Managing taxes is an essential part of any business, and it's crucial to get it right. Not only are there various tax laws and regulations to consider, but each business has unique financial circumstances that must be taken into account. This is the reason why most businesses switch to tax firms to prepare taxes and file returns.
While a business owner can resort to hiring a tax firm to get things done, have you ever wondered how tax firms deal with the related challenges? This is where selecting the right tax software plays a vital role. The tax management software market was valued at US$ 5.24 billion in 2018 and is projected to exhibit growth at 10.4% CAGR during 2019-26 (Source).
With the right tax software, your tax firm can provide better service to your clients, reduce the risk of errors or omissions in tax filings, and ultimately save time and money in the long run. It also allows tax professionals to streamline their processes, automate tasks, and stay up to date with the latest tax laws and regulations.
Since there are so many options available in the market, selecting the right one can be tough. Let’s make it simpler for you. In this blog post, we'll explore some of the key benefits of using Drake tax software and how it can help you better manage workload, stay organized, and deliver high-quality services to your clients.
How Does Drake Help With Tax Management Needs?
If you are tired of spending countless hours manually managing your tax workflows, look no further than Drake software. This powerful tax software has features that can transform the way you handle taxes and help you save time and money.
From streamlining data entry to reducing the risk of errors in tax filings, Drake software has a range of capabilities that can revolutionize the way you approach tax management.
Quick Estimator
The Quick Estimator feature of Drake allows tax professionals to quickly and accurately estimate tax liabilities for their clients. With this feature, you can enter basic information about your client's income and deductions and receive an instant estimate of their tax liability. This can be especially helpful during tax planning sessions or when providing clients with estimates of their tax obligations.
The feature is easy to use and helps to save time and improve accuracy, thereby allowing you to deliver quality services to your clients.
Drake E-Sign
Drake E-Sign feature is meant for you to streamline the workflow and improve client experience. With this feature, your clients can sign and submit tax documents electronically, eliminating the need for paper documents and manual signatures.
The feature is secure and compliant with all relevant regulations, ensuring that your clients' sensitive financial data is protected at all times. It not only saves time and resources but also makes the tax filing process more convenient and efficient.
LookBack
When it comes to tax preparation, it's not just about the current year's taxes – it's also important to consider past tax years. That's where the LookBack feature of Drake software comes in.
Drake’s LookBack feature is designed to help you review and compare previous tax returns quickly and accurately. It enables you to easily access and analyze prior-year returns and obtain valuable insights that can support tax planning for the current year.
With this feature, you can also identify areas for improvement and ensure that your clients are maximizing their tax savings opportunities.
To get more information about Drake tax software features, you can read this comprehensive guide. The next important thing is switching to the cloud to access Drake software remotely. Around this entire concept, you might have several questions in mind. Let’s answer many of them here to make things easier for you.
1. Where Does Drake Hosting Fit Into the Picture?
Tax firms like yours face numerous challenges when it comes to managing their tax workflows, from maintaining accurate records to ensuring compliance with constantly changing tax regulations. One solution to these challenges is to switch to Drake Tax hosting, which offers a range of benefits over traditional on-premises software.
To understand the why behind this transition, let’s consider an analogy –
Imagine you're a chef and want to open your own restaurant. For that, you need a large kitchen with all the equipment to prepare delicious meals. You want to start with a small dining room with just a few tables to serve a limited number of customers initially.
Now, imagine you have the opportunity to have the option to rent a fully equipped kitchen that's closer to your selected location and start serving customers. This would save you the hassle and cost of investing in different equipment.
Renting the kitchen is similar to switching to tax software hosting. With Drake hosting, you can move the tax software and data to a more accessible location and take advantage of the benefits of a fully equipped hosting solution. You can access the software and data from anywhere, collaborate with team members and clients more easily, and reduce costs associated with maintaining physical infrastructure and hardware.
Just as the chef in this example can benefit from renting a fully-equipped kitchen and starting his business, you can also streamline tax workflows, improve security, increase flexibility and accessibility, and reduce costs by switching to tax software hosting.
2. Do You Really Need Drake Hosting Solutions?
For tax firms, traditional on-premise IT setups can present a host of challenges. Limited accessibility, security concerns, and lack of scalability are just a few of the issues that can arise when using local hosted Drake software. Cloud hosting offers a solution to these challenges, providing the flexibility and security you need to manage tax workflows effectively.
Without cloud hosting, you might often be limited by physical infrastructure and hardware, which can make it difficult to collaborate with team members and clients. On-premise setups can also present security risks, as sensitive financial data is stored on physical servers that may be vulnerable to breaches or data loss. In addition, these setups can be difficult to scale, making it challenging for you to respond to changing business needs.
Cloud hosting can address these challenges by providing you with the ability to access Drake tax software and data remotely. This increased flexibility and accessibility allows you and your team to work and collaborate more effectively with the clients. Drake hosting providers like Ace Cloud Hosting also typically offer robust security measures, including encryption and regular data backups, to ensure the protection of sensitive financial data.
Besides this, cloud hosting is scalable and allows tax firms to easily add or remove resources as needed to meet varying business needs. With this flexibility, you can respond quickly to changes in demand and avoid the high upfront costs associated with on-premise setups.
3. How to Find a Reliable Tax Software Hosting Provider?
Finding a reliable cloud hosting provider can be a daunting task for tax firms, especially with so many options available. The right provider can make all the difference, providing you with the flexibility, scalability, and security you need to manage tax workflows. But with so many options, how do you know which provider is right for your business?
- The first step in finding a reliable Drake hosting provider is to assess your business needs. What features do you need in a hosting solution? What are your security requirements? What is your budget? Answering these questions will help you narrow down your options and find a provider that meets your specific needs.
- Next, do your research. Look for reviews and testimonials from other tax professionals who have used the provider's services. Ask for recommendations from colleagues or other trusted sources in the industry. This will help you get a better understanding of the provider's reputation and reliability.
- Once you have narrowed down your list of potential providers, take the time to evaluate their security measures. Ensure they have robust encryption protocols in place, regular data backups, and other security measures to protect your sensitive financial data.
- Finally, don't be afraid to ask questions. Reach out to the provider's customer support team and ask about their service offerings, pricing, and support options. This will help you get a better understanding of what to expect from the provider and whether they are the right fit for your business.
In conclusion, finding a reliable cloud hosting provider requires a bit of research and due diligence. Assess your business needs, do your research, evaluate their security measures, and ask questions to find the right provider for your tax firm.
