Rivet Advisors Automates Complex Returns Without Sacrificing Quality

Rivet Advisors Scales Complex Returns Without Sacrificing Quality

How Magnetic helped a San Diego firm streamline prep, reclaim time, and grow during the 2024 tax season.

Overview

Rivet Advisors, a boutique San Diego-based tax firm, specializes in complex individual and business returns for high-net-worth clients, many of whom are retired, actively invested, or involved in multiple partnerships. For the 2024 season, with just two tax professionals and no administrative staff, they faced a daunting task: managing high-stakes returns under tight deadlines without burning out or compromising quality.

The Challenge

Rivet’s tax professional team was handling everything - from client outreach and document collection to workpapers, leadsheets, data entry, and a double-review.

With so many clients having large and/or complicated forms, including K-1s and consolidated 1099s, Rivet’s limited capacity during peak season meant every hour mattered. They needed a solution that could scale up and down with their workload, while maintaining the accuracy their clients expected.

The Magnetic Solution

Magnetic became Rivet’s on-demand prep team, assisting during the busiest points of the season. Our role:

• Created bookmarked workpapers and structured Excel Workbooks

• Flagged year-over-year discrepancies and missing documents

• Pre-filled UltraTax and the leadsheet with data from client documents

This saved Rivet an average of 1-2 hours per return, enabling them to offload the more tedious manual prep work and focus on the higher value work in the return.

Looking Ahead

For boutique firms like Rivet, the ability to flexibly scale during tax season without hiring or outsourcing offshore is a game-changer. Magnetic gives them the power to grow without the grind.

“Magnetic made a huge difference this tax season! They were quick, responsive, and accommodated our existing processes to keep things running smoothly. The quality of the work was also notable; even on technical forms, they produced work that I would expect from a 1-2 yr staff accountant. Will absolutely use them again next year!”
— Sarah York, EA and Owner