In a mere five months, Picasso Software, a Richardson, Texas based e-business company, turned PricewaterhouseCoopers' paper-based tax data collection for master limited partnership (MLP) clients into a sophisticated Internet application. The new system allows 4.5 million individuals to access tax-reporting accounts and complete tax forms online.
Picasso used TaxWeb, an eBusiness software application, to make the incredible transformation. The software enables PwC clients to go directly to a Web site to view their MLP tax reporting package. Once there, clients also can add and modify acquisitions and dispositions of partnership units, as well as monitor, maintain, report and document post-reporting investor activity.
While the new software is certainly easier for clients to use, it offers competitive advantages to PwC. Prior to using TaxWeb, a majority of this work was performed manually by many consultants utilizing telephones, fax machines, copiers and special computer terminals. Now, the new system puts resources back into PwC's hands for better allocation, which allows the Big 5 firm to competitively bid on large projects and expand the market of their core services to new customers.
"The MLP TaxWeb was a great success in its inaugural year. Ten master limited partnerships participated in the 1999 season, and the sites received over 10,000 inquiries," says Chris Buckalew, managing partner for the PricewaterhouseCoopers MLP practice. "Thousands of tax forms were completed more timely, accurately and conveniently than in the past. We look forward to expanding our client base to all our MLP clients for the 2000 season."