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ProSystem fx Outsource Offers Reduced Tax Prep Costs, Increased Profits
(TORRANCE, CALIF., December 30, 2002) – Now tax and accounting firms can reduce tax preparation costs and increase profits by taking advantage of Business Process Outsourcing (BPO), according to CCH Tax Compliance, a leading provider of professional tax software and services. CCH has announced the availability of ProSystem fx® Outsource™, a streamlined tax preparation service that leverages the lower cost of highly trained tax professionals located offshore to prepare tax returns.
"Just finding enough competent people to handle the seasonal tax return business is getting to be a bigger and bigger challenge for many firms," said CCH Tax Compliance president and CEO Kevin Robert. "Then, there’s the high cost of overtime – both in terms of dollars and morale. Moving much of that work outside the firm can pay huge dividends if it’s done correctly, and that’s the solution we offer with ProSystem fx Outsource."
How It Works
Outsourcing allows firms to reduce or eliminate seasonal staff and overtime costs, both a major cause of concern during the tax season. At the same time, permanent staff can work on higher value tasks, without the overtime hours and extra stress that come with the annual April 15th deadline. ProSystem fx Outsource allows firms to achieve these goals, while converting tax preparation from a variable cost to a fixed cost activity.
The Outsource solution begins by scanning current-year source documents, Organizers and cover sheets into electronic files. The ProSystem fx Outsource desktop program then combines the scanned documents and prior year ProSystem fx Tax data into a single transmission file and sends the file to secure servers at the CCH Outsource Service Center.
From the Outsource Service Center, returns are relayed to CCH’s outsource partner, Datamatics Technologies, Ltd., where they are prepared and reviewed by qualified and trained accountants. Source data is logically organized in a tax file and returned to the firm – along with the completed tax return - in one file. Throughout the process, ProSystem fx Outsource allows firms to track their returns through a web-based CPA Tracker status system. The status system allows firms to query and generate status reports regarding all outsourced returns.
The status of each return is continually updated throughout the entire process, and upon completion, the return files are relayed back to the CCH Outsource Center. The integrated communications module in ProSystem fx Tax can then download returns directly into the firm’s tax compliance system, where they are ready for final review.
A Tax Prep Audit Trail accompanies the completed return and mirrors typical ‘preparer notes’ to assist the review process -- disclosing assumptions and documenting issues in the return, as well as detailing the handling of specific issues.
"It’s very obvious that firms are looking for new ways to reinforce their dwindling staff resources during the tax season, and the entire ProSystem fx Outsource process lets them do that in a seamless and paperless way," said Mike Sabbatis, vice president of sales and marketing for CCH Tax Compliance. "By taking advantage of this service, firms will be able to meet their varying needs and match - if not exceed - their productivity during the busiest time of the year."
Availability and Pricing
For more information on ProSystem fx Outsource, please call 1-800-PFX-9998 (1-800-739-9998), option 1 or visit www.prosystemfx.com.
Datamatics Technologies, Ltd. (DTL) has been providing business process outsourcing (BPO) for over 17 years to some of the worlds largest industries and companies. Founded in 1975, DTL employs over 1,600 professionals and is an ISO 9001 2001 certified entity. To ensure the highest quality tax preparation service, DTL maintains a large staff of English-speaking Chartered Accountants experienced with ProSystem fx Tax. These professionals receive extensive and continuing training on all the latest tax laws and codes, and a high-level final review process ensures that their work is complete and accurate.
Headquartered in Torrance, Calif., CCH Tax Compliance is a leading supplier of software for tax and accounting professionals. It offers The ProSystem fx® Office, a powerful, integrated suite that includes modules for tax compliance, tax planning, trial balance, fixed assets, practice management, paperless tax and audit engagements, and web site development.
CCH INCORPORATED, headquartered in Riverwoods, Ill., was founded in 1913 and has served four generations of business professionals and their clients. The company produces more than 700 electronic and print products for the tax, legal, securities, insurance, human resources, health care and small business markets. CCH is a wholly owned subsidiary of Wolters Kluwer North America. The CCH tax and accounting web site can be accessed at http://tax.cchgroup.com.-- ### --