There are many taxation software and applications that businesses and taxpayers can choose from in this day and age. But when selecting software, companies should decide after looking at the application’s features and its usability. They should make this decision depending on the company’s size, functions offered, customer support, and budget.
Drake Tax Software is one of the most popular taxation software used across the globe. Most CPAs, financial professionals, and tax advisers prefer using Hosted Drake Software due to features that simplify the arduous tax calculation process. Below are some of the features of the software.
Tax Planner
Drake comes with an inbuilt tax planner feature which is a core part of the software. It assists the taxpayers to preplan their customers’ taxes for the current session and also the following year. With this, the professionals also have an option to compare the current tax status with various situations such as a change in income, marriage, or addition of assets.
Data Backup and Restoration
Data is the most essential part of any tax process as without it, or with incomplete data, the tax filing process cannot be initiated. So, it is imperative to have a backup of all the latest data to avoid interruptions due to data loss. Drake provides many backups and restoration options that professionals can choose from to keep the data safe and secure. For added security and cloud backups, businesses can host Drake on Azure Virtual Desktop.
With an integrated Automation Backup functionality, all the data goes through automatic backup cycles to make the latest data available. Users can also use the manual backup option to save the data at a specific location and perform a backup according to their convenience.
E-Signature
Utilizing the Drake Software, users can avoid the use of stamps or manual signatures on the tax forms and documents. The E-signature tool is a helpful feature for all taxpayers and financial professionals. It allows them to digitally sign taxation forms such as 8879 consent forms and other bank documents for the tax return filing.
Loan Calculation
Users can easily create schedules for amortization which will help them calculate the loan amount quickly. To use this feature, users need to navigate to Tools>Amortization. To calculate the overall loan amount, users need to fill in the information such as Payments made per year, Annual Interest, Amortization Period, and Loan Amount. After doing so, they can click the Calculate Button and see the payable amount.
Inbuilt Research Tool
With the inbuilt research tool provided by Drake, users can get information on the latest changes in taxes. It can be used by clicking on the research button on the main toolbar. Users can customize their search in the research tool by simply adding only essential and relevant websites in accordance with tax news.
As you see, these were some of the features that make Drake very useful for all taxpayers and finance professionals. Apps4Rent provides reliable migration services Such as GoDaddy Office 365 email with great end-user support and security.