CPA_Practice_Advisor_April_2020 - 25

WINNER: ValuSource Pro, BVM Pro & Express Business Valuation (42%)

those
TAX & ACCOUNTING RESEARCH SYSTEMS Runners
Up:who do voted as follows:

BUSINESS VALUATION

WINNER:
Avalara
CertCapture
(33.4%)
Valuation
Solution
(22.3%)
INSIGHT: Professionals can't prepare taxes or helpSageWorks
INSIGHT: Accounting and tax professionals involved
RUNNERS
UP:Valuation Pro, DealSense & Business Valuation Specialist
Corporate
(14.7%) transfers, divorce litigation and family
clients plan for future scenarios unless they knowMoneySoft
in business
(7.7%)
* Vertex
Inc. Exemption Certificate Manager (26.2%)
some tax code and strategies. Of course, nobody canValuAdder
wealth planning often find a need for assessing
(13.3%) Reuters ONESOURCE Exemption Cert. Manager the value of a business entity. This is, admittedly,
* Thomson
know everything, so it's important to have accessOther
(21%)
to comprehensive tax research tools. This includes
a small niche among accounting firms served by a
primary source material such as the federal tax * Sovos Tax Solutions 5.9%
few technology vendors. About 10% of our voters had
code and state tax laws, as well as tax court rulings * Other (13.5%)
a preference in this category.
and expert analysis of these materials. Some of
ValuSource Pro, BVM Pro &
the available tax research systems integrate with ACCOUNTING WRITE-UP SYSTEMS
Express Business Valuation: 42%
tax preparation programs, while others are used INSIGHT: Write-up has been fundamentally changed
separately and can be used alongside any system. by the increasing adoption of web-based accounting
SageWorks Valuation Solution: 22.3%
TheTaxBook once again handily won this category systems, but since small businesses are frequently
MoneySoft Corporate Valuation Pro, DealSense
victims of bookkeeping and employee fraud (and just
this year for its popular and inexpensive system.
& Business Valuation Specialist: 14.7%
bad bookkeeping), your business clients still need
ValuAdder: 7.7%
periodic review and reconciliation of accounts by a
TheTaxBook - Tax Materials Inc.: 52.6%
Other: 13.3%
professional public accountant.
Thomson Reuters Checkpoint (RIA): 9.7%
WINNER: Intuit QuickBooks Accountant (53.8%)
QuickFinder Tax Handbooks: 8.2%
RUNNERS UP:
Intuit Tax Research & TaxAlmanac.org: 5.5%
* Drake Accounting (17.3%)
CCH IntelliConnect (Wolters Kluwer): 5.1%
* PC Software Accounting Inc. (7.5%)
Parker Tax Pro Library : 4.8%
* Thomson Reuters Accounting CS (5.2%)
* Xero (3.2%)
TaxSpeaker: 4.2%
* Sage One (2.1%)
Bloomberg Tax Financial: 3.9%
* Client Accounting Suite (Wolters Kluwer) (1.9%)
Tax Talk Today: 2.3%
* AccountantsWorld Accounting Power (1.7%)
Other: 3.7%
* UBCC Real Time Accounting (0.4%)
PAYROLL
* CYMA Systems (0.3%)
INSIGHT: Payroll is the most outsourced business
* Other (6.6%)
process, as evidenced by the sheer number of products in this category, and we couldn't even include
AUDIT ENGAGEMENT TOOLS
INSIGHT: Audit engagements once took weeks or them all. There are so many systems on the market
more, but now are much more streamlined thanks that are designed for accounting firms or for small
SALES & USE TAX PREPARATION
to automation and workﬂow tools, as well as other businesses to use directly. Cloud-based systems
now automatically update payroll tax rates and
INSIGHT: Trying to keep up with sales taxes can functions that provide for greater controls.
