taxpayer Identification Numbers (TINs) and other Personally Identifiable Information (PII). Our TIN masking solution provided additional protection by using asterisks or other characters instead of TIN numbers in displays, reports, and messages. This improved privacy and comply with data protection laws by guaranteeing that sensitive information is kept private and safe from unwanted access, even within the accounting firm system or communication channels.15Dedicated customer Support:
TaxBandits provided the accounting firm with outstanding customer service via live chat, phone, and email. We ensured the firm received the assistance it required for its unique needs. Also, the firm found our knowledge base more than helpful for their filing.
The accounting firm used a defined time frame to deploy TaxBandits solutions.
TaxBandits met and surpassed the accounting and financial management firm's specific requirements.
Our exclusive services made the accounting firm's tax-related operations more meticulous and coherent. We were able to satisfy regulatory requirements better and optimize operations for the accounting firm.
With TaxBandits, the accounting firm can now provide its clients with high-quality tax filing services that fulfill their demands accurately and promptly.