Protect Your Clients from Intuit: Essential Tips

Table of Contents

1. Introduction
2. Turbo Tax vs. Traditional Tax Services
   1. Overview
   2. Pricing Comparison
   3. Service Comparison
   4. Expertise Comparison
   5. Ongoing Support Comparison
3. Pilot: A Comprehensive Accounting Solution
   1. Introduction to Pilot
   2. Bookkeeping Services
   3. Tax Filing Services
   4. Advising Services
   5. Pricing Comparison
4. Bench: Affordable and Reliable Bookkeeping
   1. Bench Overview
   2. Bookkeeping Services
   3. Pricing Comparison
   4. Support and Expertise Comparison
5. QuickBooks Live Bookkeeping: Streamlining Business Accounting
   1. QuickBooks Live Bookkeeping Overview
   2. Bookkeeping Services
   3. Pricing Comparison
   4. Support Comparison
6. The Benefits for the Accounting Profession
   1. Price Anchoring
   2. Partnership Opportunities
   3. Talent Pipeline Development
7. Conclusion

Turbo Tax vs. Traditional Tax Services

With the recent announcement of Intuit's venture into business tax preparation, many accounting professionals are concerned about losing their clients to these online services. However, it's important to understand the key differences between traditional tax services and products like Turbo Tax to effectively communicate the value You bring to your clients. Turbo Tax may be more cost-effective, but traditional tax services offer personalized support, expertise, and ongoing assistance that can't be replicated by online platforms.

Overview

Turbo Tax is an online tax preparation software that offers a self-service option for individuals and now includes business tax preparation. It's designed for small businesses with relatively simple tax needs. Traditional tax services, on the other HAND, provide personalized and comprehensive tax preparation and planning for businesses of all sizes, offering expertise and ongoing support.

Pricing Comparison

Turbo Tax sets its starting cost at around $750, which may seem appealing to clients looking for a more affordable option. However, it's important to highlight that this price is just an approximate starting point, and additional complexities or requirements may incur extra charges. Traditional tax services, while potentially more expensive, offer customizable pricing Based on the complexity of the client's tax situation and the level of service provided.

Service Comparison

Turbo Tax operates on a self-service model, where users input their information and the software generates their tax return. This means clients only Interact with Turbo Tax representatives briefly, and there's no ongoing relationship. Traditional tax services, on the other hand, offer personalized support throughout the tax preparation process. Clients have direct access to their tax professionals, ensuring a higher level of service and a deeper understanding of their business.

Expertise Comparison

While Turbo Tax may hire individuals with a CPA or EA credential or tax experience, traditional tax services usually boast a team of highly qualified professionals with extensive tax knowledge and expertise. This expertise goes beyond mere tax preparation and includes areas such as tax planning, recommending the best entity structures, and providing valuable business advice.

Ongoing Support Comparison

Turbo Tax offers limited support once the tax return is filed. If an issue arises or a Notice is received, users may need to navigate a support queue or resolve the problem independently. Traditional tax services, on the other hand, provide ongoing support to their clients. They offer assistance in case of audit, notices, or any other tax-related issues that may arise, ensuring peace of mind for their clients.

By clearly outlining these key differences, you can confidently demonstrate your unique value proposition compared to Turbo Tax and other online tax services. While Turbo Tax may be a more affordable option, traditional tax services offer personalized support, expertise, and ongoing assistance that can make a significant difference for businesses.

Pilot: A Comprehensive Accounting Solution

Accounting professionals looking for a comprehensive solution that goes beyond tax preparation may find Pilot to be a valuable service to explore. Pilot is an online platform that combines bookkeeping, tax filing, and expert advising. With significant funding and support from investors like Jeff Bezos, Pilot offers a robust set of features designed to streamline and simplify accounting processes for businesses of all sizes.

Introduction to Pilot

Unlike Turbo Tax, Pilot is not solely focused on tax preparation. It operates as a full-service accounting platform, providing bookkeeping, tax filing, and advising services. By integrating these services into a single platform, Pilot aims to offer a seamless and efficient experience for businesses.

Bookkeeping Services

Pilot's bookkeeping services are comprehensive, handling all aspects of a client's financial records. They provide a dedicated expert who works closely with the client to ensure accurate and up-to-date financial statements. Clients can easily send their financial documents to Pilot, eliminating the need for manual data entry and reducing the risk of errors.

Tax Filing Services

In addition to bookkeeping, Pilot offers tax filing services. Clients can rely on Pilot's expertise to ensure accurate and Timely tax returns. Pilot supports both individual and business tax returns, providing peace of mind and allowing businesses to focus on their Core operations.

Advising Services

Pilot's advising services complement their bookkeeping and tax filing offerings. They provide expert advice and guidance on various financial and accounting matters, such as tax planning, entity structure optimization, and general business advice. This holistic approach ensures that businesses receive comprehensive support tailored to their unique needs.

Pricing Comparison

Pilot's pricing starts at $500 per month for their bookkeeping services. This price point may vary depending on the size and complexity of the business. It's essential to consider the broader range of services Pilot offers compared to Turbo Tax or other similar platforms. While the cost may initially seem higher, the comprehensive nature of Pilot's services justifies the investment for businesses that require a more comprehensive accounting solution.

By leveraging Pilot's services, accounting professionals can offer their clients a well-rounded and efficient accounting experience. The combination of bookkeeping, tax filing, and advising services sets Pilot apart from traditional tax services and online tax platforms, ensuring that businesses receive comprehensive and personalized support for their financial needs.