Navigating Corporate Transparency Act compliance and Beneficial ownership reporting (BOI and CTA filing) can be complex and daunting for many firms. At FinCEN Advisors, we understand that organizations often have reservations when adopting new software solutions for BOI reporting and anti-money laundering compliance. The evolving regulatory landscape requires businesses to stay updated and compliant, which can be overwhelming without the right tools. Our comprehensive approach to FinCEN BOI and CTA filing not only simplifies the reporting process but also provides robust security measures and user-friendly interfaces. Below, we address some common objections and how our solutions can help, offering clarity and confidence in meeting all compliance requirements efficiently and effectively.
Security and Privacy Concerns
Firms handling sensitive information often worry about data security and confidentiality. The fear of compromising client information can be a significant barrier.
Response: Our software has undergone rigorous penetration testing by Astra Securities, a gold-standard online security audit service, receiving a perfect score. We are SOC 2 compliant, as are all our vendors. Data integrity and client privacy are our top priorities.
Cost of Implementation Cost of Implementation
The initial cost of implementing new software, including integration, training, and potential downtime, can be a deterrent.
Response: There is no cost to get started with FinCEN Advisors’ CTA compliance solutions.
Resistance to Change
Organizations with long-standing practices may resist new methods, fearing disruption to their established systems.
Response: Our solution integrates seamlessly into existing workflows, requiring no modifications to current systems. It’s an end-to-end solution for beneficial ownership reporting, allowing work to be assigned to individual team members without disrupting day-to-day operations.
Compatibility Issues
Concerns about software compatibility with existing tools and systems are common, especially regarding hardware, software, and IT infrastructure.
Response: Built with an “API First” approach, our software integrates smoothly with any system without causing disruptions. Ownership structure reporting can be managed via API access, avoiding the need for modifications to existing systems.
Complexity and Usability
Perceived complexity or difficulty of new software can lead to resistance among staff.
Response: Our software is specifically designed for CTA compliance and submitting BOI data to FinCEN efficiently and easily. Users consistently find our platform the most streamlined solution for BOI filing.
Doubts About ROI
Firms often seek clear evidence of increased efficiency and revenue to justify the software investment.
Response: Firms using our software typically see a 10x ROI. Our platform is priced to ensure profitability, making it a valuable investment for regulatory compliance reporting.
Training and Support
Adequate training and support are critical for successful software implementation.
Response: We offer real-time chat support, virtual tours of the software, 1:1 onboarding, and ongoing training sessions to ensure a smooth experience.
Long-Term Commitment
Adopting new FinCEN BOI and CTA filing software often means committing to a vendor long-term, which can be daunting if expectations are not met.
Response: There is no long-term commitment. The software is free to use; you only pay when you file, offering flexibility and peace of mind.
Invoicing Capabilities
Some firms may require the ability to invoice customers directly from the software.
Response: We can implement custom integrations tailored to your specific invoicing needs, enhancing overall efficiency. While there may be an additional cost, this feature adds significant value to your operations.
Setup Difficulty and Time
Concerns about the time and complexity of setting up new software are common.
Response: Our platform is designed for ease of use, with guided implementation, comprehensive training materials, and robust customer support, making the setup process straightforward and efficient.
Alternatives to FinCEN Advisors
Some may consider filing directly with FinCEN or developing an in-house solution.
Response: While direct filing is an option, our service offers a more streamlined and collaborative beneficial ownership reporting experience. Developing an in-house solution can be costly and time-consuming. Our platform increases efficiency by 90%, reducing the average filing time and maximizing revenue.
Firm Size and Client Base
Small firms may feel they lack the client base to justify the investment.
Response: Whether you have 10 clients or 10,000, having a reliable CTA compliance solution enhances your professional relationship with clients. Additionally, we offer referral fees for firms that choose FinCEN Advisors as a trusted partner.
Handling Complex Filings
Firms may worry about managing complex filings and regulatory requirements.
Response: Our team includes dedicated legal counsel specializing in CTA requirements, helping with financial institution reporting standards and complex filings. Our software is equipped to handle multi-entity owners and other intricate scenarios.
At FinCEN Advisors, we are committed to providing secure, efficient, and user-friendly solutions for legal entity ownership records and financial transparency requirements. Our comprehensive support and flexible offerings ensure that firms can confidently navigate Corporate Transparency Act compliance and BOI reporting. Contact our team today for more information.
