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With so many options available on the market, it can be confusing to choose the right tax software solution for your business. Knowing your operations well and the tools it needs to ensure compliance can help lead you in the right direction.
As one of the leading commercial hosting providers in North America, we consistently work with clients who’re using QuickBooks cloud hosting and want a robust tax solution that can take care of their compliance requirements. To meet their needs, we’ve expanded our hosting services to include five tax software solutions:
- ProSystem fx
Let’s take a quick look at the top features offered by each so you can determine if it’s the right option for your organization.
Drake is a professional tax software designed to meet the state and federal returns requirements of small and medium accounting firms. It offers several great features that can simplify and accelerate the tax returns process for timely preparation. Top features include:
- Time savings – Drake Tax is focused on helping accountants save time through automation and by simplifying tasks. There are several shortcuts and macros that reduce keystrokes and make data entry much simpler.
- Simplified Import and Export – Data migration is streamlined with Drake Tax as it offers K-1 export and 8615 exports. Users can also benefit from D import scheduling, trial balance import, and end-of-year balance import.
- Quick Planning and Visualization – The Drake Tax Planner tool can help you quickly visualize multiple tax scenarios and tweak reporting options. For instance, users can better help clients understand how factors such as their income, marital status, and dependents will affect taxes.
- Customer Service – Drake offers incredible customer service and is even ranked number one in the 2018 Tax Software Survey support and as the highest recommended tool for new practices.
ProSeries is a tax preparation software solution by the financial software giant, Intuit. ProSeries enables highly accurate and compliance-driven tax filing for small businesses, accountants, and individuals. It works best for accounting professionals looking to enhance client servicing and returns filing. Top features include:
- High Accuracy – The data input assistance features help users fill in tax details in forms more accurately and minimizes human errors. It uses information from the large existing knowledge base to provide on-screen help and line-sensitive help.
- Client Management Solutions – Intuit’s products are always highly customer-centric, and so you’ll find a range of in-built tools that allow easier tracking of e-files, managing progress, client status information, and missing data.
- Tax Planner – The ProSeries software also comes with in-built tax planning tools that allow users to estimate payments for the current year and beyond.
- Integration Capabilities – ProSeries software can integrate smoothly with popular third-party add-ons such as QuickBooks, SmartVault, and eFileCabinet for complete financial process integration.
Lacerte is another tax management software offered by Intuit that comes with a comprehensive set of solutions for tax preparers. It provides a wide range of features that don’t come with most tax software solutions and is designed to work for businesses of all sizes. Top features include:
- Intuitive Interface – Lacerte has a unique and highly user-friendly interface that allows users to file returns faster and with relative ease. Customizable columns, worksheet-based designs, and quick data review tools make it ideal.
- Extensive Form Library – Lacerte offers over 5,700 forms that work for a variety of clients and business types. It supports K-1s, multi-state, and tax data import capabilities that help avoid manual data entry processes.
- High Accuracy – Lacerte runs over 25,000 extensive diagnoses that help prevent errors and omissions. Users can even run specific tax reform diagnostics and e-file reviews.
- Integration Capabilities – Lacerte can also integrate smoothly with popular third-party add-ons such as QuickBooks, SmartVault, and OfficeTools for complete financial process integration.
The ATX professional tax software is used by tax preparers worldwide for its availability of forms and interactive dashboard that simplifies tax filing. It’s designed for CPAs and small to mid-sized firms that want a simple and intuitive solution. Top features include:
- Intuitive User Interface – The ATX software comes with easy navigation capabilities that allow users to work on up to three forms at the same time. It’s excellent for novice users, too, because it gives the feeling of filling out a physical tax form. Users can also view updated IRS instructions quickly within the software.
- Interview Tool – This tool is easily the most interactive and innovative feature of the ATX software that separates it from the rest. It enables tax preparers to fill out the form in a way that seems like answering interview questions. The information gathered during the interview is automatically filled into the form.
- Client Letters – When tax professionals need to communicate with clients to request information or update them, the ATX software includes templates that can be easily customized and sent to clients for quicker and clearer communications.
View our ATX tax software cloud hosting services.
5. ProSystem fx
The ProSystem fx system comes with enhanced file optimization and management features for small to mid-sized firms. According to the 2020 Tax Software Survey conducted by the Journal of Accountancy, ProSystem fx was ranked highest for both accuracy and ease of use.
- Extensive Number of Forms – The software contains a plethora of tax forms that cover filing for state, federal, and county taxes. Additionally, users can also buy different modules such as Partnership, Individual, Estate and Gift, Corporation, Employee Benefit Plan, and more and get access to more customized forms.
- Accuracy – ProSystem fx also comes with interactive reports that can be used to identify and correct any mistakes and inconsistencies in tax returns. Interactive reports include Estimates, Diagnostics, Overrides, Reversed Tick Marks, and Input Overrides.
- Worksheets and Interview Forms – ProSystem fx comes with both worksheets and interview forms that can be used to fill in the information using a method preferred by the users. This helps streamline information in a presentable manner with minimal hassle.
Choosing the right solution for your firm starts with an internal review of your processes and priorities. For instance, if you’re a larger firm with multiple business units, Intuit Lacerte might be better suited to your needs. On the other hand, if you’re a small business that’s planning to scale gradually, ATX might be better.
One thing we can say for sure is that small businesses can enhance the functionality of any tax software solution by opting for cloud hosting services. A secure and flexible cloud platform ensures that all your information is updated in real-time, and you have 24/7 access to your tax collaboration. The added advantage of the cloud offers enhanced information, easy communication with clients, and streamlined tax processing and management.
As one of the leading hosting service providers in the world, gotomyerp offers excellent hosting services for all your business and financial management needs. Apart from tax software hosting services, we also offer best-in-class Sage cloud hosting and QuickBooks cloud hosting services in North America. Not only do you get superior quality services, but also excellent after-sales support, including licensing, optimization, data migration, training, and continued support.