It is that time of the year again when tax bells start ringing in every office. With the tax season coming up, businesses will slowly be under mounting pressure to file taxes accurately and timely.
While the big corporations have a whole department just for this job working around the year, small businesses have to burn the midnight oil due to limited availability of resources.
The technology is evolving at a rapid pace, and tax preparation software like Drake has come to the rescue by helping small businesses to streamline the tax filing process and make it a painless part of their business.
Drake is one of the most popular tax filing software as it offers several customizable features for tax preparation and filing. This application is innovatively designed to help sole tax preparers or businesses from every domain to file taxes conveniently.
But installing the desktop version of this software on the local system falls short on the expectations of new-age demands of tax professionals. However, when Drake is hosted on the cloud, it offers far more flexibility, security and improves the tax workflow for tax preparers.
Let’s see how –
Table of Contents
1. File Taxes from Anywhere at Any Time
You would not want your business to get affected while you are busy in tax preparation. Thus, you will have to find extra time for tax preparation apart from your daily work. But this does not mean that you have to spend that extra time at the office.
Using cloud-hosted Drake software, you can work on filling the tax forms, collect your accounting data, and categorize it from the comfort of your home, coffee shop, or even while you are on vacation.
All your data will be available to you on the cloud, which can be accessed from anywhere at any time using your laptop, smartphone, or tablet with a working internet connection.
2. Meet the Deadline with Collaboration
Tax season is a hectic process that requires collaboration between different team members, stakeholders, and decision-makers. However, the flow of data in the case of local infrastructure is mainly through emails.
Drake cloud hosting allows you to give access to multiple users who can collaboratively work on the same files without any redundancy or disruption.
If your business has multiple offices spanning different physical locations, then Drake cloud hosting will be a boon for you. Drake helps in optimizing the tax workflow for your entire business by letting employees prepare taxes for their branch while also getting real-time updates about the tax preparation of all other branches as well.
3. Secure Your Financial Data
The tax data comprises of critical client information and personal details. In the rush of filing the taxes, you should not become lenient about the security of your financial data.
Recommended Reading: 12 Tax Scams To Watch Out This Tax Season
To protect yourself from such malicious attackers, cloud hosting providers deploy an infallible security regime using methods like multi-factor authentication, data encryption, traffic analysis, etc. You will be provided a safe passage to login to your Drake software remotely and file your taxes securely.
Apart from warding off potential attackers, cloud hosting providers also make sure that your data is regularly backed up. Moreover, the data is backed up in multiple locations to safeguard it from any natural or man-made disasters.
4. Integrate Third-Party Applications
While preparing taxes, a need may arise to integrate your Drake tax software with your accounting software or any other business application for enhanced functionality. On a local computer running tax software, these integrations might be impractical due to certain hardware limitations.
But a cloud-hosted Drake tax software can easily be integrated with third-party applications for integrated tax search, automatic data importing, document organization, etc.
The integration of add-ons with your Drake software dramatically helps to improve the efficiency and productivity of your tax overflow. For example, the cloud-hosted Drake software can be integrated with Quickbooks accounting software to add accounting data into the tax workflow automatically.
5. Higher Cost Savings
Traditionally, when there is a need to run tax applications like Drake, organizations have to spend a considerable amount of revenue on setting up dedicated, servers, top-notch computers, etc. For most of the small to medium firms, it was out of their budget.
With cloud technology, you can get the same advantages for a small monthly fee. Hosting Drake on the cloud offers higher savings as it reduces the cost of setting up IT infrastructure significantly.
You don’t have to spend money on hiring IT staff, software installations, upgrades, and maintenance as the software hosting providers take care of everything. Moreover, cloud hosting providers offer a pay-per-use model in which you only have to pay for the services you use.
Thus, using cloud-hosted Drake tax software will reduce the cost overhead on the tax workflow.
If you are using Drake tax software on your local machine, then you need to move it to the cloud because it can do so much more. Having remote access, a collaboration between employees, and the ability to integrate with third-party applications will let you file your taxes quickly and efficiently.
Infallible security and regular backups will give you peace of mind so you can focus on the essential things that matter to your business’s growth.
Moreover, the pay-to-use model lets you try a basic Drake hosting monthly plan without any commitments or upfront cost, and if you like using it, you can add more features to it as per your business needs.