DALLAS:  BaCo Group, a Dallas-based CPA firm, is utilizing a new technology developed in-house to provide their clients with a first of its kind, real-time, accounting service, BaCo Tech. This service has allowed BaCo Group to help its clients navigate the ever-changing environment of COVID-19.

Using BaCo Tech, BaCo Group was able to help its clients apply for PPP loans quickly and efficiently, at no additional charge. BaCo Tech allows CPAs and their clients to have their files in the same workflow, resulting in instant access to a company’s current financial information. Through BaCo Tech, with no effort from its clients, BaCo Group can gather all the necessary data for its clients’ loans, and clients can track their subsequent spending to avoid having to send back money not used on the right expenses in the specified time frame.

“Whether it’s a tax code change, natural disaster or pandemic, something unexpected is bound to happen every tax season that impacts workflow and the CPA’s ability to effectively do their job. Clients are not concerned with our deadlines and reports; they are only concerned with running their business well and keeping the doors open,” said BaCo Group Founder and CEO Ford Baker.

“BaCo Tech gathers all client data automatically and syncs every evening so that CPAs can gather entries in real-time, making it exponentially easier to assist our clients with their SBA loan applications in the middle of tax season, no matter the current market uncertainties,” Ford continued. “With this technology, I was able to complete SBA loan applications involving 11 different entities in under four hours.”

By automating data gathering, BaCo Tech creates a bridge between the CPA and the client, translating the data into formats that are easily understandable for both parties in real-time, which is key to facilitating a mutually beneficial, synergistic relationship. Accountants no longer need to wait until the end of a month, a quarter or even a year to reconcile data. Through BaCo Tech, BaCo Group can access consolidated financial data for all their clients, using a single login from a web browser.

“BaCo Tech has built a great financial engine that helps me plan ahead for all of my companies,” said Lamar Carter, BaCo Tech user and CEO of All Access Telecom. “BaCo Group’s technology helps me look at the big picture for my companies. This technology puts me and my CPA on the same page, and that was never more evident than when Ford called me with our calculated loan amounts because their tech already had my current data that was needed for the loans. We were able to focus on keeping my companies thriving, not trying to decipher the SBA PPP loan guidelines.”

While it is currently only available to BaCo Group clients, BaCo Tech is currently working with CPAs and accounting firms interested in onboarding clients by the fourth quarter of 2020.