SurePrep, LLC
| Private | |
| ISIN | 🆔 |
| Industry |
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| Founded 📆 | 2002 Irvine, California, U.S. |
| Founder 👔 | David Wyle |
| Headquarters 🏙️ | Irvine, California, U.S. |
Area served 🗺️ | |
Key people |
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| Products 📟 |
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| Members | |
Number of employees | 600+ |
| Subsidiaries | SurePrep India Mumbai, India |
| 🌐 Website | corp.sureprep.com |
| 📇 Address | |
| 📞 telephone | |
SurePrep LLC is an American financial software company that develops 1040/1041 tax automation software and performs outsourcing services for CPA firms. The primary software products provided by the company integrate with leading tax software packages to automate the tax return preparation process. This includes tax document scanning via 1040SCAN and tax-centric workpaper management via SPbinder and taxpayer/tax professional collaboration via TaxCaddy. These software solutions are marketed primarily to CPA firms and wealth management companies, many of whom are members of the AICPA, and or NATP. The company holds several patents[1] for its software products which have received numerous industry awards.[2]
History[edit]
SurePrep was founded in 2002 by David Wyle[3] in Irvine, California. The company began as a full tax preparation outsource company, with the primary business of assisting CPA firms and tax preparation companies to process their client’s tax documents and forms.[4] This work led to the development and patent of Optical Character Recognition (OCR) scan and populate technology that integrates with leading tax software packages and allows collaboration across multiple office locations by incorporating a completely digital tax preparation workflow.[5]
With the growth in the tax outsource fulfillment business, SurePrep realized the technology the company developed to outsource business would also be valuable to CPA firms that didn't outsource. The company started offering their 1040SCAN and SPbinder software in 2005. This was bundled with 1040SCAN to provide a full scan-and-populate solution.[6][7]
In August of 2019 SurePrep received a SOC 2 Type 1, an independent service auditor’s report on controls relevant to security, availability, confidentiality and processing integrity set forth in TSP Section 100, 2017 Trust Services Criteria for Security, Availability, Processing Integrity, Confidentiality, and Privacy (AICPA, Trust Services Criteria).[8]
Also in 2019, SurePrep received a significant institutional investment from Bregal Sagemount.[9][10]
Products[edit]
The three main software products provided by SurePrep are 1040SCAN, SPbinder, and TaxCaddy. The company also provides onshore and offshore tax preparation outsourcing services that allow accounting firms to increase volume by facilitating Business Process Automation using Digital Transformation to promote a completely digital workflow.
The company’s services and products are used by over 23,000 tax professionals as of 2019, including three of the Big 4, six of the Top 10, and over half of the Top 100, as well as a thousand small to mid-sized firms.[11]
The company’s strategic focus is to develop and market innovative software solutions that increase the productivity of tax preparation firms and their clients. The software suite addresses the entire tax preparation workflow of tax preparation: receiving documents (TaxCaddy), entering data into tax software (1040SCAN), organizing and managing workpapers (SPbinder), and final tax return review, delivery, and payment (TaxCaddy).
1040SCAN[edit]
1040SCAN is an OCR solution designed specifically for tax documents. It scans, bookmarks, organizes, verifies, and exports information to tax preparation software. The software incorporates patented auto-verification technology that can verify native PDFs with 100% accuracy. Native PDFs are PDFs that were created electronically from various software applications and contain a vector-based text layer.[12][13]
The company claims that the software reduces the time needed for verification by tax professional by over 60%.[14]
SPbinder[edit]
SPbinder is a software solution that automatically organizes workpapers into a standardized index that follows the flow of the tax return and can include PDF, Excel, Word, and email documents. It received a 2012 K2 Enterprises Annual Quality Award.[15]
TaxCaddy[edit]
TaxCaddy is taxpayer/tax professional collaboration software that streamlines the tax preparation workflow. It includes secure e-signature, in-app messaging, client invoicing and payment, and final tax return delivery. It has received numerous industry awards.[16][17] The software incorporates SmartLinks to facilitate document retrieval by creating a link between TaxCaddy and other financial service companies like banks, brokerages, and payroll service providers. This eliminates the need for documents to be manually uploaded to TaxCaddy. Tax Caddy's smartlinks feature is considered a leading Robotic Process Automation by industry critics in the tax and accounting space.[18]
The photoscanning function built into TaxCaddy allows users to create scan-quality PDFs by using the iPhone and Android app to take pictures of documents. This feature incorporates similar technology to that used by banking apps to deposit checks, even including 4096-bit Secure Socket Layer encryption to ensure the security of personal data. The data is stored directly in the system, eliminating the need for transferring documents via unsecured email.
