Tax preparation process, whether for individual or for a business, involves meticulous sifting of data as well as careful input of all the data. This require tremendous input in terms of time as well as human resources .Tax preparation software is essentially to optimize the time requirements in filing respective tax returns as well as reducing human errors in input of data. There are a number of Tax software available such as Lacerte, Taxwise, Proseries, Taxworks, Drake and Ultratax each having their own strong points.
Online tax software
There is another variety of tax software which helps you in preparation of tax filing online .The key difference between the previous group of software and online tax software is that, the latter allow the accounting professional ability to work on their files from any palace through online access. One such example of good tax software is TurboTax. Also for online tax software, the user subscribes to the licenses and has no copy of the software as well as the backup is made at the service provider end. But for other software such as Lacerte, the user has to buy the copy and install the software at their own end.
Third party application Hosting
So the main issue in raising the efficiency of the tax preparation process is any time access to your files .But it is possible that the accounting professional is accustomed to using some software such as Lacerte and is not willing to shift to any online tax software, as it will require some new learning on the part of the user and at the same time want to have always on access to their files through online connection. It is specifically in this situation that the role of third party application hosting gains importance.
Besides numerous advantages, to be discussed in forthcoming sections ,the main strength of tax software hosting lies in the fact that it allows you the flexibility to access any tax software that you are using from any time anywhere. Secondly, instead of creating a complete new platforms as done by online tax software tools, tax hosting, actually accentuates the most positive features of the tax software you are using.
Let me explain through the example of Lacerte, the commonly used tax software in US accounting profession and rated number one tax software by AICPA.
• Lacerte has strong features in terms of workflow sheet design for fast data input and easy navigation between different forms.
• The software has features such as fagging of inconsistent data for reducing errors and at the same time have comprehensive forms and calculations so that even the most difficult tax preparation is easy.
• As a critical value addition, Lacerte tax software help you to summarize all of clients data encountered during the tax preparation process so that they get valuable insights into their business.
• Most important of all the software comes with inbuilt e-filing features as well as tracking feature whether your files have been accepted or not
• Lacerte comes with multi user facility which helps you to collaborate with different persons within your local network.
Now Intuit also offers Lacerte Tax planner as well as Lacerte Document management system. Lacerte Document management system help you to store and access the client’s file electronically. Lacerte tax planner help the accounting professional to devise customized strategies for reducing your client’s return tax liability.
Now with the background of well received tax software, I will point out how hosting such software such as Lacerte will add efficiency, both in terms of time, cost saving and collaborative use of Human resource besides saving a lot on the front of IT infrastructure maintenance. We have already discussed that tax software hosting allows anytime anywhere access to all your tax files, which is a feature also included in the online tax preparation software. Now moving on to the other important features.
In Tax software , the licensed copy of your tax software is installed and run on terminal servers .This means that you access the virtual copy of the installed software and any changes you make at your end , a corresponding change is made at the copy run on the terminal servers .I am explaining it to you as this process ,and this process only ,make the sea changes in the way you access the tax application which feature is lacking in the Online tax preparation tools. In online tax preparation software, each file or form which you have to work upon has to be downloaded and then retransferred to the application provider for admitting the changes. But in terminal server hosted tax software, since the application is installed and run on the servers and a virtual copy is running at your end ,you access the application just like a local desktop interface. Consequently, you access your program at fast speed compared to the online tax software.
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