Tax & Accounting Blog

Same Clients, New Dollars: Driving Revenue with UltraTax CS Data Mining

CS Tax & Asset Management Solutions May 27, 2014

Part 1: What’s Data Mining?

You already know that existing clients are your best source of new business. And with tax season behind you, now is a great time to step back and think about ways to generate new revenue. If you’re an UltraTax CS user, you already have a powerful way to do just that using data mining capabilities that are included in your software.

Data mining uses data that’s already stored in UltraTax CS to pinpoint existing clients who may benefit from additional services. Powerful searching and filtering features make it easy to identify the right clients, and automated email and mail merge tools provide a quick way to contact them and gauge their interest. Your clients will be impressed that you’re looking out for their best interests, and you’ll gain increased revenue and improved client loyalty.

I’ll be posting a new blog every two weeks with step-by-step tips on how to use data mining to find and contact clients who may be interested in a variety of value-added services. They include:

  • Clients who may be subject to Required Minimum Distributions.
  • Schedule C Sole Proprietors who may benefit from reorganization as an S-Corporation.
  • Clients approaching Social Security eligibility who may benefit from advice on when to begin drawing benefits.
  • Clients who may want to consider conversion to a Roth IRA as part of their tax planning strategy.
  • Self-employed clients who may benefit from opening a retirement account.
  • 1040 Schedule C, 1120, and 1065 clients who have gross receipts and are paying wages yet are not claiming the Domestic Production Activities Deduction.
  • Clients who may benefit from state-specific tax credits.
  • Clients who were subject to a Form 2210 underpayment penalty in prior years and may need a reminder to pay estimated payments.

Come back on June 10 for the next entry, which will show you how to use data mining to find self-employed clients who may benefit from opening a retirement account. Until then, feel free to post your comments and questions below; I’ll do my best to answer them.