As tax season is approaching, all the tax preparers and accounting firms shift their focus on acquiring professional tax software which helps them to prepare tax returns and file them within the time. Tax season is used to be quite hectic and missing every minute can prove costly for the tax preparer and its client. There are a lot of tax software which claim to solve this purpose but when it comes to the most efficient based on features, one can count on Lacerte Tax Software.
rnLacerte tax software is an intuit product. Intuit is well known name when it comes to the Accounting and tax software. Their other products like Quickbooks Application and Proseries Tax Application have earned a lot of reputation in the accounting industry. And Lacerte is keeping that image intact with its features which are deliberately created to cope up with the time factor in a hectic tax season.rnFew of the features which make Lacerte unique and chosen one are following:-
1) Smartmap Tool:- This is the feature by which one can import Quickbooks trial balance data directly to Lacerte software. It assign tax fields automatically to the trial balances as well as build own custom database automatically saves new assignments. Not only this, one can drag unmappable field from Quickbooks to the tax software. Apart from that with the help of this tool it exports Lacerte billing amount to Quickbooks. Ultimately saves significant time as in other cases entering data requires good number of hours.
2) Unique Interface:- With the help of unique interface one can speeds through tax preparation while completing more returns in a day. What it does is, it makes visible all clients at once with columns customizable. Other benefit of this tool is direct access to forms, diagnostics, print functions which reduces unnecessary clicks. One can also review inputs while using tab designs.
3) Calculations and Diagnostics:- Its calculations and Diagnostics tool helps one to prepare the toughest individual and business returns correctly. It includes consolidated corporations, multi-state processing, Schedule J calculations-farming, partial disposition, AMT calculations, depreciation calculation and special allocation of partnerships. Apart from that it has extensive diagnostic, which helps in uncovering mistakes and omissions with specific e-file error checking.
4) E-Filing :- Lacerte has built in e-filing tool. With the help of transmission wizard e-filing reduces to 3 steps only. One can also verify transmission through online Lacerte Account.
5) Missing Client Data Utility:- This utility allows the tax preparer to flag the fields which require missing information and then send an email to the client requesting the required data. Once one receives the data from the client one can reach directly to the fields with the help of missing data tool.
Apart from the above tools there are other tools like Schedule D Import wizard which instantly transfer client brokerage statements directly into Lacerte. Tools like Tax Analysis and Planning tools and Integrated paperless solutions which makes it adorable.
In year 2011, two more features which got included in Lacerte Software are:-
E-Organizer :- It email customized e-organizers to the clients which show them all the information which is required to be collected. It get easier for them and ultimately makes faster for the tax preparer.rnTrial Balance Utility:- Trial Balance utility develop chart of accounts, adjust journal entries as well as manage tax line assignments within Lacerte.
Lacerte compatibility with cloud environment:-
If it is not enough, Lacerte software works very effectively and efficiently in cloud environment. There are certain benefits one can draw, while going for Lacerte Software hosting:-
• Multi-location access:- Application hosting service provider hosts this application on a central cloud server which is a virtual server and accessible from multiple location. In face one can access it from anywhere in the world requiring internet enabled device, be it PC, Laptop, Smartphone, I-pad etc. It enables the tax preparer to work even from different location without losing any time.
• Multi-user access:- People working from different location can work simultaneously on the software which enables real time collaboration of the data which ultimately reduces the time. Apart from that when people work on the same application they get the updated data which reduces the hassles of data sharing and data update from the end of the colleagues as well as from the end of the clients. It saves a lot of time of client and the tax preparer and help to file the tax return within the time.
• Scalability:- Cloud environment is scalable. So there is no restriction as such on the number of simultaneous users, provided the owner should have multiple user licenses for Lacerte software.
• Cost Efficient:- Rather than going for in-house server one can go for hosted services as it not only saves the time but also saves cost.
Concluding with the fact would be appropriate that Lacerte software is one of the tax software meant for saving time and proves to be quite helpful for the users or should we say tax preparers who utilize the time saved by lacerte software into other things. At the same time, tax preparers now do not loose social life in the hectic tax season with the feature of multi –location and multi-user access with the help of hosting services.