Today's Technology for Tomorrow's Firm.
Issue link: https://cpapracticeadvisor.epubxp.com/i/667870
April 2016 • www.CPAPracticeAdvisor.com 21 PROFESSIONAL TAX PREPARATION SYSTEMS ADVANCED WORKFLOW BEST FIT Accounting frms with business and individual clients, including complex and inter-related returns. Te program is also useful for frms wanting direct integration with QuickBooks. STRENGTHS • User-f r iend ly inter face w ith intuitive data entry, navigation and form access • Strong integration with third- par t y sof t ware vendors and fnancial institutions • A good collection of ta x and practice tools included with base package and bundles SUMMARY & PRICING Lacerte ofers a comprehensive professional tax compliance system that provides strong integration with QuickBooks and third-party accounting systems. Te program's interface and workfow processes are intuitive, and new features such as Intuit Link continue to stream- line data collection and accuracy. Te system is available in a variety of bundles, with the unlimited 1040 version priced around $5,000. Tere are also bundles available for frms with lower volume and a pay-per-return system starts as low as $395 plus return fees. www.Lacerte.Intuit.com BEST FIT Mid-sized and larger frms need- ing a comprehensive cloud-based professional tax system to manage complex, inter-related returns for large organizations and high net worth individuals. STRENGTHS • H igh ly sca lable, w it h tight control over work fow processes • E x tensive i nteg rat ion w it h research, accounting and other systems • Designed for use by teams of multiple preparers on complex returns • Cloud-based system ofers access any where/any time • Advanced compliance of corpo- rate insurance returns SUMMARY & PRICING GoSystem Tax RS continues to be the most comprehensive cloud-based tax system for frms with multi-preparer workflows and complex clients. Tat comes at a premium, but one which frms with such needs will fnd worth the investment. Pricing is based on many factors, with a single-user version starting around $4,000 per year. cs.ThomsonReuters.com Intuit - Lacerte Tax Thomson Reuters - GoSystem Tax RS Read the full review and see expanded ratings for this product online at: www.CPAPracticeAdvisor.com/12192182 Read the full review and see expanded ratings for this product online at: www.CPAPracticeAdvisor.com/12192202 4.5 5 2016 OVERALL RATING 2016 OVERALL RATING UltraTax Offers Total Command & Control When Peter Gurian thinks there's got to be a better way to do things, he's usually right. After spending several years with a Big Four firm and with a private company, the CPA decided he'd had enough of the bureaucratic headaches and started his own firm, Gurian PLLC, in the Dallas suburb of Addison, Texas. Prior to receiving his accounting degrees from Florida State and St. Leo University, he served in the Air Force as an emergency communications and command & control specialist. The experience would greatly impact his outlook when it comes to manag- ing not only business communications, but keeping on top of all of the data that can affect his firm and his clients' businesses. In fact, his career focus was initially on implementing business technologies. BEFORE ULTRATAX CS Over the next decade, Peter built a strong practice specializing in helping small businesses and Americans living overseas with taxes, audit services, bookkeep- ing and payroll services. These client services soon turned into specialties that attracted military service members and contractors around the world, as well as restaurants and high net worth individuals. The firm was growing, but he wasn't satisfied with the mashup of software that served as its foundation, especially when it came to tax workflow, one of the pillars of his firm. Over the years, they had imple- mented off-the-shelf systems for bookkeeping, and programs from different vendors for tax compliance, payroll and practice management. He knew there had to be a better way. CHOOSING A TAX SYSTEM "We were drowning. We needed systems that truly worked together, not just through import and export functions," Gurian said. "When I looked at UltraTax CS, it had exceptional compliance and calculation capabilities, but most importantly for our workflow, it offered seamless integration with the other programs for our other client services and firm management." UltraTax CS is part of Thomson Reuters' CS Suite of professional accounting, tax and practice manage- ment systems. "UltraTax has so many features in it that save us a lot of time throughout the work day," he added. "UltraTax is fast to work across multiple clients, without having to stop working. With the other programs, so many processes would waste a few minutes every time we had to do it, such as simply moving from one client file to another, multiplied by 10 or 20 times a day. That really adds up." A MAJOR PRODUCTIVITY BOOST In the three years the firm has been using UltraTax and other programs in the CS Suite, Gurian says that his firm's productivity has increased dramatically. With a total staff of 9 full-time and two interns, the firm prepares nearly 500 returns per year, mostly corpora- tions and partnerships. "For our business returns, UltraTax makes the process very streamlined and easy, since we also do the accounting for most of them. At the end of the year, after reviewing a client's financials, it just takes the push of one button and the system populates their return with the data. The system has allowed us to create detailed workflows and checklists that optimize tax preparation and other projects." He says the result has been a noticeable boost in profitability, since they charge the same for the returns as before, since it is still worth the same to the client, but now it only takes a matter of minutes to prepare them. "When I was in the Air Force, our focus was on command and control, and everything was checklist driven. That structure and the efficiencies it builds into a system are built into my DNA now, and UltraTax and the CS Suite give me that same level of control over my practice." READ THE 2016 REVIEW OF ULTRATAX AT: www.CPAPracticeAdvisor.com/12192190