Tax season can be an incredibly stressful and challenging time for tax professionals. With constant changes in tax laws and regulations, and the sheer volume of returns that need to be processed, it’s no wonder that many tax professionals find themselves struggling to keep up.
However, in recent years, the growth of tax software has helped alleviate some of these challenges and has become a game changer for the tax industry. In fact, the global tax software market is growing and is expected to surpass $33.6 billion by 2030.
Lacerte, being a popular tax software in the market, is loved by millions of users. To be precise, it helps overcome various challenges associated with tax preparation and filing during the busy tax season. If you are looking for the right tax software or want to upgrade to a better software than the one you are currently using, you will want to know why Lacerte is a good option.
To help you better understand the benefits of Lacerte tax software, let’s highlight common challenges tax professionals face.
5 Challenges faced by professionals during tax season
Tax professionals face several challenges during tax season that can make it a difficult and stressful time, some of which are:
1. Heavier load than usual
During tax season, you and your team must handle a massive workload. They must process a large volume of tax returns, often working long hours to meet deadlines. This can be overwhelming and can even lead to burnout.
2. Change in tax laws
Tax laws and regulations are constantly changing, and you need to stay up to date with the latest changes. This requires a significant amount of research and study to ensure that you are providing accurate advice to clients.
3. Dealing with complex tax issues
Some tax returns, especially for established businesses, high net worth individuals and those with multiple sources of income, can be very complex. As a tax professional, you must be equipped with the necessary knowledge and expertise to handle these complex tax issues.
4. Increased risk of errors
During tax season, many tax professionals may be rushing to complete returns, which can increase the risk of errors. Errors in returns can lead to penalties, interest and other legal consequences.
5. Time management
Tax professionals must manage their time effectively to ensure they can complete tax returns accurately and on time. As one of them, you may have to balance multiple tasks, such as meeting with clients, researching tax issues and processing returns, all while maintaining a high level of accuracy.
These challenges can make tax season a challenging time.
However, with the right tools and resources, you can overcome these challenges and provide your customers with high-quality service.
Let’s now see how Lacerte tax software can help overcome these challenges.
5 reasons to choose Lacerte software for tax season
1. Increasing work efficiency
Imagine you are using software that is complex and difficult to navigate. You’ll likely get stuck trying to figure out how to use it, wasting valuable time and energy. On the other hand, when a software has an intuitive interface, it reduces the learning curve and makes it easier for you to get things done.
When it comes to tax preparation, Lacerte tax software has a user-friendly interface and it can be a game changer for your business. It can do data entry and pre-populate commonly used information, saving you time and effort. It also has prompts and reminders to make sure you don’t miss anything important.
Additionally, Lacerte’s user-friendly interface reduces the risk of errors. It can provide real-time validation and checks, ensuring your data is accurate and complete, ultimately resulting in higher quality work and satisfied customers.
2. Easy compliance with tax laws
Lacerte is designed to be compliant with the latest tax laws, regulations and industry standards. The software is regularly updated to reflect any changes in tax laws, ensuring that you have access to accurate and up-to-date information.
This compliance feature is designed to make tax preparation easier for professionals. For example, the software can automatically update tax forms, schedules, and worksheets, which can save you the time and effort needed to stay current with the latest changes. This feature is especially important given the frequent changes in tax laws.
In addition, Lacerte tax software can provide you with access to resources and tools to help them stay compliant with tax laws. These resources include tax calculators, electronic filing capabilities, and extensive research tools. All these features help you become more efficient and productive, ensuring that you can provide high-quality services to your customers.
In other words, tax professionals can also reduce the risk of non-compliance and associated penalties by switching to Lacerte software.
3. Easy detection of errors in tax filing
Preparing complex tax returns can be a daunting task, as many potential issues can arise, leading to errors and omissions. One of the biggest challenges is managing the complexity associated with tax preparation and detecting any errors that may have occurred during the preparation process.
Thankfully, Lacerte provides a fault diagnosis feature that can be incredibly useful in this regard. It is designed to help you detect and correct errors in real time, thereby reducing the risk of errors in complex tax returns. You can use it to identify and address issues before they become major problems. For example, the software can detect inconsistencies or omissions in data entry, allowing you to correct these errors before submitting the return.
In addition, the software also alerts professionals to potential issues or discrepancies on the return, such as incorrect social security numbers or filing status, which could lead to discrepancies and associated penalties.
Recommended reading: Why are security and performance important when choosing Lacerte hosting provider?
4. Fewer human errors
As you may already know, human error in tax preparation can have significant consequences for you and your clients. Even small mistakes can result in fines, audits, and wasted time and money. Therefore, it is essential to minimize the risk of errors in tax preparation.
The Tax Analyzer feature of Lacerte software is designed to help you overcome the risk associated with human error in tax preparation. It provides an accurate analysis of tax returns, which can help tax professionals identify potential errors before submitting the return. It also ensures that tax returns are prepared correctly, resulting in accurate tax calculations and avoiding potential penalties.
5. Easy to host in the cloud
Generally, Lacerte software requires installation on premises before you can use its features. However, it is not the only way to expect the same. Hosting Lacerte software on third-party cloud servers can be extremely beneficial for tax professionals like you.
One of the key benefits of cloud-hosted Lacerte is that it provides ease of access to the software, allowing you to work from anywhere using your authorized cloud access credentials. This flexibility can be especially helpful during tax season, when you may need to work from multiple locations or even be on the move.
Let’s dig a little deeper into the benefits of Lacerte hosting.
Why does it make sense to switch to Lacerte Hosting?
If you’re tired of dealing with the hassle of hosting tax software in an on-premises IT setup, there’s a better way! Cloud hosting is the future of tax software installation, and it’s time to make the switch for a number of reasons.
Hosting Lacerte tax software in an on-premise setup requires significant investment in hardware, infrastructure and maintenance. It is also challenging to manage and secure data, which can be a liability for you. On the other hand, cloud hosting offers ease of access, cost savings, high security and scalability. These benefits make it a popular choice for tax professionals looking to improve their operations and provide high-quality services to their clients. You can get all these benefits by hiring renowned cloud solution providers like Ace Cloud Hosting.
Bottom line: Lead tax season with Lacerte tax software
Lacerte software is a powerful tool for tax professionals looking to streamline their tax preparation processes. Its comprehensive features, such as error diagnostics and tax analyzer, help ensure accurate and efficient tax preparation. Additionally, hosting Lacerte software in the cloud offers tax professionals ease of access, cost savings, high security and scalability.
By making the transition to Lacerte software and hosting it in the cloud, you can improve business operations, save time and money, and provide high-quality services to your customers. It’s a win-win situation for everyone involved.