Tuesday, 8 December 2015

Comparison between Lacerte and ProSeries Tax Preparation Software

Before going into a comparison on the pros and cons of Lacerte tax preparation and ProSeries tax preparation, a quick look at their features individually will be in order. It has to be mentioned here that both software has been designed to perform specific tasks with a large number of overlapping functions. The two have been developed by Intuit, a leader in the field of accounting and tax preparation software and are regularly updated to make the lives of accounting professionals and tax outsourcing agencies that much easier.

Lacerte and ProSeries Tax Preparation Software USA

·       Main features of Lacerte – Speed of operations is the first feature that pops up due to some definite built in tools and automated calculations. The interface gives direct access to more than 5700 forms of different agencies. Lacerte provides auto updates of the latest tax amendments so that tax professionals do not miss out on the latest tax structure. Finally, this software enables printing of returns in PDF format for easy mailing to clients.

·       Main features of ProSeries – These include pay-as-you-use option, free e-filing, access to more than 3,200 forms and schedules, a thousand diagnostic error checking points and like Lacerte, automated calculations.
This software is available in two versions – basic and professional with a lot of advanced tools incorporated in the latter.
If a comparison has to be made between Lacerte tax preparation and ProSeries tax preparation it  would be wise to initially  take up the professional model of ProSeries as Lacerte itself per se is an advanced software which has been updated as recent as 2014.   
·       Features present in Lacerte but not in ProSeries Professional
Customisable client reports and status tracking, Schedule D excel import (1040 only), Paperless e-organiser, Consolidated Corporate Returns, Kiddie Tax Link – 8615, Control user access to program features for multi-user firms, All filings such as 990, 706, 709, 5500 but ProSeries does not permit filing of 5500.

·       Features present in ProSeries Professional but not in Lacerte
Client Checklist, Forms based data entry that is similar to other IRS forms.

·       Features present in Lacerte but not in ProSeries Basic (excluding those not present in Professional either)
Business forms, including 1120, 1120S, 1065, 1041, Input screens for rapid data entry, Network functionality for multi-user access, e-file business returns, client letter, a Missing client information tool to help with missing data, K-1 data import for business to 1040 transfers, Client Analyser, Customizable Return and Management Screen, Integration with QuickBooks, Client Organiser, Tax Planner,

·       Features present in ProSeries Basic but not in Lacerte (excluding those not present in Professional either)
Guided workflow and checklists to help with returns, Deduction finder helps identify missed deductions.   

It would not be in order to pass any value judgements made on the basis of this comparison on Lacerte tax preparation and ProSeries tax preparation. Both these tax preparation software has had a favourable global impact on tax accounting professionals and tax outsourcing firms. The lack of features in one when a distinction is made is more than made up in extras in the other. 

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