Sageworks Launches New Tax Return Reader Feature for ProfitCents and Valuation Solution

Financial services company Sageworks has launched its new Electronic Tax Return Reader. The system is designed as a time-savings enhancement within its ProfitCents and Sageworks Valuation Solution, which give accounting firms, valuation professionals and business advisors tools to build client relationships and perform compliant valuations while increasing realization rates.

The Electronic Tax Return Reader auto-imports financial data from client tax returns that are generated by leading tax packages. The enhancement allows users to save a significant amount of time, helping them build a customized financial report in less than 5 minutes. This enhancement is intended to significantly reduce hours spent manually inputting and validating data, which can be especially tedious in times of high activity like tax season.

In addition to critical time savings, the Electronic Tax Return Reader also reduces errors and inconsistencies that may occur during manual data entry. Data is integrated the same way every time to ensure reports are meaningful.

The technology works by “reading” an electronic tax return produced by common tax packages, allowing the user to create financial statements that can be analyzed within ProfitCents and Sageworks Valuation Solution. All fields can be auto mapped, and data can then be quickly viewed and edited in both the tax return and financial statement views. Additionally, all information can be easily shared between ProfitCents and Valuation Solution via the Sageworks platform.

“Having worked with accounting firms for 15 years, we understand that a big hurdle for many accountants is getting client data into an accessible format, especially during tax season,” said Sageworks Chief Executive Officer Scott Ogle. “That’s why we created the Electronic Tax Return Reader to become an integral component of our ProfitCents and Valuation solutions. We anticipate this enhancement will save accounting firms a significant amount of time, making it easier for them to provide high-value consulting services to their business clients.”

Tax packages supported include Drake, Lecerte, CCH Prosystems fx Tax, ProSeries Tax and UltraTaxCS. Specific tax forms supported by the new reader include 1065, 1120, 1120S, 1040C and 1040F.

The time-savings created by the Electronic Tax Return Reader and Sageworks’ solutions afford financial professionals more time they can put toward client engagements, leading to more revenue-generating opportunities for their firm.