BaCo Tech has received a U.S. patent for features in its transaction-based workflow platform for accountants.
The platform is built so that CPAs can teach it how to identify and account for tax-significant transactions. Once automated, the tax adjustments are made in "real time," so accountants can see accrual financial statements that match up with their accounting software and real-time income tax-based reporting.
Made by Dallas-based startup Ford Squared Technologies, BaCo Tech is designed to create workflow that offers opportunities for advisory services. There is a command center where adjustments can be made back to a client’s accounting records and updates can be made directly into a CPA firm workflow, from a single login for every client of the firm. The command center creates alerts for significant tax activity, fixed asset additions and opportunities for preemptive problem solving, like advising clients about key terminology the IRS focuses on in an audit. BaCo Tech calls the result for each client a “living trial balance.”
BaCo Tech connects to QuickBooks, Xero, Sage Business Cloud Accounting and Microsoft NAV with connections to Sage Intacct and Sage 50 slated for later this year. It also integrates with Lacerte and CCH Axcess, with imports available for UltraTax. An import tool for Drake is arriving soon.