Integrations[edit]
- Tax Software - CCH Axcess Tax, CCH ProSystem fx Tax, GoSystem Tax RS, Lacerte, UltraTax
- Document Management Software - GoFileRoom
- Tax Return Delivery – cPaperless/SafeSend Returns
- API – Offers APIs for integration with other open systems
Services[edit]
In addition to software solutions, SurePrep maintains an active verification and outsourcing division. The verification service provides tax preparers with highly accurate OCR verification. This service is offered separately or in conjunction with the full outsource service that provides full tax preparation services for accounting firms.
Webinars[edit]
Company experts provide a wide range of continuing education for CPAs on the subjects of tax return automation, client-centric digital transformation, and tax return preparation productivity. These webinars are featured as part of the CPA Academy’s continuing education program.[19]
Industry Response[edit]
SurePrep is rated highly on the TechValidate website. Customer response ranks the company’s products in the top tier compared to industry competitors.[20]
Future Product Development[edit]
The company supports a significant development team to address changes in the tax system as well as to integrate with newly released and upcoming tax preparation software, both proprietary and public. In an interview with the Simply Tax podcast in 2018, CEO Wyle discussed how the company intends to respond to changes in the tax preparation marketplace.[21] The company published a 2019 whitepaper on digital transformation and its effect on the tax preparation market.[22]
List of Accounting Networks and Associations[edit]
- AGN International
- Allinial Global
- Baker Tilly International
- BDO Alliance
- BKR International
- Boomer Consulting
- CPA Associates International (CPAAI)
- CPA FMA
- CPA Connect
- CPAmerica
- CPAsNet
- INPACT
- Integra International
- Leading Edge Alliance LEA Global
- Moore NA
- PrimeGlobal
- ReNew Group
- Rootworks
- RSM US Alliance
References[edit]
- ↑ "Patents Assigned to SurePrep, LLC - Justia Patents Search". patents.justia.com. Retrieved 2020-08-18.
- ↑ "2013 Readers Choice Awards". CPA Practice Advisor. Retrieved 2020-08-18. Unknown parameter
|url-status=ignored (help) - ↑ "CPA Academy". www.cpaacademy.org. Retrieved 2020-08-18.
- ↑ "Will Outsourcing Overseas Cut You Some Slack?". AccountingWEB. 2012-09-11. Retrieved 2020-08-18.
- ↑ "SafeSend Returns and TaxCaddy Launch Integration". PRWeb. Retrieved 2020-08-18.
- ↑ "Tax workflow: Getting back to simple". Accounting Today. 2012-06-01. Retrieved 2020-08-18.
- ↑ "Weaving Through Tax Prep Workflow". Accounting Today. 2016-07-01. Retrieved 2020-08-18.
- ↑ "Security for 1040 Tax Return Automation". SurePrep. Retrieved 2020-08-18.
- ↑ "SurePrep receives 'significant' first institutional investment". Accounting Today. 2019-11-22. Retrieved 2020-08-18.
- ↑ "SurePrep secures growth investment from Bregal Sagemount | Private Equity Wire". www.privateequitywire.co.uk. 2019-11-21. Retrieved 2020-08-18.
- ↑ "SurePrep Company Information". CPA Practice Advisor. Retrieved 2020-08-18. Unknown parameter
|url-status=ignored (help) - ↑ "US Patent for System and method for automatic detection and verification of optical character recognition data Patent (Patent # 10,489,644 issued November 26, 2019) - Justia Patents Search". patents.justia.com. Retrieved 2020-08-18.
- ↑ "SurePrep Announces the Next-Generation Scan-and-Populate". Benzinga. Retrieved 2020-08-18.
- ↑ "Eliminate Human Verification with Scan and Populate". SurePrep. Retrieved 2020-08-18.
- ↑ "K2 Enterprises Quality Award Winners". CPA Practice Advisor. Retrieved 2020-08-18. Unknown parameter
|url-status=ignored (help) - ↑ "2017 Innovation Award Winners Announced in Los Angeles". www.cpapracticeadvisor.com. Retrieved 2020-08-18. Unknown parameter
|url-status=ignored (help) - ↑ "SurePrep TaxCaddy 2018 Innovation Award Finalist". CPA Practice Advisor. Retrieved 2020-08-18. Unknown parameter
|url-status=ignored (help) - ↑ "2015 Review of SurePrep 1040can". CPA Practice Advisor. Unknown parameter
|url-status=ignored (help) - ↑ "CPA Academy". secure.cpaacademy.org. Retrieved 2020-08-18.
- ↑ "SurePrep, LLC TaxCaddy TechFacts | TechValidate". www.techvalidate.com. Retrieved 2020-08-18.
- ↑ "Simply Tax Episode 39: Tax Technology of the Future | BKD, LLP". www.bkd.com. Retrieved 2020-08-18.
- ↑ "Why is Digital 1040 Transformation Important for Your Firm and Clients" (PDF). Retrieved 2020-08-18. Unknown parameter
|url-status=ignored (help)
External links[edit]
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