FincenFetch Flips the Script on Corporate Transparency Act (CTA) Filings Costs

It’s no question that compliance with the Corporate Transparency Act (CTA) has become a focal point for ensuring transparency and accountability. With CTA filings now a necessity for more than 40 million U.S. businesses and firms, understanding the associated costs is crucial. If a business chooses to file through FinCEN directly, the process of managing beneficial ownership reports can be resource-intensive and costly.

However, for more than two years prior to legislation being passed in January 2024, the team at FincenFetch worked diligently to address all pain points associated with the complex filing process.? Our SOC2 secure BOI reporting software solution streamlines compliance efforts, minimizes costly errors and helps firms generate new revenue. With over 200 firms, including multiple top 100 firms, using the solution today – we have tailored the solution specifically to serve your industry best with over two dozen features focused on making these filings secure and simple for firms to manage.

To explain just how costly FinCEN filings can be, I’ve broken down costs associated and how FincenFetch addresses these issues.

Understanding the Costs of CTA Filings

CTA filings entail various costs, including but not limited to:

1. Legal and Compliance Fees: Engaging legal professionals or compliance experts to navigate CTA filings is often necessary, adding to the overall expenses for businesses. As firms, staff time and resources need to be planned. These filings can require 2 hours to proceed through 6 steps of compliance (as discussed in our ebook), or as little at 5 minutes per filing using software. Software also means that your firm no longer needs to hire admin staff and devote senior staff time for CTA compliance services, but rather can simply support this new revenue line with existing admin staff in just minutes per report.
2. Data Collection and Documentation: Gathering and organizing the necessary information for CTA filings is time-consuming and labor-intensive, further adding to costs. Three of the six steps of CTA filing require collecting data and consume at least one hour per report, including answered questions about nearly a dozen new definitions in FinCEN’s regulation. Software automates this burden away through online walkthroughs that inform clients while capturing accurate data.
3. Opportunity Costs: Manual handling of CTA filings diverts valuable resources from core business activities, resulting in opportunity costs. Software means you can focus on your business while also collecting $300 to $400 of new revenue per BOI report. With 40M reports filed in 2024 and most clients having multiple LLCs, this new revenue line cannot be ignored.

The Value of FincenFetch

FincenFetch’s innovative BOI software solution offers a cost-effective alternative to the FinCEN method of handling CTA filings. By leveraging automation and technology, FincenFetch minimizes the need for costly manual intervention, thereby reducing overall expenses. In addition, our custom-branded dashboard allows you to charge your clients whatever you choose per report (our firms are charging anywhere from $300 to $700 per report).

How FincenFetch Provides Value

1. Cost Savings and Revenue Generating: FincenFetch significantly reduces the costs associated with CTA filings by automating various aspects of the process. Businesses can save both time and money, optimizing their resources for more strategic initiatives. In fact, you can create a new revenue stream with this service.
2. Efficiency and Accuracy: FincenFetch streamlines the CTA filing process, ensuring efficiency and accuracy in compliance efforts. FincenFetch utilizes AI tools to extract and autofill BOI information on reports from the required ID uploads. These tools reduce errors that could occur from mistyping information during the data collection process. Our automated document submission also minimizes the risk of errors and delays.
3. Transparency and Predictability: FincenFetch offers transparent pricing models, providing businesses with clarity on costs upfront. This transparency allows firms to budget effectively and plan their compliance strategy with confidence.

How Firms Can Profit from CTA Filings

At FincenFetch, we understand the importance of your business’ bottom line.? While filing directly to FinCEN can incur significant expenses, both in terms of financial resources and time, our platform saves you time and makes you money. With FincenFetch, firms can unlock cost savings, streamline their compliance efforts, and enhance transparency in their operations. For more information on our process, download our free e-Book or book a demo with our solutions team today.