The Complete Guide to Intuit Tax Software and How it is Disrupting the Industry
Introduction: What is Intuit Tax Software?
Intuit specializes in financial software for busy professionals. Their customer-facing products are popular for a wide array of financial needs and include QuickBooks, TurboTax, Mint.com, and Credit Karma. Its software suite offers popular tax software for both individuals and businesses.
The software has been around for decades, and it is one of the most trusted brands in the industry. It has been used by millions of taxpayers to help file taxes with ease.
However, Intuit also offers different business-facing software solutions designed to help CPAs more effectively bookkeep, process tax documents, and submit tax returns. Differing versions of its tax software are available depending on what you need from it — ProConnect Tax, Lacerte, and ProSeries are three of its most popular options.
How to Choose Which Intuit Tax Program Fits Your Needs?
Intuit has a variety of accounting and tax products designed to meet the needs of different types of CPA firms. The three major Intuit tax programs are ProSeries, Lacerte, and ProConnect Tax.
ProConnect is best for small businesses or those who have simple bookkeeping needs. It is also best for those who need to do their taxes online.
Lacerte is best for accountants with a more complex clientele, and it needs to be customized to fit each company’s needs. It is not ideal for small businesses or those without accounting knowledge.
ProSeries is best for accountants with a more complex clientele and needs customization to fit the company’s needs. It can be used as an accounting platform or as an individual tax program depending on what you need it to be.
The Pros and Cons of ProSeries
Intuit ProSeries is tax software for small and mid-sized business owners. It’s designed to help you save time and money by simplifying the process of filing taxes.
ProSeries boasts a range of tools to help tax professionals serve their clients. ProSeries is easy to use and has the quickest onboarding of the Intuit software suite, which means you can get it up and running quickly. ProSeries features form-based data input that is easy to explain to clients and includes advanced diagnostics to monitor your client engagements. Plus, a QuickBooks import tool makes onboarding new clients with QuickBooks a breeze.
If you get stuck, ProSeries support is there to help. Their Accountant Support Department is always on standby with a dedicated customer support line to get help fast. When entering client data, the Intuit on-screen help and “Where do I enter?” support module gets you the answers you need fast without having to switch between browser tabs.
You can also manage your clients better with tools to determine their filing status and missing data, including a client checklist and client-specific billing options.
Additionally, ProSeries will handle employee stock options and boasts a 401(k) optimizer, making it a good choice if you work with startups and small businesses that need employee benefit support.
Cons: You cannot file your taxes if you are working with oil and gas clients. Robust options for larger firms are not available.
The Pros and Cons of ProConnect Tax
Intuit ProConnect Tax is tax software for mid-sized firms. It has many benefits that make it a great choice for tax preparation.
Pros: Intuit ProConnect Tax is an optimal tool for tax preparation. It can help you get your client’s taxes done quickly with an easy-to-use interface. ProConnect provides assistance with the latest tax laws and offers professional customer service to answer your questions quickly. ProConnect also boasts the best flexibility and online integrations of the Intuit software family.
ProConnect has an easy onboarding and training program to boost your practice exposure and improve client service. The software boosts productivity by enabling you to work in a more streamlined manner with your team.
Best tools with direct integrations with ProConnect:
Ignition: $129 per month
Intuit Practice Management: $85 a month per user
The Tax Advisor (which could disrupt the financial services marketplace): $75 per month per client
Cons: There are, however, some cons to using Intuit ProConnect Tax. One of the main drawbacks is the price of this software, which can be prohibitive for some small business owners and freelancers without developed budgets. Another drawback is that it does not offer as much customization as other options of the Intuit suite, and it is not designed to handle oil and gas tax work.
The Pros and Cons of Lacerte Tax
Intuit Lacerte Tax is a user-friendly and affordable tax software available for all-sized firms but geared towards mid-size to international firms. Lacerte is the gold standard when you have complicated returns and a lot of calculations.
Lacerte is the only Intuit tax software designed to work with complicated oil and gas regulations and tax practices. Lacerte offers users advanced diagnostics unavailable in most other software. You can use the software for basic functions like managing your payroll, running payroll reports, and tracking your business expenses.
Lacerte supports K1 transfer, which is good news if you need the ability to import partner S corp or fiduciary information.
With Lacerte, you can choose between cloud or desktop storage, which offers flexibility for a range of firm needs. Lacerte is also a great choice if you need eFiling and eSignature functionality.
Lacerte offers a user-friendly client portal and best-in-class support with a direct customer support line that includes training support. Lacerte also has a powerful search feature that makes it easy to find specific information in your company’s financial data quickly and easily. This can be helpful for people who have trouble remembering what they did with their clients.
Cons: Lacerte is a US -bases and is not available for international use. Additionally, Lacerte does not offer any support for state taxes or local taxes, making it less useful for smaller full-service firms.
Visual Comparison Chart
For the most up-to-date comprehensive list of tax calculation comparisons between Lacerte, ProSeries, and ProConnect, check out the screen caps below and this comparison guide from Intuit.
ProSeries pricing offers flexibility between Basic and Professional tiers. The Professional tier offers CAPs the ability to work with individual and business returns. Pricing starts at $519 per year for Basic and $369 per year for Professional.
With ProConnect pricing, you pay only for what you need. ProConnect offers one flat per-return price, personalized for your firm, making it an attractive offer for smaller firms. ProConnect starts at $52 per individual return or $64 per business return.
Conclusion: Which Intuit Tax Software Should You Choose?
Intuit offers software solutions for all levels of tax and financial professionals. While Lacerte may be a better choice for larger or specific accounting firms, ProSeries and ProConnect offer flexibility and scalability, which makes them good choices for growing and distributive teams.
To pick the right bookkeeping software for you, jot down a quick list of the most important functions you need and collect feedback from your team. If they agree, compare that list with the services listed above and see what fits best.
Genwise helps accounting firms identify, implement, and train their teams to effectively utilize cloud-based accounting software and other technologies in the workplace. We understand no two companies are the same, so our process starts with a deep dive into your current processes and systems to examine your firm’s strengths and areas for improvement. Then, your highly-trained Operations Specialist will recommend technology that will strengthen your processes and automate repetitive tasks. Best of all, your Operation Specialist is available on demand any time you or your team need additional support.