5 Powerful Features of Drake Software You Might Not Know | 2025 Update

Drake Software has become a cornerstone solution for tax professionals, winning multiple Reader’s Choice Awards and serving over 70,000 tax professionals nationwide. With a 99.99% uptime rate when cloud-hosted, this comprehensive tax preparation software offers far more functionality than many users realize. Understanding these Drake Software features can dramatically improve your workflow efficiency during tax season.

Tax season brings enough stress without worrying about software limitations. Drake Tax Software has established itself as a leading solution for tax professionals, but many users only scratch the surface of its capabilities. Whether you’re preparing individual returns or handling complex business filings, Drake Software features can streamline your workflow and enhance client service.

Let’s explore five powerful Drake Software features that you might not be utilizing to their full potential.

Drake Tax Planner: Strategic Tax Scenario Modeling

The Drake Tax Planner stands as one of the most valuable yet underutilized Drake Software features. This powerful tool allows tax professionals to create and compare multiple tax scenarios for clients based on various factors including:

• Income changes

• Marital status adjustments

• Dependent additions or removals

• Major life events (home purchases, retirement, etc.)

What makes this feature particularly useful is its ability to save multiple scenarios simultaneously, allowing you to demonstrate different tax outcomes to clients in real-time. This capability transforms your role from tax preparer to strategic advisor, showing clients exactly how different life decisions might impact their tax situation[1].

The Tax Planner also includes a returns archiving function that creates different versions of a return for comparison purposes. You can easily revert to previous versions with a single click, making it simple to track changes and demonstrate various tax strategies to clients.

Practical Application

During client meetings, you can use the Tax Planner to show the tax implications of:

• Converting traditional IRAs to Roth IRAs
• Timing major purchases or sales
• Adjusting retirement contributions
• Changing filing status

DoubleCheck: Enhanced Accuracy Verification

Even the most experienced tax professionals can make mistakes during the hectic tax season. The DoubleCheck feature serves as your built-in quality control system, allowing you to mark items in text boxes or check boxes as:

• Flagged for review
• Noted for review
• Verified

When used in combination with VeritGuard’s 24/7 managed IT services, your team can confidently prepare and review returns without performance slowdowns or access issues critical during peak tax season.

For firms with multiple preparers or reviewers, DoubleCheck creates a clear audit trail of who has verified which information, improving accountability and reducing the risk of errors on client returns.

Automated Backup Options: Data Security Made Simple

Data security is paramount for tax professionals handling sensitive client information. Drake Software offers multiple backup options to ensure your client data remains protected:

• Manual Backup and Restore: Specify exactly where you want backup files stored
• Automatic Backup: Schedule regular backups without manual intervention
• Selective Backup: Choose specific client files or data types to back up

With VeritComplete, you also gain integrated hosting and IT support ensuring your backup processes are monitored and your systems are always audit-ready.

Cloud Hosting Benefits

Cloud-hosted Drake Software offers several advantages beyond the standard backup features:

• Remote access from any device with internet connection
• Enhanced data security with enterprise-grade encryption
• Improved collaboration between team members
• Automatic updates and maintenance

Drake Documents: Digital Document Management

The shift toward paperless tax practices continues to accelerate, and Drake Documents provides the tools needed to make this transition seamless. This feature functions as a digital filing cabinet where you can securely store and organize:

• Client tax returns
• Supporting documentation
• Tax forms
• Communication records

Drake Documents creates a centralized repository for all client-related information, making it easy to locate and reference documents during client meetings or when responding to inquiries. The organized structure helps improve efficiency and reduces the time spent searching for physical documents.

For firms with multiple preparers, Drake Documents facilitates collaboration by providing shared access to client files while maintaining appropriate security controls. This ensures team members can work together effectively without compromising data security.

Import and Export Capabilities: Streamlined Data Management

Data entry represents one of the most time-consuming aspects of tax preparation. Drake Software’s robust import and export features significantly reduce manual data entry requirements through:

• Electronic W-2 Import: Download and import data directly from select employers
• Select D Import: Load investment transactions from text files
• K-1 Export: Transfer data from 1041, 1065, and 1120S returns to 1040 returns
• Trial Balance Import: Bring accounting data directly into tax returns

These capabilities not only save time but also reduce the risk of transcription errors that can occur during manual data entry. The seamless data transfer between different return types is particularly valuable for clients with complex tax situations involving multiple entities.

Maximizing Drake Software with Cloud Hosting

While Drake Software offers powerful features on its own, hosting it in the cloud can significantly enhance its capabilities and accessibility. Cloud hosting providers like Verito specialize in secure, reliable hosting solutions specifically designed for tax and accounting software.

Key Benefits of Drake Software Cloud Hosting

Cloud hosting transforms Drake Software from a desktop application into a flexible, accessible platform that supports modern work arrangements. This is particularly valuable during tax season when extended hours and remote work may be necessary to meet deadlines.

Conclusion

Drake Software offers far more than basic tax preparation capabilities. By leveraging these five powerful features—Tax Planner, DoubleCheck, Backup Options, Drake Documents, and Import/Export tools tax professionals can significantly enhance their efficiency, accuracy, and client service.

For those looking to further optimize their Drake Software experience, cloud hosting provides additional benefits in terms of accessibility, security, and collaboration. As tax regulations and client expectations continue to evolve, making full use of these advanced features can help your practice stay competitive and efficient.

To learn more about optimizing your Drake Software implementation or exploring cloud hosting options, contact a specialized provider who understands the unique needs of tax and accounting professionals.

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