State of the Art Software Streamlines PwC

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."

You may like these other stories...

In the old days, we used to tape down receipts from our travels and submit them to accounts payable. But that was before remote employees who may live in a different city from the home office. And of course, there's all...
In 2011, electrical services and technology provider Parsons Electric in Minneapolis, Minn., decided to take its accounting to the cloud. Monica Ross, the company's director of strategic projects, talked with AWEB about...
Event Date: July 24, 2014, 2 pm ET In this presentation Excel expert David Ringstrom, CPA revisits the Excel feature you should be using, but probably aren't. The Table feature offers the ability to both boost the...

Upcoming CPE Webinars

Jul 16
Hand off work to others with finesse and success. Kristen Rampe, CPA will share how to ensure delegated work is properly handled from start to finish in this content-rich one hour webinar.
Jul 17
This webcast will cover the preparation of the statement of cash flows and focus on accounting and disclosure policies for other important issues described below.
Jul 23
We can’t deny a great divide exists between the expectations and workplace needs of Baby Boomers and Millennials. To create thriving organizational performance, we need to shift the way in which we groom future leaders.
Jul 24
In this presentation Excel expert David Ringstrom, CPA revisits the Excel feature you should be using, but probably aren't. The Table feature offers the ability to both boost the integrity of your spreadsheets, but reduce maintenance as well.