Drake receives substantial investment from Private Equity

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#21
novacpa  
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If I were a Drake user - I'd be looking for a back-up / Plan B
 

#22
MikeH  
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This concerns me. I've been a Drake customer for about 13 years now. I've gone through a process of "semi-retiring" at the age of 71, and I was "sort-of" looking forward to spending the next 10 years working with some great clients; but... if I have to change software companies, I need to re-think this entire process.

Drake's been a great company and their business ethics are impeccable ... except for the one time Adam Drake censured and deleted a post of mine in their forum that was critical of Drake ...

Their forum is a great asset, and their annual one day update classes they did in Las Vegas and other cities were some of the best CE I've ever taken. But, if Private Equity gets involved, we've probably seen the last of the Update Schools. Their profit needs are much higher than medium-sized, family-owned businesses. I've been on both sides of these transactions that have worked out well for all parties, but it was many years ago, and the profit motive is much stronger now for Private Equity than it was 20 years ago.

I'm hoping that the plan is to use the Drake platform to compete with Turbotax in the personal tax arena, which wouldn't bother me. Or, maybe some other plan, that leaves the Drake professional software intact, based in Franklin. I liked what they did in establishing call centers in Nashville (in the Central Time Zone) and Virginia Beach to spread their physical plant geographical footprint a little wider.

Let's hope and pray that Phil hasn't decided to abandon this great company and its customers, and Franklin...
Mike Hartfield
Bullhead City, Arizona
Cell: 818/433-5359
 

#23
ATSMAN  
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They probably will start making small changes next tax season like dropping DA and increasing the renewal fees. Next they will try to either completely revamp the software because it is written in POWER BASIC language and the look and feel is from the early 2000. When that happens watch out the prices will be more in line with what Intuit, CCH, Wolter Kluers etc. charge for their tax software.

I think it is prudent for all Drake users to look at what is available after this tax season ends and start making Plan B :x
 

#24
irc162  
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ATSMAN wrote:They probably will start making small changes next tax season like dropping DA and increasing the renewal fees. Next they will try to either completely revamp the software because it is written in POWER BASIC language and the look and feel is from the early 2000. When that happens watch out the prices will be more in line with what Intuit, CCH, Wolter Kluers etc. charge for their tax software.

I think it is prudent for all Drake users to look at what is available after this tax season ends and start making Plan B :x


I agree....but the problem is that many of the "Plan B" companies that I am familiar with-----like Lacerte-----involve a huge price increase.

Of the companies that seem to be closer to Drake in price, many seem to be online only. I would be concerned about only being able to access the program online. I seem to recall some companies having problems one year that shut down online access for a few days during tax season. That could be a disaster.

Other than Drake, what are the more moderately priced software packages that include a desktop option?
 

#25
Webster  
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On TPT, of course
We use ProSeries, which is priced a bit higher than Drake. I trialed ATX over the summer and what I saw looked good. We didn't switch for several reasons, most importantly twenty-two years of combined ProSeries experience for my partner and me, as well as staff that is quite familiar with it. I like to shop software every summer just to see what is out there.
 

#26
MikeH  
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Who has experience with TaxAct?
Mike Hartfield
Bullhead City, Arizona
Cell: 818/433-5359
 

#27
ATSMAN  
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Other than Drake, what are the more moderately priced software packages that include a desktop option?


ATX

Tax Act

I have used both of them before though I hear Tax Act has really matured since I last tried it in 2007 or 2008!
 

#28
CathysTaxes  
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This could possibly mean retirement for me. Every June is renewal time. I get Drake from Ultimate Tax. Last I looked, their other software was Taxwise, which I m not a fan of.
Cathy
CathysTaxes
 

#29
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MikeH, I do. About twenty years combined consumer and pro. it was pretty rubbish in the early days and I gave "feedback" every year. Then it got better and about three years ago, I moved there for my paying clients. Last season it went backwards for anything but the most basic returns. Depreciation and SEHI were particular issues for me - being unable to e-file. You can only add a PDF to the e-file if TaxAct says you can.

Having said that, when it works it is efficient and the e-file acknowledgements I got were a cheap added-value service for my clients. I had a long chat with my sales rep after I had decided to switch to Drake and she made, I think, careful note of my concerns.
 

#30
Beagle  
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CathysTaxes wrote:This could possibly mean retirement for me. Every June is renewal time. I get Drake from Ultimate Tax. Last I looked, their other software was Taxwise, which I m not a fan of.


Have you had any problems buying from Ultimate Tax? Service?

Is there a discount for renewing early?

Sigma Tax is another reseller, didn't know if one was better than the other.
 

#31
CathysTaxes  
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No problems at all. They provide support for the software.

The price I pay is slightly less than $1000. Renewal is June
Cathy
CathysTaxes
 

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