Drake vs. ProSeries Pro

[Gretel]

If you are going to do this profession get the best that is available, it will make you shine in front of your clients. Growth will come faster and self confidence will show through to all. Price should not be an issue.....................

I agree with you, Bob. But if you don't have the money you have to do the best with what you have. I always buy the best tools or windows or ....whatever or don't buy it at all. Unfortunately with tax software you can not wait.

[BOB W]

I agree with you, Bob. But if you don't have the money you have to do the best with what you have. I always buy the best tools or windows or ....whatever or don't buy it at all. Unfortunately with tax software you can not wait.

An alternative is to pay-per-return...?????????

[Holland]

Money is everything!

I agree with you, Bob. But if you don't have the money you have to do the best with what you have. I always buy the best tools or windows or ....whatever or don't buy it at all. Unfortunately with tax software you can not wait.

How much did your car cost? If you really believe your above comment, you must have at least a Lamborghini (sp). And how many rooms in your house? 100? 200? I assme yu are signing yur returns with at least a $1000 pen.

[BOB W]

How much did your car cost? If you really believe your above comment, you must have at least a Lamborghini (sp). And how many rooms in your house? 100? 200? I assme yu are signing yur returns with at least a $1000 pen.

If a Lamborghni was a basic needed asset to operate my business, I would buy one. If a 100 or 200 room house was a basic asset for my business I would buy one. But it is not required for our business. By the way, I use a "Bic" when a signature is required.

[Joe Btfsplk]

Lamborghni

If a Lamborghni was a basic needed asset to operate my business, I would buy one. If a 100 or 200 room house was a basic asset for my business I would buy one. But it is not required for our business. By the way, I use a "Bic" when a signature is required.

I really do need a Lamborghni to operate my business, but I can't afford one so I get by with my 10-year-old pickup truck.

My house only has 85 rooms which also is a little too small, but I can't afford anything more, so I just have to do the best I can.

[BOB W]

Joe> your point is well taken. But I look to save in other areas, not on tax programs.

[equinecpa]

For many of us it's a factor in trying to price ourselves competitively. I actually price my returns higher than the market here as I specialize in one field and don't cater to the RAL and EIC crowd.

However that said, I don't make a killing. I don't do a high volume of customers (approx 125 personal returns, 30 or so 1120/1065). For me time and value is important. I want a trustworthy software that I can count on, but not have to rob a bank to acquire. What is the pricing on Ultratax PPR? Or do they have such an animal...I visited their website but could not find pricing anywhere...that drives me nuts...I hate having to deal with a salesperson just to buy software. Put me off straight away...more prime time consumption.

For me it's about time...efficiency of use, processing etc.

[BOB W]

For many of us it's a factor in trying to price ourselves competitively. I actually price my returns higher than the market here as I specialize in one field and don't cater to the RAL and EIC crowd.

However that said, I don't make a killing. I don't do a high volume of customers (approx 125 personal returns, 30 or so 1120/1065). For me time and value is important. I want a trustworthy software that I can count on, but not have to rob a bank to acquire. What is the pricing on Ultratax PPR? Or do they have such an animal...I visited their website but could not find pricing anywhere...that drives me nuts...I hate having to deal with a salesperson just to buy software. Put me off straight away...more prime time consumption.

For me it's about time...efficiency of use, processing etc.

I just received their pricing schedule, and yes they have PPR, 1040 is fed is $17 and State $10.

Entities are $27 and State is $14. There is an annual set up fee of $150 for PPR.

Elf is 1040 $2 and state is $1. Entities are $5 and state is $2.50.

UT renewal for 1040 full program is $1825 and 1120 is $1,325. First time buyer pay a setup premium of about $225 per program. 1040 state fees vary but are around $300 and 1120 states are around $450.

The $225 setup fee does not apply to state programs only Fed.

With a 100 1040 you would be better off with the full package, but do the math first. Just remember, productivity is the name of the game.

For me it is a no brainer, I do 450 personals and 60 entities. My cost per 1040 Fed & ST return is about $5. 1120 plus state cost me about $30, very close to the PPR pricing.

When I look at the big picture, which includes their accounting programs, file cabinet and the intergrated "go between" of data flow, I can handle my volumn with minimal assistance. I have a bookkeeper that does the monthly write-up and bank recs. I do everything else......... and if I wasn't so lazy, I could do it all myself. January -May would be a disaster though and I would not have any break during the summer months.

