Texas Capital Bank

Background

Texas Capital Bank is primarily a commercial bank that started in 1998. Today, with over 20 billion dollars in assets and 12 branches throughout the state, Texas Capital (TC) also owns Bank Direct for internet banking and Association Capital Bank that helps manage funds for homeowner’s associations, but this venture is winding down.

Texas Capital Bank’s Need for Change

In 2013, Cathy Reynolds, the Vice President of Client Operations who manages the centralized maintenance of the banks, including all of the tax reporting, found that her current vendor wasn’t keeping them in compliance with their required state reporting as they expanded the bank’s services and offerings, which was very important and concerning to them. Also, B-Notices were on the rise, but their vendor didn’t help with these. Cathy realized it was time to make a change.

It was at a conference that she happened to speak with representative from Sovos (formerly Convey), and was impressed with what she heard. She signed up for Real Time TIN matching and Bulk TIN matching and her organization found the applications easy to use. These services served the bank well and helped substantially cut down on B-notices.

Moreover, this other vendor for Texas Capital that handled the rest of their internal tax information reporting responsibilities did not provide enough insight into the reporting they provided. They did not offer a good archival system, required a manual corrections process and not enough documentation every year to handle abatements successfully. Cathy felt that as a client they lacked control over their own reporting and without enough transparency or their ability to handle state reporting, she did not have enough confidence in their current vendor.

Expansion of Sovos Services

Therefore, in 2014, based on her positive experience with Sovos, Cathy decided not to renew their current vendor and instead to expand her portfolio of Sovos solutions by adding on the Compass research tool, Solicitation assistance, Print services and Taxport with Managed Services. Cathy admitted she didn’t have time to look to any other vendors, but she also felt no need to explore other options, because she liked her experience with Sovos and wanted to work with Sovos more.

Cathy and Nargas Haghighi, a tax reporting specialist who reports to Cathy, both found that the implementation process of bringing Taxport online for Texas Capital was “really pretty incredible. Everything was so smooth. We kept waiting for the other shoe to drop, but our project coordinator kept everything on track every step of the way. She provided all the documentation we needed, made us aware of timelines and told us exactly what was needed and when to do each next step. She kept us on task and even the mapping was pretty easy.”

In fact, even though Cathy and Texas Capital signed their contract with Sovos in December of 2014, thanks to Sovos managing the implementation really well and a ‘pretty seamless’ transition to their Sovos training coordinator, who answered all their questions and worked with them so closely, they were able to successfully file everything required for tax season on time in January.

The Benefits

Cathy truly believes that a key to her organization’s success is using Sovos Managed Services and that this is a driving factor for many reasons, including:

  • Managed Services handles all the federal and state reporting, which has helped reduce penalties and achieve full compliance.
  • The power of subject matter expertise at Sovos to stay on top of all regulatory and legislative changes helps boost confidence because Texas Capital knows the forms are correct and accurate.
  • The insight Sovos provides in being able to look at all the data and reporting for the current tax year and for several years back has helped them handle B-notices, abatements, reconciling data and many other issues.
  • The control Cathy and Texas Capital wanted and now has over their tax reporting processes by working hand in hand with Managed Services when it comes to checking data before sending out forms or transmittals as well as making corrections has allowed them to shape and refine their processes.
  • The unparalleled support and customer service Sovos provides helps create much needed peace of mind and an enjoyable experience for fulfilling requirements that are often stressful and tedious.
  • The updates, education and thorough explanations via emails, phone conversations, webinars and SovosCon help make all the information digestible and managing the process much easier.

The Result and a Future Featuring Even More Sovos Solutions

Cathy would and has recommended Sovos to many others and will continue to do so, especially to peers who are doing tax reporting themselves in-house. She strongly advocates to let Sovos Managed Services do the heavy lifting because of their expertise, support and user-friendly approach.

Today, Cathy wants to use Sovos for ALL of Texas Capital Bank’s tax reporting needs. She would like to fold the brokerage and wealth management divisions in to also be supported by Sovos. She has been so impressed with the services, quality and ease of use with Sovos that she feels it only makes sense to consolidate and centralize all tax reporting within the organization, entrusting Sovos as the bank’s sole trusted vendor for all their tax reporting responsibilities.

Texas Capital Bank Client Success Story