Hedge Fund Software Heralded for Helping CPAs Survive Tax Season

14 April 2015
Mt. Kisco, United States

Although Penny It Works® is known primarily for its sophisticated fund accounting and fee calculations, the award-winning software is a lifesaver for tax accountants.

(Mt. Kisco, NY) Although Penny It Works® is known primarily for its sophisticated fund accounting and fee calculations, the award-winning software is a lifesaver for tax accountants.

As the 2014 tax season started, the accounting firm of Muhammad Akram CPA was looking for a way to spend less time performing the complex mechanics of tax allocations. After engaging in an in-depth search of all the investor accounting software on the market they chose Penny It Works from TKS Solutions.

Although the Penny It Works software is known primarily for its sophisticated fund accounting and fee calculation features, the award-winning hedge fund and private equity accounting software also includes a tax module. The Penny It Works tax module has been deployed by fund administrators, tax accountants, and hedge fund back offices to calculate thousands of tax returns, handling layering and aggregate allocations as well as producing K-1s with supporting schedules.

Although Penny It Works® is known primarily for its sophisticated fund accounting and fee calculations, the award-winning software is a lifesaver for tax accountants.

As the 2014 tax season started, the accounting firm of Muhammad Akram CPA was looking for a way to spend less time performing the complex mechanics of tax allocations. After engaging in an in-depth search of all the investor accounting software on the market they chose Penny It Works from TKS Solutions.

Although the Penny It Works software is known primarily for its sophisticated fund accounting and fee calculation features, the award-winning hedge fund and private equity accounting software also includes a tax module. The Penny It Works tax module has been deployed by fund administrators, tax accountants, and hedge fund back offices to calculate thousands of tax returns, handling layering and aggregate allocations as well as producing K-1s with supporting schedules.

According to Mr. Akram, “Penny It Works handles complicated tax functions such as fill-up, fill-down, and both the aggregate (partial netting and full netting) and layering methods to allocate capital gains/losses and track accurate partners’ tax basis. Penny has sophisticated reporting capabilities such as detailed partners’ schedules, partners’ letters, footnotes, reconciliation between taxable and book income, and generates accurate K-1s within a minimum time period during the tax season.

The daunting task of tax season will never be the same again for the CPA firm. Looking ahead to the 2016 tax season, Mr. Akram says "my team is no longer concerned about being inundated, largely because we know we have the Penny tax module to help with the heavy lifting".

About Muhammad Akram, CPA, PLLC

Muhammad Akram, CPA, PLLC provides audit, tax and advisory services that offer clients a cutting-edge advantage in navigating a complex and volatile business environment. In today’s high-speed, high-growth and high-stakes market, tailored client service is needed more than ever before.

As demand for strong governance, compliance, infrastructure and operations reaches on all-time high, Muhammad Akram helps build a strong foundation to achieve peak performance for funds and their investors.

About TKS Solutions

TKS Solutions is the firm that brings you the acclaimed software, Penny It Works®. TKS is a registered Microsoft partner offering specialized partnership and shareholder accounting solutions for the financial industry. Penny It Works® is used to manage upwards of 600 onshore and offshore funds with more than $450bn in AUM.

The award-winning system provides automated and instant access to detailed investor data, performance, fees, and transactions.

Penny’s open architecture facilitates easy integration with portfolio accounting systems, data warehouses and proprietary solutions. Penny is tailored to the specific needs of leading hedge funds, fund of funds, private equity firms, fund administrators and management companies with assets under management ranging from $50 million to $60 billion.

Visit the Penny It Works website (www.pennyitworks.com) to find out more about the software.

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