Growing Your Tax Preparation Business with Professional Tax Software
As a tax professional, you know you live in an ever evolving world. 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 professional tax preparer software comes in handy. Basically, these are computer programs that let you work more easily and efficiently, and with greater value for your clients.
The following are the biggest benefits you get from professional tax software for preparers:
Most software or applications for tax professionals offer a multiple window feature which enables you to view more than one set of data (Input, Prior Year Input, Forms, etc.) in one screen. Forms also usually come synced with one another, so if you were navigating to your Itemized Deduction entry, the software will automatically show you Schedule A and Itemized Deductions entries in the past year.
Simplified Organization and Fast 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.
Also, you will be able to automatically pull out data from the processed source documents to be directly moved into client ta returns in the software, thereby drastically reducing data entry.
Convenience of eSignature
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 to reduce IRS rejections, it is critical that your returns are accurate. With good professional tax software, you can use diagnostic tools that let you spot potential inconsistencies in tax information, check your work with an overriden entries list, and navigate e-filing errors linking to the particular form that requires correction. 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 to the tax preparation business – it retains old clients and brings in new ones.
As we’d all expect, tax preparer software can differ significantly on many points, such as pricing, features, services, etc. Before choosing one, make sure you 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.