Dallas Tech Startup, BaCo Tech, Receives US Patent for CPA Firm Transaction-Based Workflow
FARMERS BRANCH, Texas--(BUSINESS WIRE)--Mar 23, 2021--
Ford Squared Technologies, LLC’s product, BaCo Tech, received a US patent titled “Accounting Platform Functionalities” (US Patent #10,956,989). A middleware accounting SaaS technology, BaCo Tech is a single hub to gather and manage all the clients of the firm’s accounting records in a single location, regardless of their client’s accounting software. The industry’s only transaction-based workflow is a knowledge based, low code/no code solution, that allows the CPA to teach the platform how to identify and account for tax significant transactions. Once automated, the tax adjustments are made real-time, so users can see accrual financial statements that match up with their accounting software and real-time income tax-based reporting.
Everyone in public accounting has paid for the inefficiencies in the industry’s workflow. Every year more and more young CPAs abandon the industry, the hours and demands are just too high. Clients are frustrated by the lack of proactive services and last-minute surprises on the filing deadline and financial users are frustrated by the industry’s inability to keep up with the technology curve, creating lags in reporting but it does not have to continue.
The reason is simple, every other solution available to CPAs is built around a reactive balance-based workflow that focus on the final 60 days leading up to the filing deadlines. If a firm starts its projects with last year’s balances, they cannot be proactive, the firm is always in a reactive mode putting last year’s numbers on last year’s forms, but where everyone else in the industry sees common deadlines as a problem, BaCo Tech saw an opportunity and they asked the question nobody else has:
Why is it a bad thing that our clients have the same deadlines? We not only know what is due and for whom this year, but we know that for what is due next year. Most industries would love that kind of consistency, yet we identify it as a problem, if not the problem. What do we do to take advantage of the approximately 450 days between the beginning of this year and next year’s filing deadlines?
BaCo Tech is the conversion tool for the industry’s reactive workflow to a proactive workflow that offers opportunities for advisory services. More than a dashboard, BaCo Tech offers a command center where adjustments can be made back to a clients’ accounting records and updates can be made directly into a CPA firm workflow, from a single login for every client of the firm. The command center creates alerts for tax significant activity, fixed asset additions and opportunities for preemptive problem solving, like advising clients of key terminology the IRS focuses on in an audit. The result is a Living Trial Balance™ for every client of the firm.
Clients benefit as well as the data gathering is completely automated, it currently connects to QuickBooks (Online and Desktop), Xero, Sage Business Cloud Accounting and Microsoft NAV with connections to Sage Intacct and Sage 50 slated for later this year. On the firm side, it speaks directly to Lacerte and CCH Axcess with seamless imports available for UltraTax, a import tool for Drake is coming soon.
For other inquires, please contact Kaitlyn Kirkhart at 214-466-2775 or firstname.lastname@example.org.
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Kaitlyn Kirkhart at 214-466-2775 email@example.com
KEYWORD: TEXAS UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: TECHNOLOGY FINANCE CONSULTING BANKING ACCOUNTING PROFESSIONAL SERVICES SOFTWARE ELECTRONIC DESIGN AUTOMATION OTHER PROFESSIONAL SERVICES
SOURCE: BaCo Tech
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PUB: 03/23/2021 11:26 AM/DISC: 03/23/2021 11:26 AM