Productivity in any business is the primary goal. Our business is no different. If you are still printing your copy of a tax return and/or the fed/state filing copy, pulling folders for your appointments, photocopying documents and all those functions of yester-year you are not productive in today's tax practice. If you are doing all this by yourself, you appear busy and are wondering why you don't make more money when the season is over. If you have a helper you can get more clients but are left with the same feeling ( where's the money) at the end of the year.

[equinecpa]

Thanks Bob for the price info - very useful information.

[BOB W]

Thanks Bob for the price info - very useful information.

You are welcome... More and more tax program providers are supporting "todays'" tax practice methods with "file cabinet" type programs and of course ELF. Proseries would of been my choice 5 years ago when I was faced with a buyout but I am happy that I ended up with CS's Ultra Tax.

Just a note> When I started doing tax returns I did them by hand> so I can feel for newbees'. But I also bought a $12,000 computer, the one that had 2 12" floppy disks and programs. So I do know about making an investment in my business.

[John of PA]

agreed

Bob W, Agreed. Buying a more expensive software package is an investment in your business that will more than pay for itself in efficiency.

[BOB W]

Go to taxwise.com and get their demo.....

Great program,,,,,very user friendly.....using for 14 years....I try to learn other programs just for the fun of it, my client time would double with other programs.

Strange that UTS Taxwise is not mentioned as a tax software in this thread

Yes, switching tax programs takes extra time in the beginning. That is why one needs to purchase new tax programs NOW so that you have time to become fully operational when tax season comes around. You should be on the phone with the new company every day asking questions, be their biggest PIA.

Switching is never fun but investing in new software means that you have to make that investment work for you with productivity as your goal. Find all of the productivity issues that the program provides and make sure you put them into play.

Many of the higher end programs require you to setup areas for the bells & whistles to come into play. Take that time, it will be worth it. Don't worry about tax calculation after you have played with the program, focus on the benefits. (Like Cover Letters, Invoicing, A/R, tax return status catagories, ELF issues, Depreciation, What will or won't print when you print the client copy of the tax return, etc.)

[Holland]

That has not been my experience

Bob W, Agreed. Buying a more expensive software package is an investment in your business that will more than pay for itself in efficiency.

I have increased efficiency in my practice partly by buying a more efficient software, not by buying the most expensive software available. My testing of demos from UltraTax and Lacerte showed me that I would be very unlikely to be able to process over 1000 returns per year by myself, wheras that is very easy with my current software, which is $995 per year.

[equinecpa]

Chris;

Efficiencies are very important to me - can you elaborate on that statement for me? I assume you are talking about Drake? What makes it so efficient? It is one of the software packages I have received a demo for and I am curious...

[Holland]

Speed is important to me

Chris;

Efficiencies are very important to me - can you elaborate on that statement for me? I assume you are talking about Drake? What makes it so efficient? It is one of the software packages I have received a demo for and I am curious...

My financial analysis of my practice showed me that it was very important to me (and an analysis of any other practice may show something entirely different) to minimize the time spent entering numbers into my software so that I could spend more time saving my clients money.

Part of the perceived efficiency may be simply that I am finally getting the hang of the software. Yes, I am using Drake, but I would change in a heartbeat if I thought I could increase NPV by switching. There are lots of modules and gizmos in the software that I do not use, or use alternatives because I do not like them.

In no particular order: I like how CWU (Client write-up) feeds directly to business returns and in turn feeds to the individual returns; I like the very fast response and speed of the software over networks and VPN; I like how the software remembers old clients from years ago; I like how the software uses zip codes to fill out addresses; I like how the software remembers EINs and uses them throughout the system; I like the ability to construct my own macros to save repetitive keystrokes, I like the printer sets system, I like how the software cranks out reminder letters for estimated taxes; I like how the software is designed to save keystrokes and therefore time. A returning client with a couple of W2s and some 1099s can be entered in a few minutes. Scanning the client documents and burning a CD takes longer than doing a simple return. On the other hand, my more complex returns (multiple 1031 exchanges and multiple states) are still relatively quick.

Your experience may be entirely different. I have used, if I remember correctly, ~12 different tax softwares over the last sixteen years. Some have been very good at some things, others are very good at other things. All have been able to produce a pretty stack of forms. Drake has been the best (for me) at getting the return done quickly and allowing me to go on to the next one.