TaxWorks' big effort this year does not directly involve its tax preparation software of the same name. But its addition of an integrated accounting/write-up product, eGL Works, will make tax preparation easier. The company released the beta version in June, and is launching the final version this fall.
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"Most people do bookkeeping in the summer and we expect to sell a lot this fall. The package is designed to remove the accountant's frustration, and if you can write a check and make a deposit, you can use this software," says Alan Haacke, director of public relations.
The Web-based application is targeted at traveling clients who want to access their financial records; clients who want to keep their own books but don't understand bookkeeping, and bookkeepers who need software that is simple and quick but includes many reports. Pricing for the product has not yet been determined.
Accountants can set up charts of accounts and security levels for clients, who can run on a cash, after-the-fact basis, while accountants can run accrual-basis reports from the same data. Year-end data can also be pulled directly into TaxWorks.
In addition, TaxWorks is expanding its Power Training Seminars, adding to the Salt Lake City and New York events, starting a second Las Vegas seminar, and moving the Florida site. The seminars will now qualify for 16 hours worth of CPE. There are approximately 14 presenters and the company hopes to draw about 500 attendees overall.
Harold Daniels has used TaxWorks for 14 years to complete 1,000 returns per season. His DCT Business Consulting, located in Stanford, Fla., had used Intuit's ProSeries previously. However, he has found TaxWorks easier to use, not to mention he believes it has "less bugs."
Daniels has attended two Power Training Sessions and always brings at least one other firm employee with him. "These sessions are great because they go over the updates and changes in the software. It prepares you for the tax season, so you're not afraid of the new enhancements," says Daniels.
Also helping Daniels to be more efficient during tax season are the program's reports. "I can run reports that let me see how many returns each preparer has done, and how many returns with certain rejections come from the IRS. Basically, the reports help me know if I'm on track from year to year," adds Daniels.
Meanwhile, TaxWorks' paperless office initiative continues to move forward. The TaxWorks system currently allows users to save a copy of a return in PDF format for their internal purposes. This year, the company is adding new indexing, storage, and retrieval capabilities. For example, users can now email documents, and the program will pull up K-1s as PDFs.
TaxWorks Tax System
HQ Kaysville, Utah
Phone (800) 230-2322
Fax (801) 544-5699
Multi-state processing Unlimited.
Data entry Interactive and batch.
Support methods Toll-free telephone, fax, and email.
Company's own paperless file cabinet.
Electronic filing 1040, 1065, 1120, and 1120S.
Integrates with the following TaxWorks has a bridge to most accounting and general ledger programs.
New for next year Adding state efiling for 1120 and 1120S programs, introducing eGLWorks, and adding new indexing, storage, and retrieval capabilities to the document management system.
Last year, TaxWorks' scheduling program got a boost when it enabled the company's 4,700 users to import and export data from and to clients' returns. This year, users will be able to enter into the program and make notations for next year. When the software is upgraded, all the information carries forward.
Other enhancements include an online knowledge base that enables users to access a database containing software information, government notifications, bank notifications, and documentation containing quick tips, revisions, and alerts.