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Taking the Stress Out of Tax Season
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Taking the Stress Out of Tax Season

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Is your staff burdened with increased volumes and complexity of the annual tax form mailing process? Are your clients requesting more timely access to their tax form information? Eliminate these and ...

Is your staff burdened with increased volumes and complexity of the annual tax form mailing process? Are your clients requesting more timely access to their tax form information? Eliminate these and many other pain points during the year-end tax season with Doxim Tax Pack. Doxim Tax Pack includes: Data services, Print and mail services, Custom forms (CRA approved), Data services, Print and mail services, Custom forms . Visit www.doxim.com for more information.

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  • Good Afternoon everyone and thank you for joining us today’s webinar, Taking the Stress out of Tax Season. My name is Dan Kim, I’m the Product Marketing Manager here at Doxim and I’ll be moderating this webinar. Today we’ll be speaking about the year-end tax process – specifically about the industry pain points faced by many of our clients and our solution to address these pain points.Now for the folks that are new to Doxim webinars we ask that if you have any questions or comments that you submit them through the comment box at the bottom of the GoToWebinar GUI and we will try to answer as many as we can during the Q & A session at the end of the webinar And for those who are unable to stay until the end of this session we will be posting an on-demand recording for you to view at your convenience or share with your colleagues.
  • A quick overview of Doxim for those of you that don’t know the companySome of the challenges that the industry face from the mouths of our own prospects and clientsThen we’ll dive into TaxPack itself and provide you with an overview of what it is, how it works and how it helps, we’ll cover off some additional services we offer and then take any questions the audience might haveNow im excited to introduce our presenter today. Sean O’Donovan – Doxim’s VP of Marketing and Products – as he brings over 20 years experience working in technology sales and marketing leadership roles across Europe and North America.So without further delay lets dive right into the webinar…
  • Oh yes, and last but not least, Doxim is very focused on client satisfaction, as witnessed by these latest results of our annual Csat survey.For customer sat we follow the net promoter score methodology, which essentially measures cSat on a 10 point scale Promoters (9–10 rating)Passives (7–8 rating) Detractors (0–6 rating)NPS = Promoters minus DetractorsSo logically, you can imagine that the NPS scale can run from -100 to +100. Last year we sat at 63% which puts us in very good company on a global scale
  • Witness to this, is the eDelivery success of our customer base – where the average client (as represented by the green bars) is sitting at north of 50% eDelivery levels - and our top performing clients (as represented by the blue line) are exceeding 85% edelivery.DAN: thanks for the brief introduction and overview of Doxim Sean. And for those attendees that would like to learn more about Doxim’s capabilities you can of course visit www.doxim.com or speak to an account manager at Doxim. Now that we have this overview covered, I’d like us to switch gears and speak to some of the tax related industry challenges and pain points we’ve encountered in our conversations with our clients.
  • Absolutely Dan.OK, so CRA regulatory mandates require WM firms to provide relevant tax documents to their clients by specific deadline dates.This means that the tax form production and mailing process and the associated handing and postage represents a significant business cost to WM firms.Not only does this impact hard costs, but also takes a toll on soft costs related to staff resources, in what is typically a very compressed time frame each yearMany firms we speak with approach tax processing in a largely manual fashion, in-house or via service provider, and this is often a cumbersome and inefficient process that is difficult to manage and sustain, especially as organizations grow ….and it of course represents a tremendous cost Year over YearAnd when you combine the strict CRA deadline dates with the high volumes of tax forms that need to be administered through these legacy processes this all leads to a high exposure to risk and errors.First Poll: What are your main pain points during the tax season? 
