Revolutionize your this tax process with the right business tax prep software. Stay ahead of new laws, e-file with ease, and store data for easy filing next year.
Preparing for tax season can be challenging, especially as a business or tax preparer for businesses of all shapes and sizes. Which is why it is never too early to consider the best tax preparation software for you and your company. What features are you looking for in your software? From tax laws and compliance reviews to document storage and automatic data flow, we’ve taken a look at two of the top business tax programs on the market and provided a side-by-side comparison to help you decide which software is right for you.
CCH Inc., a Wolters Kluwer business, released ProSystem fx Tax to accommodate small to large businesses and their tax filing needs. The company also provides an entire suite of products that includes not only tax preparation software, but a combination of other programs including document storage, financial reporting on fixed assets, and workflow management. ProSystem fx Tax is available as both an online platform and a SaaS delivery method (CCH Access Tax), and either option helps your business automate taxes and scan thousands of forms and schedules for federal, state, county, and city taxes.
Drake Software is the creator of DrakeTax, a leading tax software option for any size business, and is favored by many businesses for its price point and ease of use. There are several package options for DrakeTax including an unlimited tax bundle and a pay-per-return license for smaller businesses that prepare fewer than 85 returns. All options include filing capabilities for every state, document storage, e-filing, and data conversion among other features.
One of the biggest differences between DrakeTax and ProSystem fx Tax is visible in the pricing. Drake Software offers a huge advantage when it comes to affordability by including a pay-per-return option that starts at $330 for 15 returns. Every return after that—up to 85 total returns—is $22 each. For larger companies that file a huge amount of returns each year, the DrakeTax unlimited package provides every feature in the tax software and unlimited returns for a flat rate of $1,595.
In comparison, ProSystem fx Tax starts at $960 per license but requires a multitude of modules for an additional cost in order to receive the full functionality of the ProSystem suite. Additional modules and custom-designed elements of the software (such as custom forms specific to your company) are all great features that come at a cost.
What does the cost of each software provide in return? Both DrakeTax and ProSystem fx Tax offer some incredible features to help you streamline your business taxes.
DrakeTax is the simpler of the two programs and provides these essential elements for tax preparation:
DrakeTax also offers several add-ons for an additional cost, including e-signature hardware and SecureFilePro for easy data backups. All in all, the program provides the necessary features to effectively file, review, calculate, and master the tax season.
ProSystem fx Tax is considered one of the more complete tax programs due to its extensive database of forms, laws, and compliance information. When it comes to staying ahead of the newest tax laws, ProSystem is certainly leading the way. When it comes to basic features included in their initial license cost, however, the program provides less flexibility.
An additional expense is required in order to obtain features such as e-filing, complete data import, and more comprehensive documents, storage, and workflow. When ProSystem fx Tax is added to the full suite of ProSystem software, you are provided with untold options for tax preparation, accounting, productivity, and data storage.
Both programs are designed with the tax preparer in mind and help to streamline and organize the tax preparation process. When it comes to choosing the best software for your business, it helps to consider your company size, tax return output, and IT structure. DrakeTax and ProSystem fx Tax (and the corresponding suite) are designed for on-premise preparation with limited cloud-based options. Understanding your current server set up, operation system, and storage options will help you make the best decision about which program to pursue.
At Techsperts, we help businesses across New Jersey and New York get the most out of their IT systems by ensuring they have the best hardware, software, and knowledge-based service to keep things running smoothly and efficiently. If you are considering new tax preparation software and aren’t sure how it will integrate with your current system, we are here to help. From onsite support to managed IT services and cybersecurity, keeping your company safe, your data secure, and your workflow productive is our priority.