Drake, a professional tax management software, is designed for SMBs, CPAs, and accounting firms. The software enables tax professionals to prepare and process tax returns efficiently, which helps them focus more on their clients and increase their business productivity.
While the software offers numerous benefits to its users, hosting it on the cloud adds more value to its functionality. Below are the top seven benefits of Drake hosted on cloud:
1. Flexible Access to Your Tax Data
Cloud allows users to work from anywhere and at any time with an Internet-enabled device. This easy accessibility adds great convenience for the users. Multiple users can access and share the same files and data simultaneously with no disruption.
With a collaborative platform, the cloud makes it easier for tax preparers or CPAs to coordinate with their clients to make necessary changes in their tax filing process.
As there is no restriction of being tied to a local system, productivity increases, irrespective of the location from which you are working. It is easier to work on Drake hosted software as the user-interface is the same as the desktop version.
2. Huge Cost Savings in the Cloud
Drake hosting results in cost efficiency as it reduces the cost of IT infrastructure significantly. There is no need for software installation, upgrade, maintenance, or even a dedicated IT staff, as all these things are taken care of by the cloud provider.
Moreover, cloud services free you from capital expenditure. You just need to pay for what you use and enjoy the services based on your subscription plan. Moreover, as downtime issues are rare in the cloud, you don’t have to spend money to fix potential downtime issues. It is a misconception that only large companies can afford cloud services, when in fact, they’re extremely affordable to SMBs.
3. Enhanced Security
Gone are the days when technical experts doubted security in the cloud. In the past few years, security in the cloud has elevated to much higher levels. With advanced security techniques such as firewalls, anti-virus, multi-factor authentication, automated backups, end-to-end encryption, and Intrusion Detection and Prevention System (IDS & IPS), your tax data is more secure than a locally managed system.
Users can even remotely wipe out their data from stolen or lost systems to avoid it getting in the wrong hands. Drake hosting providers are also equipped to prevent data loss from any human error or natural calamity with well-documented disaster recovery procedures.
4. Get 24/7 Support on The Cloud
For a smooth tax process, it’s essential that all your issues are resolved on time. Most tax professionals aren’t able to hire a dedicated IT team to handle their tax issues. However, with Drake tax software hosting, you always have a well-trained team of industry experts to ensure that your software runs smoothly and is always accessible by the users.
5. Cloud Ensures Backup and Disaster Recovery
Tax data on the local system is always prone to permanent loss due to various reasons like data theft or software damage. Regular data backup or disaster recovery solution is one of the reliable ways to protect your data. However, most tax professionals and CPAs find it a little heavy on their pocket and are usually ignorant to take these steps.
With Drake cloud hosting, you will get automated and secure data backup stored in multiple locations on a regular basis. Therefore, even if you make small changes or accidentally delete some files, you can easily recover them.
According to research by Aberdeen Group, SMBs are twice as likely to adopt a cloud-based backup and disaster recovery solution. It was also noted that cloud hosting helps businesses save time and huge upfront investments in servers to store data.
6. High Uptime and Always-availability
As firms become reliant on business applications to run their key processes, downtime can be disastrous. The competent Drake hosting providers are reliable in offering their cloud services and maintain an uptime of 99.99%. They also offer an SLA (Service Level Agreement) which assures 24/7 availability. As long as you have an Internet connection, you can work from practically anywhere.
As the overall cloud system interconnects multiple servers, in case of a server failure, the other server takes over automatically. This ensures a smooth and continuous performance of your tax software.
7. Increased Collaboration in The Cloud
If your tax process involves more than two users, then making collaboration easier should be your top priority. After all, there is no point in having a team if they cannot work as a team. Hosting your Drake tax software makes collaboration among team members easier.
As teams can work remotely through the cloud, they can access, edit, and share data from anywhere in the world. Cloud also makes it easier to share your records in real-time with your clients. This helps tax professionals reduce time-to-market and improve their services.
Wrapping It Up
Cloud adoption is increasing rapidly, and it doesn’t take long to see why. According to research conducted by the market research company, Vanson Bourne, many factors are driving the adoption of cloud technology. It was found that businesses which adopted cloud computing experienced 20.66% average improvement in time to market, 18.80% experienced increased efficiency, and about 15% cost reduction.
Image Source: Vanson Bourne
Businesses now recognize the benefits offered by the cloud and how it may improve their collaboration, security, and efficiency. With Drake hosted on cloud, tax professionals can prevent many issues which plague their operations relying on on-premise infrastructure.
Along with the benefits mentioned above, Drake cloud hosting also allows tax professionals and CPAs to gain a competitive advantage whilst reducing costs and improving productivity. Cloud allows them to forget about IT issues and focus more on their important business processes and objectives.
If you’re looking for Drake cloud hosting solution with always-available skilled technical support, check out our Drake hosting packages.