Adding Your First Client is the first step to producing a report. We suggest starting with a test client such as Jane Doe. Investing a few minutes experimenting with Jane and familiarizing yourself with how RCReports works will pay big dividends when you begin using RCReports with your clients.
Begin by clicking on the clients tab on the left hand side of your dashboard.
Next select “Add New Client” in the top right.
The four fields below are the only required fields; however, you can send emails to your client straight from your dashboard if you choose to include their email address. We suggest entering your email address so you can see what these emails look like.
Once you select “Create Client”, their client profile will open and you are ready to run your first report.
After creating a Client Profile you are ready to select the appropriate report type and approach.
- Select the client you wish to run a report for from the Clients tab, and then click New Report.
- Four report options will drop open. For more information on the purpose of each report click on the info icon.
- After selecting the report type, select the approach you would like to use for the report.
- For more information on each approach and help selecting the appropriate approach for your client, click on the info icon. (The three approaches are outlined in the IRS job aid on Reasonable Compensation).
The next steps will vary slightly depending on the approach you selected.
Go To Step Three: Completing the Interview
After selecting the report type and approach RCReports will gather required information to produce the report. The method RCReports uses to gather this information will vary slightly depending on the approach selected.
The Cost Approach: AKA the many hats approach gathers a lot from information on the varied tasks performed by the business owner. Because of this the interview can be completed by you or your client.
After selecting the timeframe of the report you can open the interview and enter the information on your client’s behalf. To make gathering the required information as simple as possible you can download a Paper Version of the online interview and have your client fill it out.
OR send an email invitation to your client and they can complete the online interview when it’s convenient for them. Once your client finishes the online interview, RCReports will send you an email notification that the interview has been completed.
When completing the interview from your dashboard, the interview will open in a new tab in your browser.
Please Note: The online interview is branded with your firm’s information and the URL is masked. If your client completes the online interview they will not be able to connect it to RCReports.com.
The online interview is simple and easy to complete. If you gather the information from your client in advance, it should take you less than five minutes to input the information. If your clients complete the online interview on their own it will typically take them about 15 to 20 minutes.
The Market Approach: AKA the industry standard approach is short and only requires about a handful of inputs. Because of this the interview will open in your RCReports dashboard. (There is no option to have your client input this data). To make gathering the required information as simple as possible you can download a Paper Version of the interview and have your client fill it out.
- Select the timeframe, occupation and location.
- Then the information specific to your client and their business.
- Select Convert to Report and Save
The Income Approach: AKA the independent investor's test is short and only requires four inputs. Because of this, the interview will open in your RCReports dashboard. (There is no option to have your client input this data). To make gathering the required information as simple as possible you can download a Paper Version of the interview and have your client fill it out.
- Select the timeframe, and input the other required information.
- Select Convert to Report and Save
Go To Editing the Interview
Reports are editable for up to 30 days and will display as a Draft. After 30 days the report will automatically lock and the draft watermark will disappear. Use the Lock Report function if you need to finalize and lock a report before the 30 day edit period is up. Locking a report is final and cannot be undone.
- Select the client you wish to edit a report for from the Clients tab. After the clients profile opens locate the report you would like to edit, click on the options drop down to the left of the report and select edit interview.
The process for editing reports will vary slightly depending on the approach used.
The Cost Approach: Just as in the initial interview, edits will take place in a new tab in your browser. To edit the interview revisit the sections requiring changes. All sections of the cost approach interview are editable EXCEPT location.
- IMPORTANT: Make sure you click on Save & Continue all the way through to the end of the interview or your changes will not be saved!
The Market Approach: Just as in the initial interview, edits will take place in your dashboard.
- To edit industry, year, occupation or location select Previous.
- Select Save Updated Values.
The Income Approach: Just as in the initial interview, edits will take place in your dashboard.
- Make any needed edits and select Save Updated Values.