Web system for fiduciary business automation

Based out of California, Soloway Fiduciaries is an independent financial and taxation services business that offers a diverse variety of services including marshaling assets, notifying parties, accumulating data for CPA, selling real estate, and handling accounting in compliance with CA Probate Code.

Project time

2018 – ongoing

Technologies and tools

NET Framework 4.7.X (C#), EF Core, Azure Functions, Azure SQL, Azure Storage, Azure Application Insights

Expectations & requirements

Develop a complete web system that ensures optimization of document and report preparation process for each customer for a number of tax authorities.

There were two major challenges that our team needed to overcome:

Time inefficiency

The time spent on annual documentation packaging was too excessive and it delayed the process of submission to concerned state authorities.

Excessive cost

Annual state reports for customers of the trust company were filled out manually which didn't only consume more time but was substantially expensive.

Solution

Our experienced development team followed by the unique needs and demands of the client. Relying on the communication, the expert analysts drafted a technical outline for developing a comprehensive and scalable web system that accomplishes the following tasks.

Data collection

The system should feature automated or semi-automated data collection to accumulate in formation through multiple channels including accounting software, banking system, and investment program.

Sorting & categorization

The solution should have an exceptional capability of accurately shaping financial transactions into an easy-to-understand transaction log.

Regulatory evaluation

All the accumulated data should be automatically validated using flexible regulations enabling the accountant to timely identify any errors, lack of compliance, and inconsistencies.

Report generation

‍Finally, the system should feature CA Probate Report generation based on imported and verified transactions for final submission.

Result

With the brief insight, our development team created a feature-rich,automated, and reliable web system that achieved all the outlined goals.

Cost efficiency & time saving

The expenses of report preparation costs were slashed by 75%, time spending was reduced substantially giving business the opportunity to improve its profit margin and spend its resources smartly.

Service quality

While the time spent on document preparation is far less, the quality of web system work achieved is identical to an expert.

Revenue generation

Since the solution was easier to use, it helped the business enhance its customer base improving revenues and income.

Removing redundancy

As the web system is feature-rich and scalable, it fully replaced the accounting application for the fiduciary business.

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