9 TaxWise Cloud Hosting Benefits for Tax Firms

Tax preparation is a complicated process that includes analyzing financial data and complex calculations under tight deadlines. Whether you do it for your client or yourself, you become accountable for the integrity of the tax preparation process and the safety of confidential financial information.

For decades, businesses have used tax preparation software like TaxWise. TaxWise by Wolters Kluwer has proved to be the tax preparer’s go-to software for individual tax preparers, CPAs, and business professionals from all business sizes.

Since technology is growing, TaxWise can also be hosted on the cloud to offer security, customization, accessibility, and other benefits — all in addition to the built-in benefits of TaxWise software.

Understanding TaxWise Software Hosting

We all know TaxWise is the top-ranked Tax preparation software that is easy to use, bilingual, and flags errors while filing taxes. However, it lacks technological advancements such as integrations, security, and remote accessibility.

To prepare taxes, you need to download TaxWise on your local desktops, which restricts access, and no real-time collaboration can happen. So, when you host TaxWise on the cloud, you can overcome all these drawbacks in a hosted environment.

So, let’s see the top benefits you can get by migrating TaxWise software to the cloud.

Improved Collaboration and Communication

TaxWise Cloud Hosting allows your team and clients to collaborate on files in real time. Multiple authorized users can work on client returns simultaneously.

With TaxWise hosting, you can share documents and communicate on files, ensuring a consistent client experience. This fosters transparency and keeps clients informed throughout the tax preparation process.

Integration with Third-Party Applications

What do you think about making the tax preparation process easier by integrating some tools for financial data aggregation, electronic signature, and practice management that can enhance your process? While local TaxWise software lacks this aspect, cloud hosting emerges as a solution.

You can integrate your TaxWise software with Office 365, TaxWise Expert Services, Refund Estimator, Textellent 400, and Return Retrieval to create a customized tool ecosystem that caters to specific needs.

• Financial Data Aggregation Tools: It lets you import client financial data from banks, investment institutions, and other sources, saving time and reducing manual data entry.
• Electronic Signature Solutions: You can directly share tax documents with clients to get their signatures electronically, securely, and efficiently, streamlining the review and approval process.
• Practice Management Software: You can integrate TaxWise with practice management software to streamline workflows, manage client communication, and improve overall business efficiency.

Multiple security protocols

92% of organizations have some portion of their IT environment hosted in the cloud. While tax firms are the biggest target of cyberattacks, especially in tax season, you must adopt a cloud solution for hosting your tax software.

After all, TaxWise has an extensive collection of client files, documents, and other data that must be kept secure. If TaxWise is just offline software on local servers, you can lose access due to theft, breach, or system error. But with the cloud, what’s stopping you?

When on the cloud, it’s the TaxWise hosting provider’s full-time responsibility to have efficient, secure, and compliant servers to protect your data at all times.

Cloud providers invest heavily in robust security measures for TaxWise software data protection, including:

• Encryption: Data is encrypted at rest and in transit, adding an extra layer of protection against unauthorized access.
• Firewalls: Sophisticated firewalls act as a shield, filtering incoming and outgoing traffic to prevent malicious attacks.
• Multi-factor authentication (MFA) is an extra layer of security that requires a password and a secondary verification code for login, significantly reducing the risk of unauthorized access.

Lower overall IT expenses

Once TaxWise software for tax preparation is on the cloud servers, you can easily access your client’s data from anywhere, which will save time.

Plus, you might think you don’t need all the features that cloud-hosted TaxWise brings, so why should you pay for all of them? TaxWise software hosting is generally pay-as-you-go, which implies you will only be charged for the data storage space you take.

Secondly, having TaxWise on the cloud doesn’t require you to invest in expensive hardware directly; you pay the subscription expenses monthly, quarterly, or yearly.

Moreover, you don’t need to hire IT experts to maintain IT infrastructure. Cloud providers handle all these aspects, offering a pay-as-you-go pricing model that aligns with the firm’s actual usage, significantly reducing overall IT expenses.

When calculated together, these factors result in lower expenses and higher ROI.

Scale tax preparation hassle-free

Seasonal fluctuations often arise during the tax preparation process. TaxWise software hosted on the cloud enables you to scale your resources up or down according to your needs.

During busy tax seasons, you might need additional processing power and storage that can be provisioned quickly to handle increased demand with the cloud.

Conversely, resources can be scaled down during slower periods, optimizing costs. You can scale users and storage up or down per your tax preparation needs.

