Last updated on January 13th, 2023
While there are multiple software solutions for tax preparers, Drake is among the most preferred choices. Features like Drake Scheduler, e-signature, Drake Tax Planner, etc., help them prepare accurate tax returns quickly. Besides, the software streamlines tax filing and easily offers audit tax reports.
Read on to explore how hosted Drake tax software enhances its capabilities and helps tax preparers simplify the tasks.
What Does Drake Tax Software Hosting Mean?
Drake software hosting is the setup of the tax software in a remote cloud server. It gives you access to the application using compatible smart devices anywhere, anytime. You can either make your own servers or partner with a third-party cloud hosting provider to host the tax software on the cloud. When you avail of hosting services from a cloud provider, you need to pay a monthly or yearly subscription fee per user.
The cloud-hosted Drake software also provides ample space to store all your data, such as files, images, or other types of information. You can scale your requirements by contacting your cloud hosting provider.
What Gives Hosted Drake Tax Software an Edge Over On-Premise Solution?
1. Adequate Data Security
In general, tax preparers handle a large volume of sensitive financial data. If this data falls into the wrong hands, it can damage their clients’ financial integrity to a significant extent. Such instances can hamper the tax preparer’s reputation and reduce the inward flow of customers.
A recent Statista report states that in the first half of 2022, the number of data compromises in the United States came in at 817 cases. Meanwhile, throughout the same time, over 53 million individuals were affected by data compromises, which include data breaches, data leakage, and data exposure. Below is the graphical representation of annual number of data compromises and individuals impacted in the United States from 2005 to the first half of 2022.
Availing Drake tax software cloud services from a reputed cloud service provider helps mitigate such occurrences. They ensure top-notch security of data via:
- Antimalware protection
- Antivirus software
- Multi-layered firewalls
- Secure backups
- HIPAA and GDPR compliance
- 256-bit level data encryption
- IDS and IPS, etc.
In addition to the above, all the data centers are SSAE-16 certified Tier 3 class, ensuring high-quality security assurance. On the contrary, to ensure the same security measures on traditional on-premise Drake software, you need to invest a lot of money, which can often be challenging if you have a limited budget.
2. Disaster Recovery
Threats from hackers, natural disasters like floods, fire, earthquakes, or human-induced errors can lead to data loss. Mitigating such issues requires you to have a robust backup strategy.
When you avail Drake tax software cloud service from a reliable cloud hosting provider, they back up all your data in multiple data centers. The high level of disaster recovery mechanism ensures you have all-time access to data even if a server goes down. They will connect your systems with another server quickly.
Implementing such an effective disaster recovery mechanism is challenging on traditional local-hosted Drake tax software. Next, preserving your data requires maintaining multiple expensive backup centers, which demands high-end technical expertise.
3. Global Access
Your physical presence on office premises is mandatory with locally installed Drake tax software. If any of your clients need a tax consultation during non-business hours, the inability to access data can be detrimental to your business. You can mitigate such hardware dependency by opting for a Drake tax software cloud service.
4. Pay-as-you-Go Model
Another significant advantage of hosting Drake tax software on the cloud is that you can pay according to the product usage. For instance, if six tax professionals are added to your Drake account and three no longer require to use it, you can remove these users and pay for only the remaining three. Similarly, if you need to add more users to your account, you can add them and pay for the number of users.
In a nutshell, Drake software cloud service providers bill you according to your choices and preferences and your usage for a specific period. In this way, you can gain significant control over expenses for your business.
5. Cost-Effective Solution
You can’t overlook the financial implications of a dedicated in-house Drake server. You’d need to invest a lot of money to maintain the IT infrastructure and hire skilled professionals to maintain the upkeep of the setup. However, you can eliminate this problem by hosting Drake tax software on the cloud.
When you opt for cloud hosting services, your cloud provider handles all the expenses associated with software deployment and maintenance according to your chosen Drake software hosting plan.
Additionally, you get round-the-clock support for all your service-related queries and concerns- a cost-effective alternative to hiring in-house IT professionals.
6. Collaboration Gets Easier
Ensuring quality delivery of work requires collaboration amongst team members. Hosting Drake tax software on the cloud makes collaboration easier between the stakeholders of a file or data. Regardless of the geographical boundaries, all team members can work on a single file simultaneously. If anyone makes changes to the file, it will reflect in real-time, and you can eliminate the requirement of maintaining multiple versions of a single file. Such features enhance coordination and allow you to work more productively.
Why Drake Tax Software on Cloud Makes Sense?
With all the benefits of Drake Tax software hosting, it won’t be wrong to say that Drake on cloud is a better option than on-premise. Hosting the tax software on the cloud helps you alleviate many challenges you might encounter daily and also enables you to be updated with tax laws. Investing in it could significantly help you streamline and manage your tax processes. In addition, you can ensure speedy completion of tasks with fewer chances of errors, leading to the fast growth of your business.
Should you have queries on Drake tax software cloud services, contact our skilled professionals via phone, chat, or email.
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