  • “Doxim has been providing year-end services for over a decade now and during this time we have realised that there are many different stakeholders involved in in the year end tax processClient Services ask us for things like Custom forms work and special handlingCompliance obviously wants to see things done right, the first time and every time, within the strict guidelines of the CRAOperations want to find ways to streamline the process and provide enhanced services for print and, more and more today,electronic outputFinance of course wants to find ways to reduce the impact of the year-end tax processing on the bottom line as it can be extremely costly ifnot approached efficiently, with an eye on economies.DAN:Thanks Sean, now that we’ve got a good understanding of who the stakeholders are and how their needs have shaped the Tax pack service; let’s talk in detail around the 4 main parts of Doxim Tax Pack.(NEXT)
  • Absolutely Dan. OK, so over the years, our tax processing service has emerged as an offering that is firmly anchored by four main service pillarsFirstly Our Clients want efficientData Services: This answers the needs of operations for security, speed and helps reduce errorsNext, they are looking for Quality Output: This means secure production and dispatch of all the paper forms from receipt of data to delivery to the Canada Post. Electronic archiving is also become more and more popular. Initially as a value added service to clients but more and more as a precursor to Delivery or proint suppression initiatives to drive cost savings
  • Of absolute importance, and for many of our clients this one is top of the list, is Consistent Communication: What’s going on? Where’s my stuff? When is it arriving?And lastly, as our tax offering has grown and as we’ve garnered feedback from clients at the end of each tax season we’ve appended multiple Value Added Services that improvepresentation of tax information to customers and help drive significant cost savings.So Now that we’ve seen a high level overview, lets dive deeper in What TaxPack is and does
  • Not surprisingly, tax pack has evolved to accommodate the needs our customers have articulated, and consists of four compnents that reflect these needs exactlyData Services,Processing and Output, On Demand Communication, Value Added ServicesLet’s look at the details…(NEXT)
  • Firstly a quick diagram to set the stage with a bit of an end to end process flow Firstly we receive the tax form data from the clients back end data system. We process this data and make it accessible to the client via our year end portal for data validation and QC. Once this multi step process is completed a given batch or job is released for output and we push it through our print shop and dispatch it following customer requirements – which usially involves a combination of print, eDelivery and special pulls and holds – e.g. for hand delivery for high net worth clients
  • OK, so now let’s dive into the four main service pillars that comprise tax pack in a little more details
  • Our secure client portal provides several functionsFirstly it’s where we receive and process all tax form data. Once the forms are processed they can be accessed 24/7 for data validation. The portal hosts all the files that are generated during year-end – it is also the central archive for all processing, print and hold instructions from our clients .It’s essentially the client front end to all the year-end production activities. Let’s look at Data QC
  • Once the data has been received and processed the client can enter the portal and put in an account information – name , acct number, type etc to access the associated tax form, rendered on the screen \\The client’s form appears in PDF format(NEXT)
  • This allows them to do data validation and form QC in one step. The system is actually used for two QC steps The first is this data QC. The second is to QC consolidated form packages which we’ll cover later.Once QC is completed the client can make a GO or NO GO decision for production by approving a job or batch online, right in the portal. This significantly speeds up data validation and approval processes compared to a manual system
  • The next element of Taxpack concerns tax form output
  • Here’s a sample of an electronic Contribution Receipt loaded to Doxim Electronic Content Management or ECME tax forms provide several advantages Firstly it allows for easy access by a firm staff for CSR inquiry handlingWith an integration between an ECM and a client portal the forms can be made accessible to clients as well for self serve access This can be further enhanced by deploying push email notification to provide clients with notification that a tax form is available via the portalOnce this is all done, a Print suppression strategy can be implemented to reduce overall costs And of course,having tax form accessible online for staff and clients alike makes the whole reprint activity way faster, easier and more efficient
  • We have a lot of things happening involving a bunch of people all within a very tight timeline…Did you get the most recent pull file?Are the files generated yet?Are they available to validate?And even more questions…What keeps it all together.(NEXT)
  • Communication or on-demand access to information is always a good thing. This is especially so in the case of the year end tax process. There are a lot of moving parts and people want to know where everything is, what stage it’s at, when it will be ready and when it will be delivered We address this important need through two services
  • Firstly our live help desk, which is available throughout tax season, there to help with any inquiry you might have – whether it be administrative, or technical. We’re there to help
  • In addition, we have our Live production Board, which is accessed via a secure login screen on the Doxim website This provides everyone (including us) with 7/24 real time access to the status of every job that is in process with us Details about each job can be accessed by simply clicking on the job name
  • TheProduction Board provides information relating to:Print statusOnline statusJob sizeSpecial instructionsIn fact anything of importance to the tax form processIn addition, email notifications can be set up to be sent to stakeholders at milestone or ‘trigger’ stages such as: Data ready for validation, Job sent to print, job dispatched to CPC, Electronic tax forms loaded to Doxim ECM etc.
