Tax software solutions are essential for keeping financials organized and secure in this modern business age. A product of Wolter Kluwer Tax and Accounting, CCH ProSystem fx Tax Software is making a splash in the industry with its comprehensive feature set designed to provide businesses with an all-in-one solution for their taxation needs. Apart from enabling users to prepare individual and corporate returns, CCH ProSystem fx Tax offers several key benefits that make it stand out from its competitors — especially when utilizing cloud services.
In this blog post, we will discuss five primary features of the software, plus why cloud technology can increase efficiency and give your business access to more resources than ever before.
Features of CCH ProSystem fx Tax Software
CCH ProSystem fx Tax is a professional tax preparation software that offers a wide range of features to help tax professionals efficiently and accurately prepare and file returns. Some of the key features of the software include:
1. Tax Forms
CCH ProSystem fx Tax offers users the options of interview forms and worksheets. It enables them to file returns conveniently. The interview forms allow users to fill in their information in a more streamlined format.
Tax preparers can use the “lookup” feature to autofill the data and the “Zoom” feature to enlarge the forms.
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
Its interactive reports enable tax preparers to identify any inconsistencies or mistakes in tax returns.
There are five types of interactive reports – Diagnostics, Overrides, Estimates, Input Override, and Reversed Tick Marks. Each report displays the tax return field that needs correction and any error message(s).
4. Return Diagnostics
The “Return Diagnostics” feature of ProSystem fx Tax enables tax preparers to review and make corrections on their tax returns. They can further identify and enlist any missing or incorrect data entry under different number codes. The first digit of the diagnostic code indicates the type of error and the diagnosis issued according to it.
For instance, a number code starting with 2 is just a cautionary diagnostic, while the number 6 signifies an Electronic Filing Diagnostics.
To open Diagnostics, users should 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
This tool helps users to check the integrity of the database and client files. They can use this tool to work on the system rebuild and check which client files they have worked on. Using this feature requires tax preparers to follow the series of steps mentioned under:
- Click on the “Office Manager” icon in the ProSystem fx Tax folder
- Click on the “Rebuild” button and choose “System”
After completing these steps, 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 discussed earlier, the ProSystem fx Tax is an on-premise tax solution that requires installation on local systems. Although filled with handy features, the ProSystem fx Tax has some limitations compared to its cloud-based tax solution counterparts.
Hosting CCH ProSystem fx on the cloud enables businesses to overcome these limitations. ProSystem fx cloud hosting ensures that the tax preparers get all the benefits of the cloud without compromising on the software’s features.
Here are some of the benefits that CCH ProSystem fx hosting brings to the table:
Installation of ProSystem fx Tax software on local systems means users must be physically present in an on-premise environment to access the software. However, ProSystem fx cloud hosting offers tax preparers the ability to access the software from anywhere, anytime, using their preferred devices.
On-premise setup doesn’t allow the smooth sharing of data due to the locally-installed format. In CCH ProSystem fx hosting, the cloud provider hosts the data and software on a common cloud platform.
Tax preparers and clients can easily access the same data by logging into the cloud. Moreover, users can edit files in real-time and eliminate the hassle of maintaining multiple versions of the same file.
Local-device installation of ProSystem fx Tax software possesses many security concerns. The hardware might undergo physical damage, or the users can be data breach victims.
ProSystem fx cloud hosting addresses all these issues efficiently. As the hosting provider hosts the software on the cloud, there’s a reduced risk of any data breach or cyber-attack. It is also because most cloud hosting providers have robust data security measures to protect their customers’ data. These measures include:
- 256-bit data encryption
- Multi-level firewall
- Antivirus and antimalware
- Multi-factor authentication, and more
Unrestricted Add-on Integration
Various third-party applications prove to be helpful when used with ProSystem fx Tax. These could be anything from accounting software to CRM software and more. However, integrating these into the local systems requires a constant upgrade of hardware resources.
CCH ProSystem fx hosting offers tax preparers unlimited resources to integrate these add-ons with ProSystem fx Tax. Moreover, businesses get the ability to scale up the hardware resources according to their requirement without the need for hardware replacement.
Reduced IT Efforts
There is an essential requirement for a dedicated IT team in an on-premise setup, leading to budget concerns and constant work disruption.
ProSystem fx Tax hosting providers offer round-the-clock support to quickly resolve all the issues and queries related to the hosted software. Moreover, they take care of all the hassles included in hardware maintenance and upgrades, which saves a lot of time and effort.
Streamline The Tax Operations With ProSystem fx Tax
CCH ProSystem fx Tax eliminates menial tasks by automating tax operations. With worksheets and interview forms, tax return filing becomes hassle-free. The interactive reports offer a user-friendly interface for tax preparers to rectify mistakes. Moreover, the availability of multiple tax forms ensures that they can file all returns, be it state, county, or federal.
However, hosting ProSystem fx Tax on the cloud enhances the software’s functionality to a vast extent. It ensures the 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.