There are two things to consider when assessing a scan-and-populate solution: its ability to recognize source documents and extract their data, and whether it will automatically bookmark and sort workpaper documents. Digital workpapers must be bookmarked and sorted before your team can begin preparation and review. Less advanced solutions only provide the tools to sort workpapers manually, but 1040SCAN sorts all standard documents automatically.
Automated Workpaper Management
All versions of 1040SCAN organize tax documents into a standardized workpaper index that follows the flow of the tax return. 1040SCAN can tell standard documents apart without barcoded page dividers and bookmarks these workpapers automatically. Your staff can verify standard bookmarks with the Review Wizard and apply bookmarks to non-standard documents in SPbinder. (If your firm uses 1040SCANverify, trained SurePrep staff will verify bookmarks on your behalf.)
After verification, workpapers flow seamlessly into our integrated workpaper management system, SPbinder, where they populate an Index Tree that resembles a traditional folder structure. Workpapers remain in their original file type (PDF, Word, Excel, or Email).
SPbinder groups associated documents together in folders and sub-folders. For example, the Income folder may contain a W-2 folder, which in turn contains all W-2s submitted by the taxpayer. General information is compiled toward the top, while any unassociated workpapers, prior year information, or unused folders are gathered at the bottom of the index. Your firm can choose to create custom indexes to sort workpapers in an order that best matches your workflow.
From the Index Tree, users can disassociate, delete, and move workpapers; edit the names of workpapers; perform mass actions; and create shortcuts to workpapers that apply to multiple areas of the return. When the preparer uses these features to organize the Index Tree, it simplifies the binder for the reviewer so they can easily navigate the return and perform a faster, more efficient review.