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Choosing a Business Tax Planning Software

July 5, 2022 TaxPlanIQ Support team

Tax planning software helps you develop strategies that save your clients money, but you must choose the best software for your firm. 

Most tax software packages offer similar guarantees of their accuracy and receipt of the maximum refund. But your experience and the features of each package can vary significantly. 

To find the best software, you need to determine your goals for using the package and the product features that are most important to you. Consider if it is solely providing a tax projection or truly showing tax savings strategies.  

Determine Your Goals

The primary objective of tax planning is to reduce your clients' tax liability as much as possible within the confines of the tax laws. 

There is a constant tension between the taxpayer's desire to pay as little tax as possible while the government seeks to receive as much tax as possible. Well done tax planning can help your business achieve this goal of paying the least legal amount while complying with the law and ethics.  

Increase the tax savings of your clients while charging based on the value of your service. As an accountant, you want to offer your clients the best tax planning services possible. 

Ideally, you will increase their tax savings and be able to charge them for doing so based on the value of your services. Consider implementing robust tax planning software with a project or service-based billing rather than hourly fees.  

As an accountant with in-depth experience and knowledge of tax law, you can provide valuable tax planning services to your clients.  As your clients understand the value of the savings you are creating, they will also learn to appreciate the inherent value of your services. It’s a win for your business and your clients.

Tips for Reviewing Software

When looking to invest time and money into purchasing and learning a tax planning software program, you should carefully consider what you're looking for and what each program offers.  

1. Check the features of the software

Start by considering which features you believe to be essential to the services you want to provide. 

Think about whether you want to use an online program or one you install on your computer. 

Do you want the basic model or the top-of-the-line premium program? 

If your clients are at all sophisticated in their business needs, you'll probably need a higher-end program. Still, even high-end programs offer different features after giving you the standard base features.  

As a professional, you need to reference relevant tax law and regulations easily. Ensure that any tax planning program you buy includes links to current tax laws and regulations.  

Yes, you can find it online quickly enough, but it's far more practical to have the linked access right to your tax planning program and tasks. Similarly, ensure the software includes links to any forms you need, preferably writable PDFs. 

Finally, you want to ensure that any software you purchase has a guarantee if you think you need one and that you have the minimum computer system requirements to handle the software.  

Make sure that the software and its links will update every year.  

2. Look for reviews

One way to find the best software is to look for online reviews of the programs you're considering purchasing. These reviews will highlight benefits and problems with any program you are considering.  

3. Ensure ample help

Make sure that any program you purchase provides you with all the necessary resources. You will want training and guidance for you and your staff, but you may also want access to client tutorials. Find a program to teach your clients why and how they can contribute to the tax planning process.

Tips for Implementing a New Tax Software

Once you've made a selection, you will want to be sure that you have adequate time and resources to implement your new program.  

1. Take time to get acquainted with the tool and all the features

Give your staff time and resources to learn the new software and its bells and whistles. You chose that software because of its features; you want to ensure your staff knows how and when to use them. 

2. Move at a comfortable pace, even trying a test run

Make the transition at a speed that works for your staff. Consider trying it out before going to clients, and avoid introducing your new software in the first quarter of the year.  

3. Use the resources, tutorials, and customer support available

Use and give your staff and clients access to all the resources that you looked for when choosing your software. Make sure that everyone understands that the guidance is there for their benefit and can make the transition easier.

Ready for a Spin with TaxPlanIQ?

TaxPlanIQ helps you step away from the repetitive work of tax forms and become the strategic partner your business clients are seeking.  

Our tool provides you, your staff, and your clients with the resources necessary to support that strategic alliance and provide the value-based billing you want.  

TaxPlanIQ is ready to help you succeed at tax planning with the resources and support you need and want.  You can sign up for a free trial and see how easy it is right here.

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