Accounting firms require high security when handling tax documents due to the sensitive nature of the information involved. Tax documents contain personal and financial data that must be protected against unauthorized access. Traditional methods of handling these documents such as printing, scanning, and otherwise physically handling paperwork can lead to misplaced files, unauthorized access, and delays, which negatively impact overall productivity.
BoldSign effectively addresses these challenges with its advanced features. It streamlines the process, enhances data protection, and ensures compliance with legal standards, simplifying workflows for accounting firms and improving their overall effectiveness.
In this blog, we will take a comprehensive look at how BoldSign can be used for tax documents in accounting firms.
Key areas where eSignatures are useful for tax documentation
Here are a few key areas where eSignatures can be effectively utilized by accounting firms to streamline tax documentation processes:
- Tax return approvals: Clients can easily sign tax returns and related forms electronically, speeding up the process without the need for in-person meetings or emailing documents.
- Client agreements: Engagement letters, contracts, and service agreements can be signed electronically, reducing delays and providing a secure way to manage these documents.
- Compliance forms: Accounting firms can ensure compliance by using eSignatures for forms like W-9, 1099, or other regulatory documents, keeping everything in a secure, digital format.
- Estimated tax payment forms: For clients making quarterly estimated tax payments, forms such as IRS Form 1040-ES can be signed electronically, simplifying the process for both clients and firms.
- Tax planning agreements: Accounting firms often engage in tax planning services. eSignatures make it easy for clients to sign tax planning agreements or strategies related to deductions, deferrals, or retirement planning.
Efficient document preparation and distribution
Preparing tax documents involves significant time for drafting, reviewing, and distributing. This labor-intensive process often results in delays, especially during peak tax seasons, affecting the overall efficiency of the firm.
Using BoldSign, accounting firms can prepare and distribute tax documents quickly and easily. Tax preparers can upload documents, add necessary form fields, and send them to clients for review and signature. This streamlined process eliminates the need for physical paperwork and expedites the document turnaround time.
For more information, refer to this article: Send documents for signature.
Bulk sending capabilities
Sending the same document individually to numerous clients can be time-consuming, resulting in delays. For firms dealing with this, BoldSign’s bulk send feature allows for the simultaneous dispatch of tax forms to multiple recipients. This is particularly useful during tax season when managing high volumes of documents is essential. For more information, refer to this article: Send documents in bulk.
Signer authentication methods
Without a strong authentication process, there’s a higher risk of tax documents being tampered with or accessed by the wrong individuals, leading to compliance issues and compromising the integrity of the firm’s operations.
BoldSign offers various authentication methods, including email OTP, SMS OTP, access codes, and identity verification to ensure security. With authentication set up, only authorized individuals can access and sign the documents.
Compliance and legal validity
BoldSign offers robust features that meet regulatory standards and maintain the legal validity of tax documents in accounting firms
Adherence to eSignature standards
BoldSign complies with major eSignature standards and regulations, such as the ESIGN Act and eIDAS. This compliance ensures that all tax documents signed using BoldSign are legally binding and recognized by tax authorities.
Audit trails and document history
BoldSign maintains detailed audit trails, providing a clear record of all actions performed on a document. This transparency is important for compliance and auditing purposes. Audit trails include timestamps, IP addresses, and the sequence of actions, offering an in-depth view of the document’s life.
Improved client experience
BoldSign enhances client interactions by providing an easy-to-use platform for reviewing and signing documents, leading to a more efficient and satisfying experience.
User-friendly interface
With BoldSign’s intuitive and user-friendly interface, clients can easily review and sign tax documents without extra guidance. This convenience leads to higher client satisfaction and faster document turnaround times.
Mobile compatibility
Clients can review, sign, and return documents from their smartphones or tablets using BoldSign’s mobile-friendly platform. This is especially beneficial for clients who are constantly on the go, ensuring they can manage important documents anytime, anywhere. Mobile notifications keep clients updated on document statuses, further enhancing convenience.
Customizable templates
In the tax preparation process, manually entering the same data for similar documents is time-consuming and inefficient. To streamline this process, accounting firms can create and save customizable templates for frequently used tax documents. By tailoring templates to meet the unique needs of each client, such as for forms like 1040, 1120, and 1099, firms can ensure consistency and save time across all client interactions. For detailed information, refer to this article: Create templates.
Advanced form fields
BoldSign offers various types of form fields, such as text box, checkbox, and radio. These fields make it easy to gather specific client information directly within the document. This helps to ensure that all necessary information is captured accurately, enhancing the quality of the documents. Additionally, you can customize the form field settings, making it easier to gather the right information.
Multiple signers
Tax documents often require multiple signatures from clients, accountants, and sometimes third parties. BoldSign supports multiple signers, allowing for a coordinated signing process.
Signing order
Getting a document signed in a specific order by multiple people can be a long process requiring constant follow-up with signatories and manual updates to track progress.
BoldSign’s signing order feature lets you set up tax documents to be signed in the correct sequence. This is particularly useful for documents that require hierarchical approvals, such as corporate tax filings. When the document is signed and submitted by the first person, that triggers the document to be sent immediately to the second person. Each document is reviewed and signed by the appropriate parties in the correct order, with a lot less personal supervision.
Notifications and reminders
As the volume of documents and clients increases, personal tracking and reminding becomes harder, leading to potential oversight and inefficiencies. BoldSign enhances the efficiency of tax document management with:
Automated reminders
BoldSign allows accounting firms to set up automated reminders for clients to review and sign documents. These reminders encourage the timely completion and submission of tax forms, helping deadlines be met.
Customizable notifications
Using BoldSign, firms can customize notification settings to keep clients informed at every step of the process. Notifications can be set for specific actions, such as a document being sent, reviewed, or completed, providing clients with timely updates and maintaining clear communication.
Signing procedure
Follow these steps to sign a document in BoldSign:
- Open the link received via email and click Review and Sign.
- Read and agree to the disclosure terms and click Continue.
- On the Signing page, you can start the process by clicking Start signing at the top-right corner of the page.
- Fill in all the required fields and click Complete signing.
Conclusion
BoldSign streamlines the processing of tax documents, minimizing accounting tasks. Experience the benefits by signing up for a 30-day free trial. Modernize your organization’s workflows with BoldSign to enhance efficiency and improve the user experience.
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