Professional Tax Software and How It Grows Your Tax Preparation Business
As a tax professional, you know you live in an ever evolving world. In terms of keeping pace and growing your business, you also know that losing billable time with manual processing hardly helps. This is how professional tax preparer software comes in handy. These are basically computer programs that allow you to work with greater efficiency, ease and value for your clients.
Here are the main benefits of using software for tax 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 also usually be synced with one another, so if you want to, say, view Itemized Deduction, you will also be automatically shown Schedule A and last year’s Itemized Deductions.
Simplified Labeling and Speedy 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.
Tax software for professionals typically comes with eSignature, which lets you save time and money, avoid IRS problems, and more. You and your clients can simply enjoy a secure, efficient and highly convenient way of signing tax documents digitally.
Quick and Trouble-free Error Correction
We all know that accuracy of returns is crucial to reducing IRS rejections. 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. Moreover, most of these programs will also let you review a summary o fthe return easily, including forms to be filed, refund, tax, AGI or balance due.
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, it’s better to consider several products instead of just one. When you have options, you have points of reference to decide if a certain solution is indeed the one for you.