Sageworks plans to add an Electronic Tax Return Reader as an enhancement to its ProfitCents and Valuation software.

The Electronic Tax Return Reader automatically imports financial data from client tax returns produced by several tax software packages to enable financial professionals to move more quickly from data integration to analysis by reducing the time spent manually transferring large amounts of data. Sageworks anticipates the Electronic Tax Return Reader will decrease errors that can occur during manual data entry.

The technology works by “reading” an electronic tax return produced by various tax preparation programs, allowing the user to create financial statements that can be analyzed within ProfitCents and the Sageworks Valuation Solution. Tax packages supported include Drake Software, Intuit’s Lacerte Tax and ProSeries Tax, Wolters Kluwers’ CCH ProSystem fx Tax, and Thomson Reuters’ UltraTax CS. Specific tax forms supported by the new reader include 1065, 1120, 1120S, 1040 Schedule C and 1040 Schedule F.

All the fields can be automatically mapped, and the data can then be viewed and edited in both the tax return and financial statement views. In addition, all information can be shared between ProfitCents and the Valuation Solution via the Sageworks platform.

“Having worked with accounting firms for 15 years, we understand that a big hurdle for many accountants is getting client data into an accessible format, especially during tax season,” said Sageworks CEO Scott Ogle in a statement. “That’s why we created the Electronic Tax Return Reader to become an integral component of our ProfitCents and Valuation solutions. We anticipate this enhancement will save accounting firms a significant amount of time, making it easier for them to provide high-value consulting services to their business clients.”

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