Data management firm Canoe Intelligence has launched Canoe Tax, a tax document management solution, as an add-on to its existing product suite.
The product removes manual processes around the collection, categorisation and storage of tax documents, including Form 1099, Form ADV, state and federal K-1 and K-3.
Relevant data elements are extracted, normalised and converted to a standard flat file format, before being delivered to downstream systems. This improves both time efficiency and data accuracy, the company says.
Tax document access can be provided through the platform for third-party tax professionals, accountants and service providers, with the goal of simplifying collaborative efforts.
For clients with more complex tax data requirements, Canoe Tax partners with third-party vendors to enable data reconciliation, tax form preparation and integration with tax preparation software.
The news follows the launch of the Canoe Data Innovation Hub and the Canoe Asset Data Design Partnership, announced 16 October.
Mike Muniz, chief revenue officer for Canoe Intelligence, says: “Canoe Tax signifies an important milestone in our journey, reaffirming our commitment to streamline our client document and data workflows and drive operational efficiency.
“As we continue to transform into a fully integrated, cross-functional platform to meet evolving client needs across the front, middle, and back office, we are aligned with the industry’s call for comprehensive, accurate data."