  • Information drill down can take you all the way down to the Electronic Statement of mailing that shows the job is Complete and lists the totals actually mailed So everyone can have immediate access to exact job status information at any time of the day or night.Other than significant cost savings, which I’m about to touch on, this is probably one of the key differentiators of the Doxim TaxPack offering
  • So finally, let’s take a quick look at the additional processing services in TaxPack that add value and reduce costs…(NEXT)
  • The first of these is forms merge Items like the CRA ‘T5’ mailing for investors can have multiple forms associated with it , such as the T5008 and RL3 plus WM firm generated reports such as a Transaction Summary and / or Income Summary. This creates a scenario where multiple mailings end up being sent to the same investor, which is of course very costly for the wealth management firm.Because all these forms contain the investor’s unique account number, Doxim can group or ‘merge’ all these documents into one envelope providing significant postage savings. Doxim also offers a similar service with its T3 consolidated package, which is CRA approved and, to our knowledge, unique in the industry
  • Just to put these cost savings into some real life perspective here’s some analysis we did for one of our clients after this past year. They only send out about 100K forms, so not such a huge number. And of course the savings per customer will vary based on how many forms they have (not all clients mail everything) and the offerings they utilize (not everyone does the T3 Consolidation for example). In this case, through consolidation we were able to help the client reduce the number of packages they mailed by about 50% leading to annual savings of close to $35K The biggest savings is postage, but clients also save in stock cost (envelopes and paper) and printing costs. -And this client is not even offering eforms online. By doing this and then implementing an e-opt in campaign this firm could further eliminate postage costs, easily adding another 10-15K of savings
  • The next example of a value added service is the custom cover sheet,The custom coversheet provides two main benefits. It allows a WM firm to use a standardized envelope for all its tax form mailing and it enhances client communications. No more requirement to print and hold multiple envelope variants to accommodate different tax form layoutsOur coversheet service automatically inserts the firm’s logo, positions the client name and address correctly and adds a firm specific client message. You can use the coversheet to explain what forms are included in a package and provide details of any changes in the current tax year that may affect your clients. And because we also support French / English data splits, cover sheets can be customized to the language of choice of the recipient
  • So that about covers itTo recap By subscribing to the Doxim TaxPackTM service, businesses can: Reduce Risk through superior data and QC processes that make validation easier and largely eliminate reprints through improved pre production validationBe assured of top notch print and electronic output, with integrated ECM, that helps to improve customer satisfaction via eDeliveryAccess Doxim’s live production board so they can know exactly where everything is in the process, any of the eh day or night Save costs with form consolidation, deliver a superior service through holds, pulls and special handling and deliver a superior and more secure tax package with customized cover sheets, including language localization. 
  • POLL“what feature would compel you to adopt a solution like taxpack?”
  • Sowhat’s next? Well if you are interested in TP we meet with you to discuss your end to end requirementsOut of this discussion comes a YE TP client kit that describes the services that we will deliver to you, key timelines and dates and of course pricingPOLL: Would you be interested in a viewing a demo of our Tax Pack solution?(NEXT)
  • We’ve listed some of the ways you can stay connected with Doxim and to keep abreast on the latest news, trends and developments impacting your industry.Now ill open the floor for our Q & A session. Sean we have some questions already lined from some of our attendees, but its not too late so please continue to submit any questions you might have and we’ll try to answer as many as we can. And if we don’t get to your question during the webinar I’ll ensure that someone follows up with you to address your inquiry.What is the price for the Tax Pack Service?A: It really depends on the number of clients and forms that you serve and process. (Initial one time Set up fee $8500 and the print and mailing are variable depending on volume)2) How do you differ from the similar offerings in the market?A: To the best of our knowledge we are one of if not the leading provider of tax season solutions.3) You mentioned that you help your clients drive eDelivery; this is of particular interest to me as it will further help me drive down costs. Can you elaborate a little on how you go about doing this?A: tracking eDelivery rates for clients, provide ebook on the topic of improving eDelivery, cost benefit calculator to reinforce the business case to strategically move the E, and a host of other things like on-envelope printing where you message recipients to move to E for example4) We really need experts to help us during the tax season – how long has Doxim provided tax season services?A: 10 years – a lot of companies serve many verticals and become jack of all trades and masters of none, but here at Doxim we are focused on serving the financial services industry as you may have noticed in our client base slide. Our years of experience and ability to remain agile and responsive help differentiate us from the pack (no pun intended).Id like to thanks everyone for attending today’s webinar, Taking the Stress out of Tax Season: The holy grail of tax form processing and distribution. If we didn’t answer your question during the webinar we’ll ensure that someone follows up with you after the webinar. And you can always stay connected with us via any of the methods listed on this page. Thanks again and have a great day.

