TaxAct, which provides tax form-filling software, had forged a partnership with Taxaroo, to offer the latter’s customizable practice management tools to tax practitioners who use TaxAct’s suite of Professional products. TaxAct Professional products provide scalable software and e-filing options for tax practices of all sizes.
Taxaroo features that will be made available to TaxAct users include client organizers, which allow tax professionals to create customized organizers that automate the collection of client information for each type of engagement, from individual tax returns to corporate bookkeeping. Clients can submit information on their own, and also automate progress notifications, which help practice teams keep track of client data that has been, or needs to be, submitted.
Another feature is the ability for tax practitioners to electronically send professional invoices directly to customers, and receive customer payments directly into their practice bank accounts. Taxaroo protects practice teams’ work by requiring customers to make payments before they can view their tax returns, and also supports both credit and debit card payments, to make it easier for customers to pay.
Performance analytics offered through Taxaroo provide revenue tracking, and analysis of workflows and team and individual productivity. The feature also lets users track customer feedback, which customers can leave after completing all parts of the tax preparation process. Tax professionals can also reach out to customers to discuss their feedback in more detail.
Taxaroo also features IRS-compliant e-signatures and a document vault with unlimited storage.
“Our partnership with Taxaroo enhances our product suite with scalable information collection, document storage, e-signature, and invoicing and payment functionalities that automate the core steps of the tax preparation process for TaxAct Professional users,” said Sanjay Baskaran, president of TaxAct, in a statement. “In addition to potentially cutting the time these professionals spend on tax preparation in half, we can also provide them with access to a modern, intuitive interface where they and their clients can work smarter together. These powerful solutions can optimize tax management practices — enabling them to become more profitable, productive, and efficient.”
“Our strategic partnership enables TaxAct professionals to better serve their clients by using a modern set of capabilities that streamline the end-to-end tax preparation process,” added Brian Liebert, CPA, co-founder and CEO of Taxaroo. “The combination of our software creates the next-generation practice management solution that tax professionals have wanted for a long time. We look forward to continuing to work with TaxAct to modernize tax preparation, and deliver business and client insights that position tax management firms to reach their long-term goals.”
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