Bulk Beneficial Ownership Information Report (BOIR) Filing

BOIR Filing for CPA's and Firms

Beneficial Ownership Information Report filing, or BOIR, could be the next step in revenue growth for your business. But, without the right tools, adding BOIR filing services for your clients could be a costly and time consuming mistake. With Tax season quickly coming to a close, small business owners will be looking to deal with their next regulatory compliance requirment, BOIR filing. Thanks to the Corporate Transparency Act passed in 2021 over 30 millions small business will be looking to file their BOIR's in 2024, with many more new and updated reports to follow in the coming years. Prepare for the coming wave of filings by equiping yourself with the tools neccesary to succeed and thrive.  

What is the Solution for Bulk BOIR Filing? 

Dealing with the large influx of BOIR filings has been made simpler and quicker with the introduction of specialized BOIR filing software. Filing software's designed to handle BOIR filings have provided a much-needed solution to the challenges posed by this new requirement from FinCEN. How can softwares like ComplyBOI's help with the wave of Beneficial Ownership Information Reports?

1. Multiple Filing Methods
2. Automated BOIR Filing
3. Increased Accuracy
4. Reduced Manpower
5. Scalability and Growth

Multiple BOIR Filing Methods

ComplyBOI's BOIR Filing software offers two distinct approaches to streamline the process of filing. The first approach allows firms to manually enter client data through a dedicated dashboard, providing a direct but flexible way to manage filings while controlling costs through a set fee structure. On the other hand, a more automated option enables firms to integrate ComplyBOI's customizable white-labeled submission form on their website or distribute it via email. This method facilitates a hands-off approach, where clients can independently submit their information and payments. Firms can monitor incoming BOIR submissions, view submission status, review reports, and view FinCEN confirmation reports. This dual-functionality filing not only simplifies the BOIR filing process but also offers versatility in service management and pricing, ensuring firms can offer white glove services and client filed services efficiently without complicating their operations. 

Automated BOIR Filing

ComplyBOI's software significantly improves the process of filing BOIRs, offering a comprehensive and user-friendly solution for CPAs and firms. The most notable feature of this software is its ability to handle all aspects of the filing process directly through its dashboard. With a direct connection to FinCEN's system the need to submit dirrectly to FinCEN is eliminated. This seamless integration means that Firms can collect necessary client data, fill out reports, and submit filings to FinCEN all from one centralized platform. 

Increased Accuracy

Human error accounts for 41% of inaccurate numbers in reporting the more hands in the pot, the more data that gets handed off to the next person, the larger the chance of incorrect filings. One of the primary benefits of using BOIR software is the significant improvement in efficiency and accuracy it brings to the BOIR filing process. This software automates the tedious and error-prone task of data collection and entry, drastically reducing the time required for each BOIR report. Built-in validation checks minimize errors, ensuring that each BOIR form meets regulatory standards before submission. 

Reduced Manpower

The software's ability to handle all aspects of the filing process directly on its dashboard eliminates the necessity for manual data entry on external sites, such as FinCEN's. This means fewer staff are needed to manage the data entry process, as the software's interface simplifies collecting, organizing, and submitting the required information. This means that employees can complete tasks more quickly and with fewer errors, reducing the need for a large team to double-check work.

Moreover, the software's capability to integrate a white-labeled submission form on a firm's website or distribute it via email allows clients to input their information directly. This self-service aspect diminishes the workload on staff who would otherwise spend significant time collecting and entering data from clients. It also reduces the potential for errors that can occur when transferring information from one medium to another, thereby decreasing the need for personnel dedicated to error checking and data verification.

Scalability and Growth

For growing firms, scalability is a critical consideration. As the client base expands, so does the volume of BOIR filings. ComplyBOI's BOIR software is designed to accommodate this growth, enabling firms to manage an increasing number of reports efficiently. This scalability ensures that the quality and timeliness of BOIR filings are maintained, regardless of the firm's size or the volume of its operations.

The ability of BOIR software to scale with the business is a key factor in enabling firms to pursue growth opportunities without being constrained by administrative burdens. It allows firms to expand their services and client base confidently.

Conclusion

The benefits of BOIR software—ranging from enhanced efficiency and accuracy in filings to cost savings and scalability—make it an indispensable tools for every CPA.

As the financial services sector continues to grapple with the challenges of regulatory compliance, the role of technology in facilitating these processes becomes increasingly critical. BOIR software like ComplyBOI's not only simplifies the proccess, but also offers firms the opportunity to improve their operational efficiency, reduce costs, and focus on growth. In doing so, it enables firms to navigate the complexities of BOIR reporting with confidence, ensuring that they remain compliant, competitive, and poised for success in a rapidly evolving field.