Some of the biggest developing trends and updates in tax software relate to our ever-changing technological world and it’s pretty exciting to see how accounting is changing with developing technologies.
Given the scope of these changes, it’s tough to keep track of everything, but let’s try. Here’s a list of tax software trends and updates to watch for in the new year:
1. More Tax Software Moving to the Cloud
The cloud offers many advantages to processing and managing data. However, much of the accounting industry is a couple years behind when it comes to the cloud. Research shows that nearly four out of 10 accounting software users are in the cloud. This is very low considering all that you can do with the cloud these days.
For example, this is the first time in history where you can text a picture of a paycheck to the bank to have it deposited. So, why is tax software just now starting to move to the cloud?
The main problem has been the lack of options from in the cloud compared to local installations. Now, companies like Intuit are making moves to get more people to use the cloud for their taxes. This allows Intuit to charge users a monthly fee and ultimately make more money.
This trend for tax software has been great for accountants. They can access files quickly in the cloud and from anywhere, making it easy to enter expenses and revenue. This change has been a long time coming and the future looks promising for the cloud and CPA experts who rely on this technology.