Last updated on July 15th, 2022
Drake Software is a professional tax preparation software used widely for filing federal and state returns for individuals.
Drake Software’s ease-of-use and cost-effective pricing plans make it one of the highest-rated professional tax software for filing returns. It accelerates the tax filing process for professionals and improves their productivity. Top features of Drake Tax Software include:
- Calculation of results showing fees and the refund amount
- Keyboard shortcuts for seamless navigation
- All-inclusive packages for any tax returns
- Error-checker describing the error location
- Online knowledge base for technical support
However, Drake Software needs additional functionalities when considering the growing demands of today’s business world. In order to stay ahead of the competition, you need to add value to your tax filing services. This is where add-ons come into play.
Add-ons or third-party applications integrate with the Drake Tax Software to meet the requirements of the tax filing process. It further helps you to focus on more critical tasks.
Here are the top 10 must-have add-ons for Drake Software.
QuickBooks is one of the most extensively used accounting software in the market. It offers tools to manage expenses, generate reports, and simplify the tracking of bills, transactions, payrolls, tax returns, etc. QuickBooks is an all-in-one accounting solution to organize business finances in one place.
The reports generated in the QuickBooks are necessary for the tax filing of returns. QuickBooks, when integrated with Drake Software, automates the data entry work by importing the financial data and reports directly into the tax software. It further improves accuracy, saves time, and improves productivity.
SecureFilePro is a web portal system for secure and convenient sharing of confidential documents between you and your clients. It has an easy-to-use interface and uploads data into files and folders.
You can collaborate with your team on a common platform using SecureFilePro. Data is secured using 256-bit encryption allowing clients to access their data without any third-party intrusion.
Integrating SecureFilePro with Drake Software enables you to upload files, documents, and returns in the software. This data can be retrieved at any time from the software. It reduces the time spent on printing, faxing, and e-mailing tax returns and increase efficiency.
GruntWorx is a secure web application used to automate manual data entry and document management. It extracts data from documents, identifies the labels, and organizes the data automatically. The app also flags or marks any trade that indicates any missing information.
GruntWorx uses OCR-based scanning to extract data from the documents and improve accuracy.
It is integrated with Drake Software to reduce the tedious task of data entry. The data extracted by GruntWorx is imported into the Drake Software for the tax preparation process. It also extracts the required information from various tax forms like Form W-2, Schedule K-1, and Form 1099-B for the seamless filing of returns.
4. E-Pay by EPS Financial
E-pay is a payment gateway offered by EPS Financials. It allows you to accept electronic payment from clients through Debit/Credit card.
E-pay, once integrated with Drake tax software, enables you to accept payments using the e-pay icon appearing on the screen of the software. The credit card payments can be taken with or even without the use of credit card readers. It saves time and improves the efficiency of the workflow.
5. TicTie Calculate
TicTie Calculate is a plugin for accountants and tax professionals, which is used to annotate the digital workpapers like PDFs. It allows you to add bookmarks, customizable checkmarks, and hyperlinks across any PDF page. TicTie Calculate also offers the feature of insertable digital calculator tapes within any PDF.
The integration of TicTie Calculate with Drake Tax Software simplifies the process of reviewing tax returns and client documents. It helps to make PDF files accounting-friendly by allowing you to add and modify notes to the data. Digital calculator tapes can easily be hyperlinked to any referring data.
SmartVault is a client portal for easy and secure document storage and file sharing. It helps to centralize documents on a single platform, which makes finding any file or document more convenient.
It provides unique login credentials to your clients for secure data access. SmartVault also streamlines the workflow by automating the data collection, managing, and sharing the required files.
SmartVault integrates with Drake Software to provide built-in document management for the software. You can print, share, and automatically route tax files from tax software to the correct folder in SmartVault. It also offers built-in templates for new tax years, engagements, and client lists, which speeds up the tax filing process.
7. Drake Accounting
Drake Accounting is a bookkeeping application used for managing financial records. It uses double-entry accounting to maintain client records.
Drake Accounting enables tracking of invoices, payrolls, shipments, dues, and more. It also allows clients to initiate and keep track of employee payroll through the online portal.
Drake Accounting integration with Drake Tax Software enables you to export the bookkeeping data into the tax software. It also provides the option to customize federal, state, and local withholdings. You can track past tax liabilities and monitor other payments through Drake Accounting.
8. Drake Documents
Drake Documents is a digital solution for the storage of client documents and returns. It helps you to go paperless by reducing the need to print and save files in large physical cabinets. It also saves time needed for searching files by organizing data in folders.
Data in Drake Documents are stored in cabinets. These are of two different types:
- Working Cabinet
- Archive Cabinet
Both of these cabinets differ in the way they store documents. Working Cabinet is the default option selected for use in the software. It saves documents only from the year of the software. For example, Drake16 will store data from the tax year 2016.
Archive Cabinet stores documents and files from multiple tax years. Data from Working Cabinet can be copied to Archive Cabinet.
Integration of Drake Documents with Drake Tax Software helps to store PDF copies of tax returns, scanned IDs, tax forms, and more electronically. It also helps in easy import and export of documents, which in turn saves time.
eFileCabinet is a document management software that provides you the automated workflow solutions. It reads and organizes documents using Zonal OCR, which reduces repetitive manual processes like data entry and organization.
In order to automate the process, you can create a set of rules for various tasks like the creation and organization of data, sending the required information to co-workers, gathering signatures from clients, etc. Hence, it helps businesses to focus on what’s important.
eFileCabinet integrates with Drake Software for secure sharing and creation of tax returns. It helps to collect the right files and information from clients and keeping data organized, especially during a busy tax season. Furthermore, it saves time and effort by providing all the documents in a single searchable place.
10. Integrated File and Pay (IFP)
Integrated File and Pay (IFP) is a secure way to pay the federal balance due by using a credit/debit card (MasterCard, Visa, Discover, AmEx). Taxpayers can make payment for the due amount on 1040 individual return or 4868 Extension when return is e-filed.
The integration of Integrated File and Pay (IFP) with Drake Software helps to arrange payment from within the software. The payment must be scheduled before the process of e-filing. In case of declined filing, the card used is not charged.
To Wrap Up
Drake’s integration with the above-mentioned add-ons will undoubtedly improve its functionality and help serve your clients better the coming tax season. However, you should choose the add-ons according to the tax requirements.
You can also opt for Drake software cloud hosting to integrate your favorite Drake add-ons with the software without any hardware restrictions and eliminate performance bottlenecks.
To know more about Drake software, get in touch with a Solutions Consultant at 855-223-4887.
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