What Is Drake Software?
Drake Software is a professional tax preparation and e-filing software, built for use by tax preparers. Its flagship product, Drake Tax, is an inclusive solution designed to prepare and file tax returns efficiently. The software embeds diverse features that help in streamlining accounting workflow, improving productivity and boosting client satisfaction.
Also Read: Check out a list of software for bookkeepers and accountants that can help your practice.
Drake Software Pricing Plans
Drake Software offers multiple pricing plans tailored to professional tax preparers, including comprehensive packages for full-service tax firms and flexible pay-per-return options.
Drake Tax Pro
For tax professionals managing a full-service tax practice, Drake Tax Pro provides an all-in-one solution with unlimited individual and business returns. It’s ideal for those who need robust tax software with full e-filing capabilities.
Pricing: ($2,495 - Multi-User | $2,195 - Single User)
Features:
- 1040, 1040-NR, 1040-SS Returns: Unlimited
- Business Returns (1120, 1120-S, 1065, 1041, 990, 706, etc.): Unlimited
- Federal e-File
- State Programs and e-Filing: All included, unlimited state returns
- Drake Accounting and Payroll available
- Free Data Conversion
- Cloud Hosting (Rightworks) is available for $99/user/month
- Document Manager with PDF Printer
- Onboarding Support via Webinars, Zoom meetups, and community group access
- Customer Support
Drake Tax 1040
Designed for tax professionals who primarily handle individual tax returns, Drake Tax 1040 provides unlimited 1040 filings with the option to add business returns as needed.
Pricing: $1,995 (multi-user) | $1,795 (single user)
Features:
All the above except:
- Business returns are not included but can be added for $59.99 per return
Pay-Per-Return
For those who prefer a flexible, pay-as-you-go option, the Pay-Per-Return plan offers essential tax software features while keeping costs low.
Pricing: $349.99
Features:
All features in Drake Tax Pro, except:
- 1040 Returns: 10 included, additional returns at $39.99 each
- Unlimited instead of single user
- Drake Accounting and Payroll are available only as an add-on (not bundled)
How Tax Practitioners Can Maximize Value with Cone Alongside Drake Software
Drake Tax is a well-established tax preparation software designed for professional tax preparers. However, when it comes to running an entire accounting practice seamlessly, Cone offers a comprehensive practice management software at a more affordable price starting at 5$ per user/month.
Best Features:
- All-in-One Platform: Unlike Drake, which focuses solely on tax preparation, Cone combines proposals, CRM, practice management, and invoicing in one place.
- Affordable Pricing: Get all these premium features without breaking the bank, making Cone the better value choice for accounting firms.
- Automated Proposals and Payments: No more chasing invoices manually. Send professional proposals, collect payments, and automate billing with ease.
- Seamless Practice Management: Track projects, manage tasks, and gain real-time visibility into your firm’s operations with a comprehensive practice management tool.
- Integrated Client Management: Send forms, collect e-signatures, and request files through a dedicated client portal—eliminating manual follow-ups.
- Time Tracking: Easily monitor time spent on projects, optimize workflows, and increase efficiency.
Also Read: Check out our ultimate guide to an accounting firm tech stack for detailed insights into what tech solutions your accounting practice must have.
Pricing
- Starter: $5 (annually) | $8 (monthly)
- Essentials: $11 (annually) | $16 (monthly)
- Growth: $17 (annually) | $24 (monthly)
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Change the Game with Cone
Choosing the right accounting and tax software is all about finding a solution that not just suits your present needs but evolves with your business. While Drake Software is a strong contender for tax preparation, Cone goes beyond by helping you run your entire accounting firm effortlessly. It serves as a bridge connecting tax compliance, client management, and business growth with a simple and cost-effective solution.
So the choice begs the question: do you need just tax software, or would you like a whole ecosystem that helps you win clients, automate workflows, and get paid faster? In the latter case, Cone might be the absolutely necessary game-changer for your practice.
FAQs
- Is there a monthly payment option for Drake Software?
No, Drake Software typically offers annual pricing rather than monthly subscription plans.
- Is Drake Software cloud-based or desktop-based?
Drake Software is primarily desktop-based, but cloud hosting is available through Rightworks for an additional $99/user/month.