The global tax and accounting software market has grown at a rapid rate. It is further predicted to grow at 8.29% CAGR during 2020-30. Amongst the top tax software preferred by tax professionals, there is Drake Tax software to streamline various tax-preparation-related tasks. Tax professionals, CPAs, and small tax firms used this advanced software to overcome various taxation-related challenges.
While the software is known for its automated data flow and built-in forms, its desktop installation often creates hurdles during tax preparation. If you are a CPA or running a tax firm, you might know about the lack of software access when you are not near the system on which it is hosted. In the current fast-running world, you would not want to face delays in tax filing and let your competitors win more. This is where you need Drake Tax software hosting that can help you improve work productivity and eliminate various tax challenges.
If you have plans to switch to Drake tax software on the cloud but are still not sure, you need to know why a hosted Drake will be good for your business. Let’s find out more.
1. Your Competitors Might Have Remote Data Access
Irrespective of the scale of business or the number of clients you handle, you may lose revenue if your competitors have what you cannot deliver. In tax-preparation terms, that can be none other than happy clients whose tax returns are prepared and filed timely. Having Drake software hosted on local computers limits your schedule to be around working hours only.
But with Drake Tax software on cloud, you can get the benefit of remote application accessibility from any Internet-connected device, including tablets, laptops, or mobile. Imagine how swiftly you can work on checking and preparing tax files at your convenience when you have the data and software available at your fingertips all the time.
Besides this, real-time software access saves a lot of your time, which you can utilize to work for some more clients.
2. You Can Prevent In-House Technology Hassle
Working on tax software to handle various tasks does make things simpler. However, the onus of period software updates, hardware upgrades, and security maintenance lies on you in a local-hosted environment. Switching to Drake Tax software hosting can help shift these responsibilities toward the chosen cloud solution provider.
Indeed, cloud computing is an evolving technology that has benefited several industries, taxation is one of them. Hence, there is no need to worry about technical reliability. Whether it is about updating software, upgrading hardware, or hiring IT personnel for maintenance needs, the cloud provider caters to it all. Since all these aspects are covered externally, you need not invest time, effort, or money in deploying on-premise IT infrastructure.
3. Your Data & Application Will Be Completely Safe
While dealing with clients for whom you prepare taxes and file returns, maintaining data security is a crucial aspect. Firstly, you are handling tax data that holds significant importance for a business. Secondly, any miscalculation or error arising from the loss of data can lead to multiple problems at the same time.
If the thought of dealing with confidential data related to your clients is a cause of concern, Drake-hosted software is one of the best ways to ensure data security. More particularly, switching to Drake cloud through the right cloud service provider can help counter the security challenges.
The top-rated Drake Tax software hosting providers invest in high-end data security systems, including 256-bit data encryption, anti-malware, and antivirus, to name a few.
4. You Will Face No Issue While Integrating Third-Party Add-Ons
While Drake software covers various sides of tax preparation, it lacks certain features like e-signature or storage of tax data in PDFs. For such needs, you can benefit from third-party add-on integrations and get done with complementary tasks.
While switching to cloud-hosted Drake, integrating add-ons is feasible and only requires additional storage space and processing power for optimum performance. This can be best accomplished when you ask for a dedicated server for your application hosting needs. Depending on the business needs, you can integrate as many add-ons with your Drake-hosted software.
In case you feel the need for more server resources, you can simply upgrade your hosting plan without facing any downtime.
5. Collaboration Between Team Members Becomes Easier
Sending tax files to your teammates for work purposes can become very hectic because of the redundancy involved in a local environment. In general, one tax team member does his part, then passes the file to another who will make the changes and then save the file with a different name. As a result, you are left with multiple copies of the same file taking up hefty storage space on your computer.
With Drake Tax software hosting, you can easily get rid of the redundant file-sharing process. Different individuals can make the changes in a single file simultaneously or at their convenience to finalize it. You can also check who made what kind of changes and get the option to change the file access permissions for different users.
6. Cost Savings Simply Means Higher Profitability
When you host applications on a local computer, it utilizes both storage space and computing power. Now, consider the scenario when you have multiple applications installed and in use on your system, each of which takes up its share of memory space and RAM. The more applications you install in a system that has limited computing resources, the more lag you will face in its performance. While upgrading system hardware or software is one possible solution, it is not feasible in all business scenarios where there are hundreds of systems to be taken care of.
With Drake-hosted software, you need not worry about the cost side as the server resources are managed and handled by the chosen hosting provider.
7. SLA-Backed Server Uptime Guarantee Is Yet Another Benefit
Server uptime simply means how long the cloud servers will remain active in a day or year to let you access data and applications. Lower server uptime, hence, means that you agree to accept a significant period of server maintenance and updates in a year. During the downtime period, you or your team won’t be able to access data and have no other option but to wait to get things up and running again.
If the downtime aspect does not sound good, look at the brighter side of the server uptime guarantee provided by a renowned Drake Tax software hosting provider. Many of them even offer a 99.999% SLA-backed uptime guarantee to ensure uninterrupted access to hosted Drake and tax data.
The Bottom Line
Amidst the current competitive times, investing in Drake tax software hosting is worth the price payable to get an edge against the competition. Its advantages over the traditional methods of tax preparation are best suited to make the process faster.