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The CPA Technology Advisor awards TaxWise 4 1/2 stars out of 5.
From the April/May 2008 Review of Tax Compliance Suites
“The TaxWise system is geared more toward smaller tax offices with higher volume traffic and more need for bank products, as well as remote and multi-location capabilities. The program supports all entities with required IRS and state income reporting requirements, including individual, (1040) C and S-Corps (1120, 1120S), partnerships (1065), exempt organizations (990), fiduciary returns (1041), estate and gift taxes (706, 709), and reporting for employee benefit plans (5500).”
“Also under the TaxWise brand are several accounting and practice management programs, including W2-1099 compliance, fixed asset, document management, write-up/payroll, a website builder and banking products.”
“All of the tax systems include English and Spanish-language client organizers, reports and communication templates. TaxWise offers a number of features to appeal to bilingual practices, including viewing or printing more than 50 of the most common individual tax forms and context-sensitive Help in Spanish, plus Spanish-speaking training, sales and support.”
“The program’s developers have been quietly adding to TaxWise’s feature set over the past few years, with the program now offering options for client write-up, payroll, fixed asset management and trial balance, while it’s internal integration functions have been enhanced and automatically transfer data between associated returns, including pass-through of K-1 data. The program also offers multi-office capabilities that allow a tax practice to easily set preparers up at temporary or seasonal locations, such as kiosks at a mall, store or car lot, with the program automatically transferring data to the principal tax office where the return is actually completed. Any number of preparers at the same location can use the system at no additional cost, and there are discounts of up to 60 percent for additional offices.”
“Two of the more impressive optional additions for the TY 2007 version of the program are the Scan-and-Fill function, which automatically populates returns with data from scanned-in W-2s, 1099s and other documents, and the Document Management system, which helps reduce paper storage.”
“TaxWise users also have access to value-added products including the warranty-like Audit Shield, FeeCollect for deducting preparation charges from client refunds, and Merchant Account Services, which enable acceptance of credit cards. TaxWise also gives firms the option to add a do-it-yourself tax program to their website, which can provide a revenue stream from individuals who self-file.”
“The TaxWise system is easy to use, with multiple assistive features and bilingual sales, support and training for practices with high seasonal turnover. Through the web-based TaxWise TV and TaxWise University, preparers can get daily and weekly how-to tips, system features and update information, as well as training with tests and tutorials. The company’s support website provides additional assistive features, and toll-free technical support is included in system pricing.”
“TaxWise is best geared to provide high-volume, 1040-focused tax shops with an easy-to-use system that can be used by all preparers in a single office. It also provides multi-location and kiosk capabilities. The inclusion of the other taxable entities and accounting programs will offer such practices an avenue to grow, but the productivity features and workflow processes in TaxWise, including FeeCollect, bilingual options and bank programs, are enough to help a growing tax office succeed.“
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CPA Magazine Lists TaxWise in the Big 3
of Tax and Accounting Software Suites.
Elite group includes TaxWise, CCH® ProSystemfx®
and Creative Solutions® Professional Suite
Excerpted from CPA Magazine, Tax Season 2006 Edition
“TaxWise makes it affordable to provide business tax and accounting services. Without the high price tag of other major tax and accounting software vendors, TaxWise provides all the tools needed to offer comprehensive solutions to clients.”
“In a market full of similar commodity products, TaxWise differentiates itself through nuances that could significantly impact the productivity of a tax practice.”
“To provide a full-service offering to business tax and accounting clients, it is essential to have a comprehensive software solution that does not get in the way of doing business. The software’s clean design facilitates rapid data entry and intuitive navigation. Eschewing the various 'bells and whistles' that most vendors perceive as value-added, TaxWise simply makes it easier to service clients and manage your practice. The functionality targets the actual needs of accountants.”
“The TaxWise business tax and accounting suite consists of a number of products facilitating trial balances, write-up, corporate tax returns and fixed asset management. This program enhances the offering with a clear, well-designed user interface, the quality of which separates it from its competitors.”
“Taxwise also differentiates itself with a clear, easy-to-follow screen design.”
“TaxWise generates the business tax returns and includes forms for 1120, 1120s, 1065, 1041, 990, 706, 709 and 5500. TaxWise also offers comprehensive state business tax filing capabilities. TaxWise Trial Balance facilitates journaling and accounting validation prior to filing, and the TaxWise Fixed Asset System…provides comprehensive functionality for asset tracking and depreciation management.”
“TaxWise’s Computer Checkbook application offers an intuitive venue for managing client accounts."
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CPA Magazine List TaxWise Fixed Asset Manager in the “Top 7”
Excerpted from CPA Magazine, TaxSeason 2006 Edition
“TaxWise Fixed Asset Manager [is] a full-featured program that is popular with practitioners valuing efficiency and speed in electronic filing.”
