Intuit plans to expand the number of documents whose data can be pulled into tax return software. The software company used its Link portal during the recently ended tax season to aggregate data from W-2s which was then extracted. Intuit plans to extend that capability to 10 commonly used forms, including 1099s, K-1s and 1098s, during extension season, says CeCe Morken, EVP of the company's professional tax business.
"Our goal is to eliminate all data entry," Morken says. With the ability to extract data from W-2s and import it into Lacerte, ProSeries and ProConnect Tax Online [formerly Intuit Tax Online], users were able to reduce cycle time by 41 percent. Link aggregates data and then Intuit utilizes an extraction tool that can populate the tax returns.
There has been a similar emphasis on reducing data entry in QuickBooks Online and linking that data to tax returns via the trial balance. That work began this year with QuickBooks Accountant. "We were able to save two hours per return," she says.
This year will also bring enhancements to practice management functions, particularly for those firms that use Lacerte, along with more mobile capabilities. Preparers will be able send a message via smarthones to clients, have them sign 8879 forms via the mobile device and then click to pay via credit cards or PayPal accounts.
"We have done some early test [or the payment method]," Morken says. The results are the amount of time it takes for preparers to be paid is reduced substantially.
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards. Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that. A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
