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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 keep pace and grow your business, you also know that you can’t stick to manual processing because of the billable time it costs. This is where tax software for professionals comes in. 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:

Flexibility

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 Labeling and Speedy 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.
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.

eSignature Convenience

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 simply enjoy a secure, efficient and highly convenient way of signing tax documents digitally.

Quick and Easy 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. On top of that, these programs generally allow you to easily go over the return summary, including forms.

Refund Maximization

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 you might expect, professional tax software can vary widely on many aspects, from features to pricing to customer service and more. Before selecting one, do your homework. And remember that it’s best to consider more than one prospective software. When you have options, you have points of reference to decide if a certain solution is indeed the one for you.