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What Will Happen To Drake?


cbslee
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Last year Drake's standard price was $1,625 with a $ 400 discount for renewing by May 31st.

This year Drake's standard price is $1,825 with a $ 300 discount for renewing by May 31st.

So last year I renewed early for $ 1,225 and this year if I renew early, it will be $ 1,525 a $ 300 increase.

 

A little over a year ago an International Private Equity Firm named Cinven made a large investment in Drake.

https://www.cinven.com/media/news/cinven-to-invest-in-drake-software/

https://www.cpapracticeadvisor.com/tax-compliance/news/21209285/private-equity-firm-cinven-to-invest-in-drake-software

 

Private Equity Firms like Cinven expect an investment like this to pay off 5 to 7 years so I expect we will see

a number of significant changes at Drake. I really hope they don't start cutting their level of support!

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For the first year ever, there were customer support people who were clueless.  I hoped this was because they had newbies and programmers on phones.  

That said, I am still very happy with the software overall, and would not change at this time.

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46 minutes ago, Catherine said:

For the first year ever, there were customer support people who were clueless.

Yes, I noticed this too.

The worst was the when all the technical people assigned to the accounting program were helping with tax questions even though I'd called the phone # supposedly dedicated to the accounting support. Then the person proceeded to chastise me for expecting accounting support help saying "you know this is tax season, right?" and my answer of "yes, and you know this is 3 days before the Jan 31st filing deadline for all the information returns, payroll returns, and W-2s that I should be using your program for but am unable to do so."  You know when I got the call back with help for their program that was stuck in an update loop and wouldn't load - it may have been around Feb 3rd after I'd used an online vendor for my filings, filed W-2s directly on SSA's site, and hand-prepared the 941s and 940s and mailed them in.  At that point on Feb 3rd, I would never need to use the program again, ever.  What a complete waste of time and money for that less-than-useless program.

Tax support was fairly useless also.

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I will definitely agree with you about the Accounting Program. I used it for year end payroll stuff for several years and dropped it.

It just wasn't productive time wise and the the support was very inexperienced. They had no clue about Oregon's payroll peculiarities.

Once this year I did get someone inexperienced with the tax program, but she was able to research the issue and help me, although I was on hold for 5 minutes.

On balance my experience with Drake this year was still good. Not excited about the $ 300 increase.

Looking forward, my concerns are first with a software/technology company, cutting personnel related costs are the quickest way to juice the bottom line.

Second, the software looks outdated/not modern, which means the program will get totally rewritten and perhaps outsourced to India?

Third in 5 years I expect it will cost between $2,500 and $ 3,000 to renew.

I am not going back to ATX and there aren't a lot of other choices at this price point.

 

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1 hour ago, Christian said:

They will likely do their thing and then sell to Intuit or maybe even WK.  Our number of choices available seems to shrink every year or so.

It's been shrinking since the 90s. A bunch couldn't make the jump from DOS to Windows. Others kept getting bought up and the product was eliminated, so they were really just buying the customers. That happened to me twice, at least.

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On 4/23/2022 at 5:04 PM, Abby Normal said:

It's been shrinking since the 90s. A bunch couldn't make the jump from DOS to Windows. Others kept getting bought up and the product was eliminated, so they were really just buying the customers. That happened to me twice, at least.

They call it capitalism.  If I sound cynical, that's because I am.

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35 minutes ago, Randall said:

They call it capitalism.  If I sound cynical, that's because I am.

That's what they call it, but that isn't what it is: it's corporatism. 

I am starting to think that the UK should never have approved the perpetual corporation. Yes, the going-back-to-Parliament to get charters extended every so-many years was annoying, but it prevented the monoliths we see today.  Those monoliths are extremely interested in preventing competition.

As for Drake, I'd rather see a $50 increase in price every year than a $300 increase every 5 or 6 years; I'd been waiting for a wallop in price for a couple of years now. As for support - at least they're still answering the phones.  I'm still waiting for my guaranteed-within-48-hours callback from ATX from Feb of 2013.

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The investment world, the intense focus on quarterly results and monthly updates has monetized everything.

Our Federal Reserve is far more concerned about keeping Wall Street afloat and soaring than how the average working person is doing.

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I failed to notice last year that my usual 10% discount had taken a hike. This years increase looks to be in line with prior years. I may wait and see but I doubt I will receive a call from any rep. Still since one of us got a 20% discount in December it does give you pause. Wish the ole Saber roar was back. $75.00 per year them were the days !

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