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Technology Update: The Multiple Benefits of Tax Software

Do you need tax software or should you work with an accountant? The answer to that question depends on many factors, including your knowledge and the characteristics of the accounting software that you’ve chosen.

Tax software can simplify your lodgement process immensely. This, however, isn’t it’s only benefit.

Simplicity

Most tax return programs are user-friendly and designed for the needs of people who don’t have a lot of experience with tax preparation.

There may be a guide or a wizard that will walk you through the process, familiarize you with the program’s functionalities and make it possible to complete tax preparation quickly and efficiently.

People who have just a few sources of income, a few deductions and little to no investment will be particularly pleased with tax return software. There’s really no need to pay for the services of an accountant when a program will do a stellar job.

Ability to Access Data Automatically

Some programs can pull important data from third-party sources, leaving you with very little work to do.

Many programs can acquire information from accounting platforms like Xero and Quickbooks. There is usually no need to enter data manually and potentially commit a mistake.

Easier E-Filing

Most tax software for individuals and small companies come with a built-in lodgement functionality. This is yet another process that you’ll be free from worrying about when opting for this possibility.

If you have an electronic signature, you can sign your tax returns and finalize the entire ordeal. The ATO has a simple online filing option that many people are making use of. It saves a lot of time and it also leads to quicker approval than it the case of paper tax returns. The security of online lodgement is guaranteed by the ATO, which is why you would definitely benefit from the opportunity.

Using tax return software is also very affordable, often cheaper than relying on the assistance of an accountant. It’s really up to you to pick the program that addresses your needs. It’s possible to find a good program for free or alternatively, you’ll have to pay a small amount in order to access more specialized features.

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