5 Reasons Tax Professionals Should Start Embracing Cloud Technology

5 Reasons Tax Professionals Should Start Embracing Cloud Technology - Verito Technologies

Adopting newer technologies by various industries has been a common trend over the years, improving work efficiency. The tax industry is not far behind with the utilization of different tax software. In their day-to-day lives, tax professionals perform multiple tasks, including tax filing, client data analysis, tax preparation, and more. Using advanced tax software for such needs keeps them the advantage of time savings, which is crucial for business growth. 

One less-talked-about aspect of using tax software is its on-premise hosting. It means installing the software of your choice on local office computers. Using software in this manner often creates several tax professionals problems, including making multiple entries of data, sharing tax files via email amongst team members, and losing data due to human errors. Next to it lies the hefty expenditure on implementation and maintenance of local IT infrastructure.

As a tax professional, if you also face these problems, you can get rid of them all in one way – tax software hosting. It is a method of combining cloud technology’s power with that of a tax software of your choice.

To get more details, click: What is Tax Software Hosting?

Whether you use Drake, Lacerte, ProSystem, or UltraTax CS software at work, you can switch to tax software hosting, i.e., host the software and data files on a cloud server owned and maintained by a third-party service provider.

Here are five reasons you should make the transition to tax software hosting:

1. To Deal with Urgent Client Requests Beyond Work Hours

Having software installed on an office computer means you cannot access it when you are not on the office premises. However, you would agree that some clients often ask about tax-related tasks beyond the work hours. If a particular task is too urgent, you might have to revisit your office to get it done instead of waiting for the next working day.

Tax software hosting can help you a lot in dealing with such situations from wherever you are. It enables you to access the tax software files at any time, provided you have stable Internet access. It means your work need not stop even when you are not in the office. This remote software access flexibility is also beneficial when you are traveling but continuing with your work-related needs.

2. To Keep Your Software and Tax Files Extremely Safe

Have you ever gone through situations when you lost some extremely crucial data files saved on your office computer? Such instances often occur unexpectedly, and there can be many reasons behind their occurrence, including hardware crashes, software malfunction, or human errors. But the resulting consequences can have a significant impact on your business. 

Although you cannot prevent unexpected hardware issues from occurring entirely, you can do your best to keep your clients’ data safe on the cloud using tax software hosting. When hosted on a cloud server, both the software and tax-filing data are highly protected using advanced security methods. Also, maintaining these security measures is the responsibility of the cloud hosting service provider you select. 

If you are new to using cloud technology, make sure you select a cloud service provider carefully. 

3. To Avoid Making Multiple Entries of Tax Files

Imagine the work environment you become a part of in your everyday life as a tax professional. You work on specific tax-preparation tasks based on your expertise, then pass the data files to your teammates to do their part. Once a client’s file reaches the end for tax filing, multiple entries of the same file are stored at different stages within your workspace. Also, team members have to wait for each other to get the tasks completed. 

If there is one thing that you would want to save in such regular tasks, it is your precious time. Tax software hosting can save it for you by enabling multiple users to work on the same data file hosted on the cloud simultaneously. This will improve team collaboration and eliminate the need to make multiple entries of tax files. 

4. To Eliminate the Need to Invest a Big Amount in IT Infrastructure

 When you have a team of tax professionals to work for you, you also have the responsibility to provide them with all the necessary tools, software, and equipment at work. Besides the required hardware, you also need professionals to maintain the in-house IT setup, all of which require a considerable operational expense. This is something that is not feasible for all tax firms, particularly the smaller ones.

With tax software hosting, you can avoid worrying about the cost-side of IT infrastructure. You can host tax software on the cloud by selecting a pricing plan that fits your budget and business needs. The availability of tax software hosting plans may vary from one cloud solution provider to another. 

5. To Get the Flexibility to Change Your Cloud Hosting Plan as and When Needed

Many tax professionals have to scale their services up and down depending on the client requirements. For instance, you would want to utilize more cloud resources during tax season. With a reliable tax software hosting provider, you can change the hosting plan as per your changing business needs. 

If you have more questions about hosting tax software on the cloud, contact us here right away!

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