Thomson Reuters has kicked off a new blog series to help UltraTax CS users enhance their client relationships and generate additional revenue using data mining capabilities within the software.
The bi-weekly series, authored by Thomson Reuters product manager Jordan Kleinsmith, will provide practitioners with step-by-step tips for building targeted searches to find clients who might be interested in services like retirement planning or tax strategy.
“With traditional accounting services becoming more and more commoditized, it’s essential for firms to offer something extra and demonstrate that they’re always looking out for their clients’ best interests,” stated Kleinsmith. “Data mining is a great example of how technology can help practitioners do this while saving time and generating additional revenue for the firm.”
UltraTax CS users have access to data mining, which allows them to perform automated searches using client data stored in the software. Data mining enabled them to find clients meeting myriad criteria including:
- Clients who may be subject to required minimum distributions from their retirement accounts.
- Schedule C sole proprietors who may benefit from reorganization as an S-corporation.
- Clients approaching Social Security eligibility who may benefit from advice on when to begin drawing benefits.
- Clients who may want to consider conversion to a Roth IRA as part of their tax planning strategy.
- Self-employed clients who may benefit from opening a retirement account.
- 1040 Schedule C, 1120, and 1065 clients who have gross receipts and are paying wages but are not claiming the Domestic Production Activities Deduction.
- Clients who may benefit from certain state-specific tax credits.
- Clients who were subject to a Form 2210 underpayment penalty in prior years and may need a reminder to pay estimated payments.
After identifying these clients, users can utilize one of UltraTax CS’s automated processes for communicating with them.
“I’ve talked to several UltraTax CS firms that already use data mining, and their clients really appreciate the extra attention they get,” stated Kleinsmith. “It’s a way to be proactive, to actively find ways to save their clients money and help them grow their businesses. It doesn’t take a lot of time to implement, and it’s really a win-win for firms and clients alike.”
The first blog in the series is available here, with a new entry to be posted every two weeks throughout the summer.