Grunt Worx and other tax data import software

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#1
Posts:
18
Joined:
24-Nov-2021 8:57am
Location:
NJ
Does anyone use those type of softwares?

I'm weighing using Grunt Work over hiring a tax season temp. Having used Grunt Work on a trial basis I remain unsure.

They do a good job of getting files into order but I'm not sure about trusting their data entry. Firstly I would need to check over their numbers for accuracy. Secondly they don't seem to grasp the full impact of certain numbers. For example if you give then a mortgage statement they will import it but you will need to tell them whether it goes on Schedule A or E etc. Even worse , I'm in NJ, where real estate taxes on your personal home are a deduction. It will not flow to the line on the NJ return without me entering it there. That is just an example

Being that Grunt Work only imports federal forms like a W-2 etc. I suppose I could make a checklist for non automatic entries and would notice if something is not on the return during the review process . Which I would need to do anyway if I hire a temp for tax season. I also calculate the numbers on a separate spreadsheet for each return done in my office as well. And it's a lot easier for me to deal with a software on an as needed basis than a temp. Hence my uncertainty.

Does anyone have experience , insight or recommendation for these type of software?
 

#2
Posts:
100
Joined:
14-May-2019 3:57pm
Location:
Idaho
We've looked at GruntWorx and similar software in the past. The conclusion always seems to be the same - not worth it for our client base. I like the idea of auto organize/auto populate, but the majority of clients seem to always have a form/workpaper (or several) that the software doesn't know what to do with. We also have many clients who still bring in paper tax forms, copies, etc that don't always get good enough scan quality for OCR to be reliable.
 

#3
smtcpa  
Posts:
515
Joined:
28-Jul-2014 5:16am
Location:
Richmond, VA
I use Gruntworx and highly recommend it. My productivity has soared since we started a few years ago. The data entry is extremely accurate. My office admin does all of the initial scanning, uploading to GW and getting it ready for import. We separate documents into two groups: 1-Scannable for GW (W2s, 1099s, mortgage interest, investments (we do not import trades unless they have less than 10 trades), and 2-everything else. We get the bookmarked file back from GW, feather in the other workpapers into the same PDF file and we're off and running. I cannot imagine running my practice without it.
 

#4
Posts:
100
Joined:
14-May-2019 3:57pm
Location:
Idaho
Separating the documents into two groups like that never occurred to me. That sounds like a very smart idea. Does the admin do the combining of the PDFs as well or does the preparer take over that that point? What type of scanner do you use?
 

#5
smtcpa  
Posts:
515
Joined:
28-Jul-2014 5:16am
Location:
Richmond, VA
My admin does everything from getting organizers and checklists out (mostly paperless), following up with missing engagement letters and checklists, scanning, sending to GW, combining the documents that we don't send to GW. Basically everything except prepare the return. We have Fujitsu fi-7160 scanners.

TheAnswerMan wrote:Separating the documents into two groups like that never occurred to me. That sounds like a very smart idea. Does the admin do the combining of the PDFs as well or does the preparer take over that that point? What type of scanner do you use?
 

#6
CP Hay  
Posts:
226
Joined:
3-Apr-2019 5:24pm
Location:
NEW YORK (NY)
smtcpa wrote:I use Gruntworx and highly recommend it. My productivity has soared since we started a few years ago. The data entry is extremely accurate. My office admin does all of the initial scanning, uploading to GW and getting it ready for import. We separate documents into two groups: 1-Scannable for GW (W2s, 1099s, mortgage interest, investments (we do not import trades unless they have less than 10 trades), and 2-everything else. We get the bookmarked file back from GW, feather in the other workpapers into the same PDF file and we're off and running. I cannot imagine running my practice without it.


I've never used Gruntworx but it sounds appealing. Why though wouldn't you use it if the client has more than 10 trades? I would think that an import feature would be more beneficial the more trades to be reported.
 

#7
smtcpa  
Posts:
515
Joined:
28-Jul-2014 5:16am
Location:
Richmond, VA
The biggest reason is that if one trade import is wrong, it takes forever to find the error. The more the trades, the worse the search and find mission. Second is the cost, third is because importing trades is not necessary, especially when so many are covered and not required to be input separately.

They just came out with this: GruntWorx Trades Summary extracts the Sales Price, Cost Basis and Wash Loss (if applicable) for each of the following:

Short Term Covered
Short Term Non-Covered
Long Term Covered
Long Term Non-Covered
Short Term Other
Long Term Other
Undetermined

IMO it makes this tool indispensable.


CP Hay wrote:
I've never used Gruntworx but it sounds appealing. Why though wouldn't you use it if the client has more than 10 trades? I would think that an import feature would be more beneficial the more trades to be reported.
 


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