Note: 1040SCAN recognizes 4–7x more source documents than any other solution on the market and is the only product that recognizes and extracts data from K-1 supplemental pages. In addition to OCR and one-click export to tax software, 1040SCAN bookmarks and organizes workpapers into an index that follows the flow of the tax return. Users can view and manage their workpapers at an elemental level in SPbinder, which is included at no extra cost. Only 1040SCAN can auto-verify Native PDFs with 100% accuracy, thanks to SurePrep’s patented technology.
Note: The interface for Source Document Processing is built into Workpapers CS, a trial balance software. A short demo video is available on the product website in exchange for your full name, title, phone number, email address, company name, number of employees, zip code, and average yearly returns. There is also a demo available on the official Thomson Reuters Tax YouTube channel, though it has not been updated since 2011.
According to information publicly available on the product website as of 01.25.2021.
Note: CCH ProSystem fx Scan's OCR technology cannot recognize documents without a cover sheet. Special page dividers must be created in auxiliary software (CCH ProSystem fx Funnel) and placed between digital documents—or, for paper documents, printed out and manually inserted between scans. Because there is no corresponding workpaper management software into which workpapers can be organized, CCH ProSystem fx Scan exports each client's documents as one long, bookmarked PDF. These PDFs can then be annotated with PDFlyer.
Note: GruntWorx Populate only recognizes 19 forms and is not truly competitive, but we frequently receive questions about this product. It is a web-based application and there is no corresponding client solution nor workpaper management software. Client documents are returned as one long, bookmarked PDF. For 15¢ per trade, GruntWorx can also export some Brokerage Statement data into Excel.
Source. Accessed 01.26.2021.
Intuit, Thomson Reuters, and Wolters Kluwer create state-of-the-art tax software. However, their scan-and-populate solutions are ancillary products designed to support their main offering. SurePrep's only focus is the development of 1040 workflow solutions like scan-and-populate, workpaper management, and client collaboration. 1040SCAN is one of our flagship products.
In order to support a fully digital workflow, a scan-and-populate solution must also integrate with workpaper management software to create a digital binder. Otherwise, there is no benefit to digitizing workpapers aside from storage. Therefore, we encourage firms to review the workpaper management solutions on the market while evaluating scan-and-populate solutions.