Today's Technology for Tomorrow's Firm.
Issue link: https://cpapracticeadvisor.epubxp.com/i/494869
36 April 2015 • www.CPAPracticeAdvisor.com In this, the 11th annual edition of the Readers Choice Awards , we invited our readers across the country to help us spotlight the programs they most respect and trust to help them run their practices and provide services to clients. From online systems for virtually all tax and accounting functions, to tax docu- ment automation and workfow management processes, as well as tools for client collaboration, mobile produc- tivity and the ofce hardware they use. We bel ieve t he R eaders Choice Awa rds help accounting frms by giving them a way to share, profes- sional-to-professional, what they believe are the most benefcial systems. Afer all, professionals need to stay aware of technologies and best workfow practices in order to stay competitive in the constantly evolving tax and public accounting space. Now, on to the results! And a hearty "thank you" to the more than 5,000 readers who participated this year. Info about how our users took the survey • 86% on desktop/laptop • 8% on smartphones • 6% on tablets ★ IN-FIRM TECHNOLOGIES Federal/State Income Tax Preparation I NSIGHT: With about 92 percent of our Readers Choice voters using professional tax preparation sof- ware, the tax question is always the most anticipated. For 2015, the most popular systems were: • Drake Sofware • Intuit ProSeries • Tomson Reuters UltraTax Runners Up: • Intuit Lacerte • CCH ProSystem fx • CCH SFS ATX/TaxWise Specialty Systems & Tax Prep Tools INSIGHT: For some professionals, standard income tax preparation systems don't have everything they need. Tis is ofen the case for those with specialties that include state and local ta xation, estate and gift ta x reporting, and other niches. Nearly 30 percent of the voters in this year's awards selected a preference among specialty tax tools. Te top vote-geters: • GruntWorx • SurePrep • Bloomberg BNA 709 & 706 Preparer • DynaTax Tax Planning Systems INSIGHT: Tax planning engagements have been on the increase, especially with the A fordable Care Act and other recent tax code changes that have taxpayers seek ing answers and look ing for proactive ways to lessen or at least optimize their tax obligations. Tey can also help strengthen relationships between a profes- sional and his or her clients. Most ta x preparation systems include basic planning capabilities, but for professionals seek ing advanced functions that can generate hundreds of scenarios for many years in the future, there are specialty systems designed to optimize this experience. Among the more than 60 percent of voters who selected a product in this category, the most popular systems this year were: • Drake Tax Planner • Intuit Lacerte Tax Planner • Tomson Reuters Planner CS Tax & Accounting Research Systems INSIGHT: Te ACA/ObamaCare required new forms and a lot of patience in dealing with clients who had seemingly unlimited questions for their tax profes- sionals this year. Fortunately, professional tax research systems were ready with insight, analysis and answers. W hile some of these systems integrate directly with preparation systems, others are stand-alone models. About 90 percent of voters selected a preference in this category, with the top votes going to: • Te Tax Book • Tomson Reuters Checkpoint • CCH Accounting Research Manager 1099/W-2 Compliance INSIGHT: Geting dozens, hundreds or thousands of W-2s and 1099s ready within a few weeks at the end of the year is far too challenging for business owners, so they turn, of course, to their tax pro or accountant. In turn, the frm is challenged with producing the forms and geting them mailed to recipients, the IRS, SSA and state taxing jurisdictions across the nation. Fortunately, many programs on the market help to automate these processes, providing tools for streamlining workfow. A lthough many use state agency websites for direct reporting, about 55 percent of this year's voters selected a preference. • AMS Sofware 1099-Etc • CCH SFS ATX and TaxWise Payroll Compliance Reporting • Tenenz Laser Link or TFP Sales & Use Tax INSIGHT: State and local taxes can be not only a chore, but also a potentially expensive exercise for those not ready to handle the myriad differences in laws and reporting rules for the more than 8,000 taxing jurisdic- tions across the country. For the smallest businesses (one location or no location) with the simplest tax rules, it's not so difcult, but it's surprising how fast a few online or telephone-based sales can snowball into wide-reaching nexus for the business. About 40 percent of our voters selected a preference in this category, with the leaders being: • Tomson Reuters ONESource • CFS Tax Sofware • Avalara AvaTax or TrustFile Technology is at the core of professional accounting frms, and for more than 25 years, this publication has covered the evolution of not only the technology, but also the dramatic changes in workfow processes and productivity. By Isaac M. O'Bannon, Managing Editor 2015 READERS' CHOICE AWARDS How "remote" are you? How many hours per week do you work on client engagements or frm business while away from the offce (at a client, at home or anywhere else)? • Less than 1 hour: 37% • Between 1-4 hours: 28% • Between 5-9 hours: 15% • Between 10-16 hours: 9% • More than 17 hours: 11%