“TaxWise is a full-featured program—strong in language support with a focus on electronic filing at a reasonable cost. As long as the input methods and calculations the application supports fit your practices, it would be prudent to look at TaxWise.”
“The application’s asset numbering system starts with the number one and is identical to that used in the company’s other tax software. Additionally, Fixed Assets manager uses a second, 50-character alphanumeric asset ID that meets the requirements of any numbering system, including the Universal Product Code (UPC) used by other fixed asset programs.”
“Enter other data on a quick-entry screen using hot keys from the Setup Menu. The “F1” key opens the program’s context-sensitive help balloon feature. The help balloons are not short messages; instead, they offer “volumes” of pop-up help. A second help feature, accessible by clicking on a button at the bottom of the page, offers context-sensitive, indexed, traditional Microsoft (MS) Windows-type help.”
“The program supports five depreciation books: federal tax, multiple state tax, state tax, alternative minimum tax (AMT) and adjusted current earnings (ACE).”
“The application’s screens use standard MS Windows conventions and are very much like the TaxWise business asset entry screen, as well as screens in other TaxWise programs.”
“TaxWise is proactive in serving Spanish-speaking and bilingual practitioners. In the TaxWise 1040 program, for example, users toggle easily between English and Spanish on the leading forms and schedules and see or print the instantly translated forms – a feature that may be an industry exclusive. Even the context-sensitive help appears in Spanish on those forms. Additionally, the company offers toll-free support lines seven days a week during the height of the tax season, providing a highly trained team of English- and Spanish-speaking agents and sales representatives.”
“TaxWise offers an extensive lineup of “GetWise” online training courses and on-site seminars for its tax and accounting systems.”
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CPA Magazine Lists TaxWise Fixed Asset Manager in the Super 6 of Fixed Assets Software
From CPA Magazine, November 2006
©2006 All Rights Reserved. CPA Magazine
By Tom Johansmeyer
TaxWise Fixed Asset Manager enables efficient asset management with a clear user interface, comprehensive functionality and accurate calculations. By wrapping traditional asset management tools in an effective design, TaxWise helps smaller accounting practices access a solution that does not become a burden on operations.
The software provides excellent reporting capabilities that convert Fixed Asset Manager from an asset tracking and management application into a solution that enables business decision-making.
Features
Consistent with the broader suite of tax and accounting products offered by TaxWise, Fixed Asset Manager offers an intelligent, intuitive screen layout designed around the intentions of practitioners. As users open windows, they stay open, but in an unobtrusive manner. Tabs along the bottom of the screen enable users to move between open data entry forms, reports and viewing screens. Buttons at the top of the window are large and clearly labeled, reducing the time it takes for practitioners to become familiar with the fixed asset management environment. As a result, the Fixed Asset Manager application provides fast learning and rapid implementation in accounting practices of all sizes.
Installing Fixed Asset Manager took only minutes, requiring minimal interaction. There were a few setup screens and the choices throughout the process were clear. The installation wizard was fast and the software did not delay its processes as the computer worked in the background. Fixed Asset Manager was designed to configure itself for most tasks, eliminating the need for technical jargon that some accounting users might struggle to understand.
Asset entry in Fixed Asset Manager is clear and direct. The asset entry and editing screen allows the user to tab through fields methodically, completing federal entries, followed by state and Alternative Minimum Tax (AMT) fields. Although TaxWise selects depreciation methods based on asset type, users can override entries based on certain circumstances or preferred practices. Maintaining the information for each asset is simply viewed in a single worksheet. Entries pertaining to listing, disposal and other information are on additional tabs within the “Add/Edit Asset” window.
Practitioners can import client asset data into Fixed Asset Manager from QuickBooks, Microsoft Excel, Peachtree or a plain ASCII file. To support the preparation of tax returns, users export client data from TaxWise Fixed Asset Manager to applications in the TaxWise tax and accounting application suite. The result is a fully integrated asset management environment. Tax and accounting practices of all sizes can provide comprehensive services to their clients while minimizing manual activity and errors that can result from moving data between different software products.
TaxWise offers copious reporting capabilities with nine report categories, including AMT, Asset Summary and General Ledger Posting. While users can run reports from the Reports menu, specific reports can be customized to provide more granularity or to meet certain client or practitioner requirements. Keeping track of practitioner activity and client asset portfolios becomes less time consuming, and practitioners can present readable information to clients for use in making critical asset-related financial decisions.
Summary
Accounting, ultimately, constitutes the use of information to move the company towards a profitable direction. Fixed Asset Manager equips practitioners to provide keen insights to clients through clearly identified software functionality, a full complement of asset management features and a robust reporting engine. The case with which a practice can implement the solution does not require extensive software management overhead or technology expertise. As a result, practitioners can focus on delivering value to clients.
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