A product of Wolter Kluwer Tax and Accounting, CCH ProSystem fx Tax is an efficient tax solution that automates the tax process. It is an on-premise solution that can be installed on the local systems or other platforms like the cloud.
ProSystem fx Tax is a part of the CCH ProSystem fx Suite, along with other applications like ProSystem fx Engagement, Document, Scan, Fixed Assets, and PDFlyer that help digitize the entire tax workflow.
For instance, its integration with ProSystem fx Document helps in optimizing file management by preventing multi-versioning of documents.
According to the 2019 tax software survey conducted by the Journal of Accounting and The Tax Adviser, the ProSystem fx Suite was voted the best tax solution for a firm size of 21-100. It also got the maximum percentage of votes on the basis of accuracy.
Some of the main features of ProSystem fx Tax include –
1. Availability Of Tax Forms
ProSystem fx Tax comprises a plethora of tax forms for the basic and essential tax requirements. It covers all the tax forms for filing state, federal, and county taxes. Some of the important tax forms included are 1040, 1042, 990, 1120, and 1120s, among many others.
Moreover, to simplify the tax filing process, the customers can buy different modules, such as Estate and Gift, Individual, Partnership, Corporation, Employee Benefit Plan, Fiduciary, and Exempt Organization, based on the type of tax they want to file.
2. Interview Forms and Worksheets
CCH ProSystem fx Tax offers users with the options of interview forms and worksheets, both of which can be used to file returns conveniently. The interview forms provide users with the ability to fill their information in a more streamlined format.
The tax preparer can use the “lookup” feature to autofill the data and the “Zoom” feature to enlarge the forms.
3. Interactive Reports
With ProSystem fx Tax interactive reports, tax preparers can identify any inconsistencies or mistakes in the tax returns.
There are five types of interactive reports – Diagnostics, Overrides, Estimates, Input Override, and Reversed Tick Marks. Each of these reports displays the tax return field that needs to be corrected, alongside the error message.
4. Return Diagnostics
The diagnostics in ProSystem fx Tax helps clients review and make corrections on the tax returns. Any missing or incorrect data entry is identified and listed under different number codes. The first digit of the diagnostic code tells us about the type of error and the diagnostic issued according to it.
For instance, number code starting with 2 is just a cautionary diagnostic, while number 6 signifies an Electronic Filing Diagnostics.
To open Diagnostics, click on the “D” button on the toolbar, or go to Review> Interactive Diagnostics.
5. Database Maintenance Tool
This tool is used to check the integrity of the database and client files. The Database Maintenance Tool is used for system rebuild by clicking on the Office Manager icon in the ProSystem fx Tax folder.
Click on the “Rebuild” button and choose “System.” The rebuild will take some time to run. CCH recommends running the rebuild once a month (off-season) and every two weeks (tax season).
Benefits Of Cloud For ProSystem fx Tax
As already mentioned, the ProSystem fx Tax is an on-premise tax solution that needs to be installed on the local systems. Although filled with handy features, the ProSystem fx Tax has some limitations when compared to its cloud-based tax solution counterparts.
To overcome these limitations, CCH ProSystem fx Tax software can be hosted on the cloud. ProSystem fx Tax hosting ensures that the tax preparers get all the benefits of the cloud without compromising on the features of the software.
Here are some of the benefits that cloud technology brings to the table-
1. Ability Of All-time Access
When the ProSystem fx Tax is installed on the local system, it can be accessed only from the premises. However, cloud hosting offers tax preparers the ability to access the software from anywhere, day or night.
In addition, ProSystem fx Tax can be accessed through portable devices like smartphones, laptops, and tablets.
2. Enhanced Collaboration
The on-premise setup does not allow smooth sharing of data as the software is installed on a single system. With ProSystem fx Tax cloud hosting, however, the data and software are hosted on a common cloud platform.
The tax preparers and clients can easily access the same data by logging into the cloud. Moreover, the files can be edited in real-time, eliminating the hassles of multi-versioning.
3. Improved Security
ProSystem fx Tax software, when installed on the local setup, can be susceptible to a number of security issues. The hardware can face physical damage or can be the victim of a data breach.
ProSystem fx Tax cloud hosting addresses all these issues efficiently. As the software is not hosted on the local system, any damage to it does not hamper the integrity of the data. Moreover, cloud service providers ensure total data protection against cyberattacks such as ransomware through advanced security methods and infrastructure.
4. Unrestricted Add-on Integration
There are various third-party applications that can prove to be very helpful when used with ProSystem fx Tax. These could be anything from accounting software to CRM software. However, integrating these on the local systems calls for a constant upgrade of hardware resources.
ProSystem fx Tax hosting offers tax preparers with unlimited resources to integrate these add-ons with ProSystem fx Tax. Moreover, the hardware resources can be scaled as per requirement without the need for hardware replacement.
5. Reduced IT Efforts
There is an essential requirement of a dedicated IT team in an on-premise setup, leading to budget concerns as well as constant disruption in work.
However, the ProSystem fx Tax hosting providers offer round-the-clock support for quick resolution of all the issues. Moreover, all the hassles of hardware maintenance and upgrade are also taken care of by them, saving a lot of time and effort.
Streamline The Tax Operations With ProSystem fx Tax
CCH ProSystem fx Tax can eliminate menial tasks by automating the tax operations. With worksheets and interview forms, the tax return filing becomes hassle-free. The interactive reports offer a user-friendly interface to the tax preparers to rectify their mistakes. Moreover, the availability of multiple tax forms ensure that you can file all returns, be it state, county, or federal.
However, to enhance the functionality of ProSystem fx Tax, it can be hosted on the flexible cloud platform. It ensures all-time availability of the software, along with better security and collaboration.
To know more about the features of ProSystem Fx Tax and cloud benefits, get in touch with a Solutions Consultant at 1-855-ACE-IT-UP.
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