What is Drake Software?
Preparing tax returns is a difficult task that requires extensive knowledge and technical know-how as to the maneuvering of tasks such as filing for returns, managing payrolls and transactions, and attending to clients.
Drake Software provides an accessible, user-friendly, and professional interface to make tax returns, speed up the filing of tax returns, and improve productivity to aid professionals in preparing tax returns and accelerate the pace of their work.
The services provided by Drake Software sequentially enhance customer value for professionals and build up their practice.
In a brief conclusion, this was first marketed in 1977 as an integrated and compact platform of professional tax preparation software that provided accurate tools to tax professionals and accountants to prepare personal, state, federal, and business tax returns.
It came to be known as a national brand that was utterly reliable in both software and support.
Working Mechanisms and Features
Navigation and Calculation:
It begins its working mechanism through the preparation of tax returns, offering simple navigation and allowing users to review the returns they are filing or e-filing quickly.
It also enables users to evaluate the errors in the calculation of tax returns as the software alerts users about the erroneous count.
It provides calculation notes to remind, gives out tips, and provides specific alerts to the users to improve the efficiency of filing.
Tax Planner and Analytics:
These features allow professionals to plan their client’s tax returns, file schedules, compare taxes year to year, compare and separate tax filings, etc.
Data entry and tax preparation:
This software has a flexible data entry form that simplifies data entry and reduces keystrokes, giving users the added advantage of being able to choose how to enter the data, define and lock fields, determine and access online research by browsing the library of tax resource websites through a custom internet search tool, and provide an online knowledgebase for technical support.
Importing and Exporting:
It allows users to import tax forms and information through the transaction of data to streamline workflow. These forms include W-2, Schedule D, Form 8615, K-1, Annual balance report, and trial balance.
Work with Drake Documents
Drake documents are known for their robustness in integrating information. Users can store and access tax forms, returns, client records, and other necessary documentation in a digital filing.
It has the addictive property of setting the default descriptions for scanned documents and watermarking them. Users can also procure PDF images and store a fillable PDF tax return.
Quick Estimator:
It reviews returns in a systematic and organized way. It quickly estimates the fees and refunds of a client’s filing; it allows the customization of a client’s billing statement.
The feature of the amortization schedule will enable clients to figure out loan payment amounts and accumulate interest.
E-signature and E-file:
This feature eliminates the need for manual filing and signatures or stamps on the tax form, enabling tax preparers and payers to sign tax forms or bank applications through a digital signature pad.
The e-signature process is authentic, impervious to tampering, and securely bound to the document. E-filing enables them to approve consent forms and bank documents and discretely file state tax returns.
Tax Diagnostic Tools:
Tools like LookBack, LinkBacks, and DoubleCheck help tax preparers view previous-year data, calculate results on tax returns from the source data, and verify data about tax information.
Other analytical tools, like Multi-Office Manager, track workflow and analyze statistical data.
Overall Benefits of Drake Software
- Due to its ease of use and cost-effective pricing, it is deemed to be one of the highly recommended professional tax software programs.
- The interface provides automated data backup and restores data with the options of full or selective restore, ensuring secure data.
- The Drake Scheduler feature allows professionals to schedule client appointments and organize forms. It organizes data effectively by printing client labels.
- The dashboard will enable professionals to analyze the statistics of performance by converting them into interactive data charts to give insights about the state of the business.
- Through the aid of shortcut keys and Marcos, it simplifies data.
- It is designed for small and medium-sized accounting firms, enhancing scalability.
- It can be optimized through hosting applications such as cloud hosting, DrakeCWU, and Drake-hosted desktop and web-based solutions.
