Drake tax software provides a complete tax solution to businesses as well as individuals. In the 2020 global tax software market forecast, Drake software is considered to be one of the key players in the industry- Comtex.
What is Drake Tax Software?
Drake Tax software is a renowned and widely used suite for professional tax management for accounting firms
(small to medium-sized). The sole aim of this software is to help tax preparers with the preparation and processing of tax returns proficiently and quickly, leading to better focus on growth and scalability.According to NATP 2020 survey conducted on 518 Drake Software customers, Drake was the highest-rated tax software having an overall customer satisfaction score of 4.6 out of 5:
● Customer Service (4.7)
● Federal Tax Law Changes/Updates (4.7)
● State Tax Law Changes/Updates (4.5)
● Research Services (3.9)
● Software Conversion Package (4.5)
● Technical Support (4.6)
● Software Reliability (4.6)
Features of Drake Tax Software:
1. Drake Scheduler: It enables tax preparers and individuals to make quick appointments and multiple schedules and also helps to send email appointments to multiple clients on specific dates.
2. Drake Documents: With this, users can keep their tax-related documents secure, return files/forms and place the entire related data in PDF format digitally.
3. Drake Tax Planner: This option allows you to plan taxes through the comparison and analysis of various tax years easily in a tax sheet.
4. Data Restore and Backup: Using Drake’s ‘Manual Backup’ and ‘Automatic Backup’ options, one can easily store client data safely in the desired location.
5. Research Tool: This tool enables searching for the latest tax changes’ information, along with providing users with customized search options.
6. E-signature: The digital signature pad helps to bind the taxpayer’s signatures securely to the tax return and also enables them to e-sign the tax forms like consent forms and bank applications.
7. Printing Labels: With this, you can print client labels with the help of an external label maker using the return window of the client. Also, you can select amongst label types and choose multiple labels concurrently.
8. Drake Dashboard: This is a new web-based feature that helps tax preparers to figure out the business performance with interactive pre-built charts and enables them to take KPIs’ snapshots.
9. Amortization Schedules: Amortization schedules can be created easily using Drake to calculate a loan amount by filling the essential fields.
10. LookBack: View fields containing last year’s data easily for verification using a keyboard shortcut.
11. DoubleCheck: Mark items in any checkbox, text box, or tax form amount as verified or noted/flagged for review. Any changes in verified items will be flagged for review.
12. LinkBacks: Keep track of the results that are calculated on the tax returns back to the source.
13. Pin and Consent Screens: They are given to customers for bank documents and consent forms, and to approve the tax return.
14. Tax Planner: Help to plan clients’ taxes for the current or next season.
15. Automatic Data Flow: From federal tax return to state/city tax returns (generated as required), with override choices.
ConclusionDrake is surely one of the best software available in the market. With all these features and the e-filing option for federal and state returns, it makes the tax preparation outsourcing services process hassle-free and fast. If hosted on the cloud, additional features become available like multi-user collaboration, enhanced security, remote access, and more. Apart from this, it has the potential to export tax information of (Form K-1 to Form 1040) and (parent’s Form 8615 to a child’s Form 8615).
