SurePrep: Simplifying 1040 Tax Workflow with Automation

David Wyle, President and CEO
Tax Professionals often find themselves inundated with massive amounts of structured and unstructured data from multiple sources and channels. Fortunately, intelligent data capture solutions have been successful in significantly easing the burden. However, the majority of these solutions are developed by tax software providers, who offer data capture as an ancillary product. This is where SurePrep moves the needle, providing intelligent data capturing as a core competency, enabling tax professionals to automate routine data entry in the 1040 tax process and focus on value-added tasks.

Driving innovation to streamline the 1040 tax workflow, SurePrep caters to CPA firms, wealth management firms, and other tax professionals that process 1040s. From three of the Big Four to sole practitioners, over 23,000 tax professionals rely on SurePrep’s solutions.

SurePrep provides the most comprehensive 1040 productivity solutions on the market, including TaxCaddy, 1040SCAN, and SPbinder. A taxpayer-focused collaboration system, TaxCaddy allows users to upload tax documents or pictures of the same through iOS and Android mobile apps.

The various forms uploaded to TaxCaddy seamlessly flow into 1040SCAN, the leading scan-and-populate solution on the market. 1040SCAN automates and captures 4-7 times as many documents as other solutions, and handles all levels of complexity, enabling reviewers to examine the workpapers and tax returns prior to filing them.

“We leverage artificial intelligence (AI) and machine learning to automate data capturing and cover four to seven times as many documents as our competitors,” says David Wyle, President and CEO at SurePrep.

1040SCAN’s patented Optical Character Recognition (OCR) auto-verification technology eliminates the need for manual verification after data is captured from many documents. The technology identifies what is correct and what is not, helping tax professionals save significant time.

In the final reviewing step, SurePrep’s SPbinder allows the reviewer to track down a value on the tax return all the way to its source document. The solution reduces review time for managers and partners by facilitating detailed workpaper preparation at the staff level.
To partially automate the tax preparation process, SurePrep provides an AI-powered feature referred to as Do It Like Last Year (DILLY). With this feature, the tax documents are handled manually for the first year, then replicated in the future. For instance, if a tax professional receives a property tax statement from Orange County, a document 1040SCAN doesn’t typically cover, a human enters and extracts the data in the first year. The following year, using DILLY, the Orange County property tax statement is matched to the previous year’s tax returns, and the manual process is now automated.


We leverage artificial intelligence (AI) and machine learning to automate data capturing and cover four to seven times as many documents as our competitors.

SurePrep’s solutions also leverage AI to recognize K-1s and provide a simple and intuitive way to reclassify the data. This allows preparers to easily assign K-1 supplemental data to the correct income and expense categories.

The combination of SurePrep’s feature-loaded solutions has been of great help in effectively addressing some of the most pressing demands that accounting and tax firms face today. In one instance, SurePrep helped its long-standing client, BDO, leverage new technological capabilities to optimize the 1040 process. Soon, the firm was able to automate workpaper organization and data entry using 1040SCAN, prepare standardized, easy-to-review workpapers using SPbinder, and provide taxpayers with the ability to upload and share their documents from their laptop or smartphone using TaxCaddy. As a result, BDO was able to improve their 1040 process across the board, increase productivity, enhance client experience, and use their time and talent more efficiently.

SurePrep’s solutions streamline and automate the entire 1040 process, from data gathering, capturing, and review to tax return delivery. The market leader in intelligent data capture, SurePrep is at the forefront of building solutions that are transforming the tax and accounting industry and helping clients facilitate a completely digital tax workflow.

Company
SurePrep

Headquarters
Irvine, CA

Management
David Wyle, President and CEO

Description
SurePrep caters to CPA firms, wealth management firms, and other tax professionals that process the 1040s. SurePrep provides the most comprehensive 1040 productivity solutions on the market, including TaxCaddy, 1040SCAN, and SPBinder. From three of the Big Four to sole practitioners, over 23,000 tax professionals rely on SurePrep’s solutions.

SurePrep