Taxes are inevitable, and as the dependency on technology grew, tax software became equally unavoidable for taxpayers. The market offers a number of options to pick from, and Drake tax software is one of the most reliable ones.
The software is equipped with almost all the tax forms that one may require while filing income tax, and it also commands heavily for its simplistic user experience. From generating a tax summary to e-filing, there is a lot that Drake tax software is capable of doing.
Here are some of the practices that can be adopted with Drake software to attain the maximum convenience and maintain error-free tax records:
1. Integrating With the Accounting Application
Accounting and taxes go hand in hand, especially when considering the case of the income tax. This leads to the importance of getting an accounting application and Drake tax software in sync.
The biggest advantage that it brings is with the data entry. Once integrated, Drake can import the data automatically from the commonly used accounting software.
Most of the leading accounting software, such as – QuickBooks, can automatically sync the financial transactions from bank accounts and other payment accounts.
You may like to read: How to import data from QuickBooks into Drake tax software
So, the integration with Drake not only reduces the stress of manual data entry but also minimizes the chances of error involved with it.
2. Host Drake Tax Software on Cloud
With various financial needs, cloud technology has been solving a number of problems and lending comfort in doing operations. Cloud gives the same power with the hosting of Drake tax software. For the users, who are always in a rush and don’t get time to do taxes at their workplace, shifting to the cloud is possibly the most admired solution.
Hosting Drake on the cloud will allow you to access the tax information using any device – laptop, mobile, or desktop, along with remote access protected by secure login credentials. Multi-user collaboration also offers improved capabilities over the cloud.
Drake hosting also safeguards data from accidental losses due to hardware failure or device theft. This is because data is backed up in geographically remote data centers.
Furthermore, cloud hosting providers take various security measures to ensure data safety from virus and malware attacks, DDoS attacks, unauthorized access, and more.
3. Preseason Preparations
Nothing can replace the benefits of starting early. To help you with that, Drake tax software brings built-in features for preseason preparation. These features offer several options to manage the prior-year returns, client files, etc.
The use of different features offered by Drake software ensures that you can escape the immense pressure during the tax season as most of the form details will remain ready. So, all that you will require doing is some minute tweaks here and there, and you will be all set to go for e-filing of the income tax.
For example, Drake’s Tax Planner feature assists in planning your taxes depending upon your present or subsequent changes in life, such as- marriage, hike in income, buying or selling property, etc. This feature enables you to compare different scenarios and how they might affect your financial liabilities.
4. Managing the Logins
Tax details and related information is crucial and must be protected from unwanted means. Drake tax software brings a secure login panel that allows access to the authenticated users only. As a user, your tasks remain to manage these login credentials effectively so that all the users are able to work on the tax files only with the prior permissions.
Ensure that every user has a unique username and their password must be random, unique, and disclosed only to the user. If you are opting for cloud hosting, the user and password management becomes much easier.
Wrapping Up
Drake tax software is one of the finest tax solutions available in the market for its performance and features. For insatiable human needs, it is important to achieve better efficiency and productivity using the available resources.
The practices mentioned in the article will help to keep your tax-related tasks on the right track and allow you to make the most of Drake tax software.
Do you know any more such practices that can help make the best use of Drake software? Let us know in the comment section below.
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Comments (1)
Drake has a number of industry specific benefits, especially with banking. Users can look for advantages that it lends to their industry and work with them to make the best of software.
For CPA, enabling emails with Drake tax software is crucial.
I have been working on Drake with the default settings since long and I never realized before reading this post that I can improve it.
Unless you are a heavy user of Drake or other tax and accounting applications, cloud might not be a affordable choice even for the benefits that it has to offer.
Maybe you could have added some tips for better file management. That’s one way to work better with Drake.