Growing Your Tax Preparation Business with Professional Tax Software
As a tax professional, you know that your world is ever changing. 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.
Below are some of the key advantages of using tax preparer software for professionals:
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.
Simplified Organization and Fast Data Extraction
With good professional tax software, you can label and organize your clients’ source documents automatically, making it easy for you to find and identify your electronic 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 take advantage of this secure, convenient and efficient way of signing tax documents through digital technology.
Quick and Easy Error Correction
We all know that accuracy of returns is crucial to reducing IRS rejections. 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. 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 to the tax preparation business – it retains old clients and brings in new ones.
As you might expect, professional tax software can vary widely on many aspects, from features to pricing to customer service and more. Before you choose one, do your research. 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.