Top 10 Features Of Lacerte Tax Software
Lacerte is a reputed tax preparation software that has been around for longer than four decades. It bears a symbol of trust for professionals who want to complete a record number of returns within a limited time.
The Lacerte tax software has 27 built-in tools that enable every professional to file tax returns quickly and accurately. It helps tax professionals offer the best service to their clients. Since the beginning, Lacerte has catered to large tax firms, smaller tax management agencies, and individual CPAs.
Here are the top 10 features of Lacerte software that you should consider before making your choice –
1. Fast eFile Extension Options
This is a time-saving tool that allows you to file more than one extension at one go electronically. You can click on the “Clients” tab and hold down the CTRL-key to highlight the individual files you want to file.
Click on the e-file option and click on the “Start E-file Extension Wizard” to begin the e-filing process. The e-filing option makes the transfer faster and easier, especially when you need to review and fix validation errors.
2. Faster Filing With The Automation Of Calculation
Lacerte is now faster and better than ever, with an increase in the efficiency of calculations. With the introduction of automated calculations for amortization, depreciation, and debt forgiveness, the preparation of accurate returns takes a couple of minutes per client.
The latest version of the software features all the functions you need, including the oil and gas capabilities, corporation capabilities, Schedule J calculations, deep AMT calculations, multi-state processing, and special allocations for partnerships.
More than 25,000 extensive diagnostics options enable the user to discover the omissions and mistakes easily and quickly before filing the tax returns.
3. Faster Data Collection and Recovery With The e-Organizer
The e-Organizer gets you all the information you need from the clients to prepare their tax returns. It is as simple as going to the “Tools” menu and clicking on the “Organizer” option.
The Lacerte e-Organizer offers complete electronic checklists and questionnaires. It can save time and reduce the chances of ambiguity during the data collection process. You can minimize the data-entry errors by transferring only the correct figures onto the tax forms on Lacerte.
4. Ace Complex Partnership Returns with K-1 Packages
The current version of Lacerte supports more than 5,700 forms. It supports the 706, 709, 990, 1040, 1041, 1065, 1120, 1120S and 5000 tax forms. You will also find multi-state tax form support with Lacerte.
The K-1 Transfer capability of Lacerte tax software allows all users to import partnership, fiduciary, and S-Corp tax data onto the 1040 tax return form. It also enables the secure transfer of data between multiple business returns from previous years.
5. Easily Access Data with The Jump To Input Option
Lacerte’s Jump to Input option allows the user to go to the desired input field directly. The latest version of the tax software supports dual form view for quick and error-free information entry and comparison.
The Jump to Input option can take you to the Detail view from the Forms view on the software. When there is more than one input for the line, you will see the Inputs for Selected Field box, and the hyperlinks will take you directly to the detail input.
6. Downloading Information From A Financial Institution
Lacerte further reduces the time necessary to file the tax returns by allowing the CPAs to download pertaining W-2 client information directly from 50 payroll providers or more. The Lacerte Fast Path license includes this facility for the users.
You can download the 1099 information from the financial institution as well directly into the tax return form. That reduces the transfer time and error rate per Lacerte user.
7. Tax Analysis and Planning for Each Client
Lacerte comes with in-built planning and analysis tools for tax returns. It is a part of the Lacerte tax bundles, and it enables each CPA to provide the client with exceptional services.
The Lacerte tax planner allows the complete customization of strategies for reducing your client’s tax liability. The analyzer tool is exclusively for staying up-to-date about the new tax laws and their impact on your client’s financial health.
8. Multi-user Support Without Compromising Network Speed
Not many tax preparation software can swear by their multi-user support. Lacerte can help your firm expand and cater to multiple clients at the same time by supporting numerous users via robust networking capabilities.
Lacerte recognizes multiple user IDs that allow the users to use more than one preparer license file. It demands no time-intensive workarounds for switching to a multiple user system.
The enterprise versions of Lacerte has an in-built framework for multiple users and more than one user license IDs.
9. Excellent In-Product Help
The latest version of Lacerte has preserved the point-of-need-guidance that became popular with the 2016 version. You can see hyperlinks to the Knowledge Base articles that hold all necessary information to troubleshoot any challenge one might face while using the Lacerte software.
The tax preparation software has enriched the Knowledge Base articles to contain actionable information regarding all input fields. Explore the “Frequently Asked Questions” hyperlinks in every section to find answers to the common queries.
Or, you can explore the “Ask Lacerte” function to quickly find answers to all your questions directly from the software database. You can now see the “in-app chat” option on the main toolbar of the tax preparation software API.
10. Integration Of Data And Files With The Lacerte Client Portals
SmartVault can smoothly integrate with Lacerte, thereby providing a safe document management system.
You can import Clients to the SmartVault and share multiple files easily and securely.
SmartVault can reduce your work pressure and accelerate the return-filing process per client. The integration offers a one-click printing option of transferred/shared documents via Lacerte.
The secure Lacerte client portal notifies the client when the document is ready for use, and it encrypts the document during the sharing process.
To Wrap It Up
Lacerte is a smart choice for all CPAs. With its unique user interface, it can speed up your tax preparation and help you file multiple returns per day. The easy-to-use flat worksheet-like forms, multi-form support, and round-the-clock guidance make Lacerte one of the most favorite tax return filing platforms for all highly successful as well as budding CPAs.
To know more, check out my detailed article on top features of Lacerte software.
