WE SPEAK ACCOUNTING
BaCo Tech is an accounting workflow software that helps CPAs and their clients eliminate many of the pain points that are experienced in the relationship.
From data gathering to work compression, there are many obstacles to creating an efficient relationship - Baco Tech's patented software helps overcome these obstacles and creates a high-value relationship for both parties.
There is a gap that exists between all CPAs and their clients. One of the consistent pain points experienced by both CPA and their clients is the necessary data gathering that comes each tax season. Every year there are several tasks required by both sides of the relationship that take time and prevent both parties from doing their jobs effectively and efficiently. These tasks create a gap filled with uncertainty, stress, missed expectations, and ultimately a strained relationship.
THE PROBELM FOR CPAs
- Persistent communication in order to get their client's to deliver their necessary accounting files.
- Files are always delivered in different formats (pdf, excel, accounting files - not to mention there are physical files as well)
- CPAs then must get all those files translated into a format they can work from in order to start working
THE PROBLEM FOR CLIENTS
- Gathering files isn't in their daily workflow
- They have to go back to the previous years books, gather up all the files and any necessary bank docs as well
- Consolidate all that info to be sent to the accountant.
- Answer any questions that the accountant has once they begin working on the files
WE SPEAK ACCOUNTING
Baco Tech takes the difficulty of data gathering, translation, and reporting and automates it. Baco Tech exists in the middle, creating a bridge between the CPA and the client. CPAs and their clients hook their tax and accounting software into Baco Tech, which then translates the data into formats that are easily understandable for both the client and the CPA. Not only that but the benefits that each party receives create a mutually beneficial and valuable relationship.
THE SOLUTION FOR CPAs
It provides CPAs with a web-based platform that will give them insight into every client file. Utilizing patent pending knowledge-based algorithms, our technolgy gives CPAs the ability to:
- Automatically identify tax significant items and potential errors
- Provides alerts to CPA users in the command center
- Answer questions from clients
- Post or propose adjustments
- Reclassify entries
- Update depreciation schedules and
- Access financial reporting
- Get up to date financial statements with drill-down detail
- Without opening client accounting files, Outlook, Excel, or their tax preparation software.
Without opening client accounting files, Outlook, Excel or their tax preparation software.
THE SOLUTION FOR CLIENTS
It provides business owners with:
- Customizable access to automated consolidated financial reporting, real-time, with drill down detail and
- A benchmark center to compare performance to their historical, budgeted and industry standards
- Automates investor reporting for things like compliance certificates, lending standards, and others
- Investors with multiple clients on the platform will have the ability to access all these items from a single login
- Client controllers and their staff will access a tool kit for posting adjustments, updating records, automating accruals and communicating with their tax advisor without opening accounting files, Outlook, Excel or their tax preparation software
- Automatically communicates when financial statements are ready after closure
"BaCo Tech has found a solution to the age-old problem of workflow compression... We are looking forward to utilizing this revolutionary concept to greatly enhance our productivity and client service!"
BaCo Tech is a Transaction-Based Workflow that changes that narrative by delivering a living trial balance, constantly updated throughout the year. BaCo Tech allows you to have all the needed adjustments complete by February so you can file returns for your clients with the click of a button. Instead of waiting to start in February, you can be done by February, and spend the rest of the year focusing on your clients current year questions and issues.
By replacing the balance-based workflow with a transaction-based workflow, the issues that most people believe make our workflow difficult - inconsistent formatting of accounting data, access to client files, redundancy, time compression, and client issues - were all solved.