Unmatched Accessibility and Flexibility

As a tax professional, your work can’t be chained to your desk. With TaxWise Cloud Hosting, you can access the software and client data from any device with an internet connection anytime, anywhere.

During peak tax seasons, this flexibility becomes invaluable, enabling tax professionals to work extended hours or from remote locations without compromising productivity.

Automatic Updates and Dedicated Support

Tax regulations and software updates are constant realities. With TaxWise Cloud Hosting, the software update process is automated, and the hosting provider takes care of software updates and maintenance.

So, you can work on preparing taxes while accessing the latest version of TaxWise with the most recent tax law updates. Additionally, cloud providers offer dedicated technical support, ensuring that any technical issues are addressed promptly and efficiently.

Disaster Recovery and Business Continuity

TaxWise on local servers can lead to data loss in any circumstance, such as natural disasters or damage. Data loss can be catastrophic and cost anywhere from a few thousand dollars to over $15 million.

Hosting TaxWise on remote servers can save you from this unforeseen threat. TaxWise Cloud Hosting offers a robust disaster recovery solution.

Cloud providers maintain geographically dispersed data centers to ensure your data remains accessible from another location, minimizing downtime and disruption to client service.

Enhanced Regulatory Compliance

Tax firms have multiple mandatory compliance regulations that they must follow to ensure client data security and integrity. Third-party TaxWise hosting providers implement these compliance protocols to help tax firms maintain compliance.

• Audit Trails: Cloud-based systems automatically track user activity and data changes, creating a detailed audit trail that simplifies compliance with tax regulations.
• Data Retention Policies: Cloud providers help firms implement and enforce data retention policies, ensuring essential tax documents are archived securely for the required period.
• Integration with E-filing Systems: Seamless integration with electronic filing systems streamlines the filing process and reduces the risk of errors.

By leveraging these features, tax firms can stay on top of evolving regulations and minimize the risk of non-compliance penalties.

Choosing the Right TaxWise Cloud Hosting Provider

Choosing the right partner is crucial, as numerous cloud providers offer TaxWise Hosting solutions. Here are some key factors to consider:

• Security Measures: Evaluate the provider’s security protocols, data encryption standards, and disaster recovery plans. Ensure they comply with relevant data privacy regulations.
• Experience and Reputation: Choose a provider with a proven track record of expertise in TaxWise hosting and a strong reputation for customer service.
• Scalability and Performance: Select a provider with a scalable infrastructure to accommodate your firm’s growth and fluctuating workload. Look for high uptime guarantees to ensure reliable performance.
• Compliance Expertise: Partner with a provider that understands the regulatory landscape for tax preparation and can offer solutions to ensure compliance.
• Cost and Pricing Model: Compare pricing plans and choose a provider that offers a transparent and cost-effective solution that aligns with your firm’s needs.

Ace Cloud Hosting as your TaxWise Software Hosting Provider

Ace Cloud Hosting is a champion for tax professionals, offering a secure, efficient, and feature-rich experience. Here’s why Ace Cloud deserves to be your trusted cloud partner:

• Unmatched Security: Industry-leading security protocols, data encryption, and compliance with HIPAA, SOC, and PCI DSS standards.
• Tax Professional Expertise: Dedicated support team with a deep understanding of TaxWise and tax regulations.
• 200+ Integrations: Streamline workflows with integrations for financial data, e-signatures, and practice management software.
• Scalable Infrastructure: Effortlessly adapt to fluctuating workloads during peak tax seasons.
• 99.99% Uptime Guarantee: Focus on serving clients with confidence in reliable performance.
• Transparent Pricing: The pay-as-you-go model optimizes your IT budget.
• Exceptional Customer Service: Smooth transition to the cloud with ongoing support.

Embracing the Cloud for a Brighter Future

To conclude, TaxWise in a cloud-hosted environment is a secure, virtual environment where all your or your client’s financial data is stored on remote servers, accessible from anywhere—all without worrying about security.

TaxWise Cloud Hosting offers a compelling proposition for tax firms of all sizes. By leveraging cloud technology, firms can achieve greater efficiency, enhance security, improve collaboration, and reduce costs. In today’s competitive landscape, these benefits translate to a significant advantage.

Your tax firms can focus on delivering exceptional client service, building stronger client relationships, and achieving sustainable growth.

As cloud technology continues to evolve, TaxWise Cloud Hosting is poised to become an indispensable tool for tax professionals, empowering them to navigate the complexities of tax preparation with confidence and agility.