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Choose a tax suite based on your firm's needs.

Article Excerpt
Accounting practices live and breathe by their business tax and accounting software. In the contemporary business climate, doing business without some software solution at the center of your operations is impossible, but selecting the best solution is difficult. Not only do the needs of firms differ, but so do software solutions. As a result, it is imperative to focus on the software features that address workflow, analysis and practice management.

Most tax firm decision makers fixate on the software's tax functionality, but in doing so they overlook one aspect of the software that impacts the firm most profoundly: how easy it is to use. Better solutions have clear navigation elements, intuitive labels and design elements enhancing usability, rather than merely providing decoration.

Reporting needs in most practices are multi-dimensional. Of course, most tax practices frequently need to deliver reports to clients--including the venerable "big three": balance sheet, income statement and statement of cash flow. Nobody forgets about the client reports, but they often overlook reports on their own practices. Every tax and accounting business is just that--a business--and consequently should be managed as such. The more robust solutions allow practice managers to analyze profitability, track billable hours and assess associate productivity.

Reports monitor the activity of a tax practice, but full practice management functionality entails much more. Tax preparers must be able to assign and oversee client work, track engagements, and manage the financial aspects of the practice effectively. Practice management addresses a tax firm's core operations. As tax software occupies a more substantial role in servicing clients, practice management activities become inextricably linked with business tax software.

Ultimately, the most important consideration when choosing a business tax suite is what your firm needs. No two firms are exactly alike, and even organizations of the same size often have different subtleties. To find the best software solution, identify the different services your firm provides and focus on software enabling you to conduct those specific activities. Make a list of your core services, and use it to...

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