Taking the Stress Out of Tax Season Taking the Stress Out of Tax Season Presentation Transcript

  • Sean O’Donovan | VP, Marketing & Products | Presenter Dan Kim | Product Marketing Manager| Moderator Taking the Stress Out of Tax SeasonThe Holy Grail of Tax Form Processing and Distribution
  • Agenda Doxim – Quick Overview Industry Challenges Industry Wants & Needs Doxim Year-End Tax Pack Additional Services Questions
  • Doxim Overview• Established in 2000,• Serving hundreds of Direct and Service Bureau clients in financial services• Year-end tax services• Client on-boarding and account management platform (OpenAdvantage®) • Account opening, account updating, account transfer automation• Doxim also specializes in automated document processing & ECM products & services • Paper & eDelivery of Statements and Confirms• Multi year recognition:
  • Doxim Overview 4
  • Top Tier in Client SatisfactionFollow Net Promoter Score Model Ranking Amongst the Best in• Focus on willingness to recommend the World:• “How likely are you to recommend Doxim to others” 73%• Promoters (9–10 rating) 70%• Passives (7–8 rating) 63%• Detractors (0–6 rating)• NPS = Promoters minus Detractors 53%• Ranges from -100% to +100% 46%• Best in the world are at 70% Rest of the Pack
  • Doxim Document CapabilitiesWe process and print 3.28 million tax forms annually Dispatched in just 679,000 packages With customer savings of over $1.5 million in postage 31.2 million statements and confirms are processed annually Consisting of 90.45 million impressions. 6
  • eDelivery Trends Average “opt-out from printed statement” > 50% Doxim top 10 percentile of clients > 85% eDelivery
  • Industry Challenges• Tax Form processing is increasingly complex and cumbersome• Manual and in-house processes are too inefficient to be sustainable• Substantial cost center YoY• A highly time sensitive process• Lots of pressure and opportunity to make mistakes
  • Year-End WorkflowImportant Stakeholders Client Services Compliance Operations Finance
  • What People Want & Need(1) Efficient Data Services  Secure Data Transfers  Online Data QC(2) Quality Output  Print / Insert Ready Files  ECM  Custom Archiving
  • What People Want & Need(3) Consistent Communication  On Demand Information  Automated Updates(4) Value Added Services  Custiom mapping/merging  Special Handling  Stock standardization
  • Tax Pack Process Flow 2 1 5 3 4
  • Data Services
  • Data Integrity Secure access to source  Enabling 24x7 access to data and „ready to print‟ monitor accuracy and files via the DOXIM reducing errors website
  • Data Quality Control Bill Clinton
  • Finished Form Online QC of the finished product reduces validation turn around.
  • Quality Output Quality Output
  • Synchronized Workflow:Print – Electronic Output Data Provider Doxim ProcessingPrinted / Mailed forms Electronic forms
  • Electronic Forms Access via Customer Portal  Reduce Postage E-Notifications  Streamline Reprints XYZ Wealth Management
  • Communication
  • Help Desk Responsive and Helpful Staff Technical and Administrative Support Focused on a Great Customer Experience
  • Live Production Board  Providing 24x7 real-time communications  Online access to detailed job information via Doxim website(1) View & Approve Jobs (2) Email Notification (3) Instructions & Delivery Confirmation
  • Live Production Board
  • Live Production Board
  • Value Added Services
  • Forms MergeRegular Forms Mailing Doxim Forms Merge Mailing Envelope #1 Envelope #2  Data validation  Exception handling Envelope  Automation marks #3
  • Cost Savings – Case StudyAnnual Client Savings:Based on approx. 100,000 tax formsPostage Savings: $28, 442Lettershop Savings: $5,595Total Annual Savings: $34,037**Based on savings achieved by one client. Savings per client will vary based on quantity offorms and services used from Doxim
  • Secure Custom Cover Sheets• Allows for envelope standardization• Opportunity for investor communication
  • Doxim TaxPack Benefits Data - Reduce Risk Output - Improve Efficiency  Improve validation access times to  Security number tracking tax forms  eDelivery with print suppression  Helps to avoid re-mailing costs  Simplified reprint process  Accurate pre-production validation and viewing of all tax formsCommunication - Lower Stress Value Add - Improve Satisfaction  Client enablement via online  Reduce postage costs production board and help desk  Improve special handling  On-demand validation and status  Security cover sheet: tracking tools. What you need to • Customizable communications know – when you need to know it. • More secure information delivery
  • Poll Don’t Be Shy… Help Us to Help You
  • What’s next?TaxPack Customer Package General Info  Updates Custom services Pricing
  • Connect With Us facebook.com/doxim @Doxim_Inc linkedin.com/company/doxim-inc. doxim.com/blog youtube.com/doximTV www.doxim.com