Magnetic

What is Magnetic?

Magnetic is a specialized tax preparation automation platform designed to eliminate manual data entry for tax professionals. The platform uses advanced OCR technology combined with intelligent recognition systems to scan, extract, and automatically enter client document data into existing tax software. Supporting over 94 different document types with 99.8% accuracy, Magnetic integrates seamlessly with major tax software providers including Thompson Reuters, Intuit, Wolters Kluwer, and Drake. The platform handles everything from document organization to form entry, allowing tax professionals to focus on client relationships rather than repetitive manual work.

Key Features

• Advanced Document Processing

  State-of-the-art OCR technology that handles over 94 document types with 99.8% accuracy, including handwritten notes, photos, and messy scans.

• Seamless Software Integration

  Direct integration with all major tax software providers, automatically entering extracted data without requiring workflow changes or retraining.

• Automated Document Organization

  Built-in system that creates bookmarked, organized workpapers with automatic tick boxes and combines everything into a single PDF for review.

• Smart Contact Management

  Centralized customer database with enriched profiles, intelligent search filters, and comprehensive interaction history tracking.

• Quality Assurance System

  Transparent review process showing exactly what the system detected and entered, with automatic verification checkboxes for every form field.

Use Cases

• High-Volume Tax Firms : Large tax preparation firms can process hundreds of returns more efficiently by eliminating manual data entry bottlenecks during busy tax seasons.
• Boutique Tax Practices : Small firms handling complex returns for high-net-worth clients can maintain quality while scaling operations without additional administrative staff.
• CPA Firms with Staff Shortages : Practices facing the industry-wide CPA shortage can maintain capacity by automating time-consuming document processing tasks.
• Tax Professionals Seeking Work-Life Balance : Individual practitioners can reduce overtime and burnout by automating repetitive tasks while maintaining accuracy and client service quality.

FAQs