4 Key Features Your CPA Firm Needs From Tax Credit Software

Written by Frances Kim. Updated Nov 24, 2015.

ThinkstockPhotos-492800537.jpgAs the owner of a CPA firm, you know you need more efficient workflows to meet client demand for improved tax return outcomes. Helping clients navigate the complex world of tax credits and incentives ensures maximized tax savings (which improves the outcome of their tax return).

The right tax credit software system enables you to house all of your client projects and information in one place. With a singular standard for organizing your client project information, you encourage a collaborative environment with high visibility into client projects.

The following are four features to look for in tax credit software:

1. Tax Credit Software Should Come With A Targeting Capability

Targeting is key for your software system, because it highlights exactly what areas of tax incentives a client should focus on. If a client is offered this valuable information from a competitor, it’s likely that you’ll lose their business.

One of your firm’s goals is to offer clients tax credit opportunities before your competitors have a chance. That’s why you need a system that quickly scores opportunities for clients. The score should be an assigned value based on data input that’s specific to the individual client.

2. The Software Must Allow Everyone To See Deliverables

The right tax software system gives total insight into each project, benchmarking project milestones. As the system tracks projects, you know the proper steps are being taken for a client tax credit project and that the process is moving along in a timely manner. There’s no waiting to get a status report at the end of each week. When you want to know the status, you simply log into the software and find the information you’re looking for.

3. The System Should Also Feature A Robust Resource Center

Tax credit software should feature a resource center – a “library” stacked with training materials, product sheets and FAQs of tax credit programs. These documents and materials offer your CPAs a way to review program details easily, so they may quickly offer front-end guidance to clients. 

4. Sensitive Client Information Must Be Shared Securely

In terms of security, the tax credit software you employ should have a restrictions feature for who has access to certain client information. The system also ensures that you are able to download and upload documents in a secure environment.

There are many business owners who have no idea that they qualify for certain R&D or employment incentives. Tax credit software finds what could have been a missed opportunity for your client to maximize their savings potential.

With the right technology by your side, you are able to streamline processes for capturing tax credits. Combined with the support of an outsourced tax consultant, your CPAs don’t have to struggle ever again with a lack of resources or the complexities of capturing credits. Rather, they are empowered to meet their clients’ needs and significantly increase tax savings.

Ready to learn more about the vital features of tax credit software? Schedule a free, 30-minute consultation with a tax expert at CTI.

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Topics: R&D Tax Credit, Employment Incentives, Training Incentives, Property Incentives

Frances Kim

Written by Frances Kim

As one of the first CTI employees, Frances has held many key positions and has played an integral role in our diversification process. With more than 10 years in customer service and management, Frances’ proven adaptability has enabled her to manage projects for clients ranging from small start-ups to Fortune 500 companies.