6 Benefits of Hosting ProSystem fx Tax on Cloud

ProSystem fx Tax software is an award-winning tax compliance and preparation solution that helps professionals save time off their tax preparation process and open up opportunities for consulting and business growth.

Firms or professionals dealing with accounting or preparing tax need to handle a lot of paperwork. There are a number of forms that are filed and saved, various documents are needed to be maintained in case of an audit, and a lot more.

As multiple users may be working to gather all these pieces of information and even professionals have to access them immediately with tax deadlines approaching, it becomes essential to access the files from anywhere anytime.

It is where moving ProSystem fx software to the cloud can come in handy. In addition to remote accessibility, hosting the software on cloud increases its potential by a mile.

Below are some of the benefits offered by CCH ProSystem fx hosting on the cloud:

1. Reliability in the cloud

Data maintained by ProSystem fx software is vital and may be needed even after many years of filing the return. Thus, it becomes vital to take care of data storage. When stored on-premise, there can be many issues such as data theft, damage to the device, accidental deletion or software glitches, which can also harm the data.

Moving this data to a new device can also bring many challenges as hardware technology is changing rapidly. However, when the software is hosted on the cloud, the cloud providers take care of the data backup (which is done on a daily basis). In case of any event or loss, you will get the backup of the most recent data.

2. Enhanced security

When your ProSystem fx software is hosted on the cloud, you are ensured to get the best data security possible. Granted that cybercrimes are on the rise and we have witnessed several ransomware attacks in recent times; third-party cloud providers strive to provide the best when it comes to the security of data.

Many security measures (such as end-to-end encryption, complex password policies, and others) taken by them protect against intrusion and other security issues while ensuring complete privacy to the data. In short, your critical tax data is safer on the cloud than on-premise.

3. Collaboration made easy

An accountant, tax professional or other employees may have to work on the same file while they are located at different locations. They need to send the file over emails back and forth, which increases the possibility of errors and duplication of files.

In addition to that, it also takes up your storage space. However, ProSystem fx software on the cloud makes collaboration among different users much more comfortable, and there is no need to exchange emails or local installation.

Along with that, it also saves the time of traveling and meeting in person. As most of the issues are discussed and addressed on the same cloud, the brings down the need of meetings. Given that almost 25% of every meeting that lasts for an hour is wasted collaborating on the cloud can prove to a great productivity booster.

4. Reduced cost

For SMBs, buying hardware and hiring IT staff can be a substantial expense. To stay updated, they would also need to upgrade the hardware on a regular basis, along with the expenses of an IT team to handle them.

With cloud hosting of ProSystem fx software, you can avoid both maintenance as well as hardware cost as it is not dependant on local infrastructure. All you need is a device and an internet connection.

5. Backup and disaster recovery

Tax files or data is crucial for every tax preparer. If your data is stored on-premise, there are many risks such as data theft or accidental loss. The best possible solution is to take regular backups.

However, manual data backup process will not only consume a lot of your time, but there is also a possibility of humanoid ignorance. Moreover, unless you have a backup maintained offsite, it’s worth may not be much in case of unwanted damage to the site.

On the other hand, cloud providers take regular backups which are automated and stored in different geographical locations. It ensures that you can recover your data whenever needed.

6. Anytime, anywhere access

Cloud technology allows any time, anywhere access to applications, with an internet connection. This easy accessibility feature of cloud adds immense convenience for tax software users.

So, with ProSystem fx Tax software hosting, there is no restriction of being tied to your system in the office, and you can work on tax data from home or anywhere else.

In conclusion

In a survey conducted by The CPA Firm Management Association on 176 firms, it is found that 53% of firms file tax returns digitally, which was 39% in 2015. It highlights the rise of dependency of tax preparers on the software. Among them, ProSystem fx software has been a renowned option.

As tax professionals rely on software immensely, it can be difficult for them to ignore the impact of cloud technology. Professionals who want to work on the latest features of ProSystem fx software and don’t want to switch to other solutions, cloud hosting is highly recommended. Not only it helps tax professionals act faster, but also help them stay ahead of their competitors.