other factors, even preparing monthly, quarterly
quickly become an overwhelming task, particularly WINNER: Thomson Reuters Workpapers CS,
with new rules relating to the U.S. Supreme Court's AdvanceFlow or Checkpoint (26.8%)
and annual reporting, taking much of the pain out
Wayfair decision. Many systems automate much of RUNNERS UP:
of payroll, making it much easier to keep employees
the compliance and reporting processes, including * Wolters Kluwer CCH ProSystem fx Systems and ARM (20.2%) and clients happy.
filing and payments. Most voters in this category * AuditFile (9.6.%)
WINNER: QuickBooks Payroll - by Intuit* (31.2%)
(22%) said they use state tax agency websites or use * Audit Confirmations (8.1%)
RUNNERS UP:
the sales tax functions built into accounting systems * Confirmation.com (7.4)
* Drake Accounting (11.3%)
(35%). However, among the votes for specific sales tax * CaseWare IDEA (5.2%)
* ADP Payroll Solutions (10.7%)
software, the results are:
* Paychex (7.3%)
* Teammate Analytics (3%)
WINNER: Avalara AvaTax, Avalara Returns, or
* Gusto Payroll (7%)
* Capital Confirmation (2.6%)
* PC Software Accounting Inc. (6.1%)
TrustFile (25.6%)
* Audit Dashboard Automated PBC (2.3%)
* Thomson Reuters Accounting CS Payroll or myPay (4.3%)
RUNNERS UP:
* Wiley Advantage Audit (1.9%)
* AccountantsWorld Payroll Relief (1.8%)
* CFS Tax Software (11.7%)
* Rivio Clearinghouse (1.5%)
* AMS 1099-Etc Payroll (1.8%)
* TaxJar (9.7%)
* Other (11.4%)
* Sage 50 (1.7%)
* Vertex Inc. (9.3%)
* SurePayroll (1%)
* Thomson Reuters ONESource Indirect Tax (9%)
FIXED ASSET MANAGEMENT
* CCH Wolters Kluwer (SureTax/SalesTaxOffice/SalesTaxSaaS/ WINNER: Thomson Reuters Fixed Assets CS (27.7%) * OnPay (1%)
* Other (14.8%)
STRO) (8%)
RUNNERS UP:
* QuickBooks Payroll - by Intuit includes QuickBooks Online
* Bloomberg Tax Sales Tax Rates (4.9%)
* Intuit ProSeries Fixed Asset Manager (25.7%)
* eFileSalesTax.com (4.8%)
* Wolters Kluwer CCH ProSystem fx Fixed Assets & Fixed Self Service Payroll, QuickBooks Online Full Service Payroll,
QuickBooks Desktop Enhanced Payroll, and QuickBooks
* Sovos Tax Solutions (1.1%)
Asset Manager (13.2%)
Desktop Assisted Payroll.
* Other (15.9)
* Sage FAS Asset Accounting (7.3%)
* Pro-Ware Asset Keeper (6.8%)
1099/W-2 COMPLIANCE
SALES & USE TAX EXEMPTION
* Bloomberg Tax Fixed Assets (4.1%)
INSIGHT: Year-end payroll (and contractor) compliCERTIFICATE MANAGEMENT
* Wasp Barcode Technologies (1.5%)
ance systems that prepare W-2 and 1099 forms and
INSIGHT: Businesses who occasionally or routinely * Real Asset Management Inc. (1.2%)
can automatically file them, can help relieve much
make sales to purchasers who are exempted from * MultiView Asset Management (0.7%)
of the burden of processing hundreds or thousands
sales taxes can face another challenge that can * Open Systems (0.7%)
of forms for your clients each year. Some systems
lead to significant fines if the exemption certificates * Other (11.1%)
also help streamline the entire process, including
for those customers are not properly maintained.
mailing of copies to recipients. Drake Accounting
Although most firms in our survey did not express
won this year's voting, with its integrated W-2 and
a preference or personal use with these products,
1099 compliance functions.

APRIL 2020 ■

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25
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