Professional Tax Software and How It Grows Your Tax Preparation Business
If you’re a tax professional, you know how dynamic your world can be. If you want to catch up with the changes and grow your business, you also know that manual processing makes you lose billable time and thus barely helps. This is how software for tax professionals makes a difference. These are essentially computer programs created to make your work more efficient and add value for your clients.
The following are the biggest benefits you get from professional tax software for preparers:
Most tax preparer software come with a multiple monitor feature that allows you to view several windows – for example, Input, Prior Year Input, etc. – in one screen. Forms will as well be synchronized with one another, so if you were to go to your Itemized Deduction entry for example, you will automatically be able to view Schedule A and the past year’s Itemized Deductions entries.
Straightforward Labeling and Quick Data Extraction
Good tax preparer software comes with a feature that lets you automatically label and organize the source documents of your clients, which means you’ll find it much easier to find and identify them in your e-files.
You can also move data from the processed source documents directly into the software, reducing data entry considerably.
Convenience of eSignature
Professional tax preparation software usually comes with eSignature, allowing you to save money and time, as well as avoid IRS hassles and more. You and your clients can make use of this efficient and secure digital method of signing tax documents.
Quick Location and Correction of Errors
We all know that to reduce IRS rejections, it is critical that your returns are accurate. Good tax preparer software lets you find mistakes more easily, inspect your returns with an overriden entries list, and locate e-filing errors linking directly to the specific form that must be corrected. On top of that, these programs generally allow you to easily go over the return summary, including forms.
Finally, by using tax preparer software, you will be able to review different tax scenarios for your clients, save these scenarios for future reference, or add or replace data in the current return. Efficiency is important for any tax preparation professional as it not only retains old clients but also keeps new ones coming.
As we’d all expect, tax preparer software can differ significantly on many points, such as pricing, features, services, etc. Before selecting one, do your homework. And remember that it’s best to consider more than one prospective software. With options, you have points of reference to decide if a particular solution is indeed the one you need.