As people are looking for ways to maximize their capital and other assets, they frequently look to software to help them find new approaches or eliminate costly redundancies. One example is collateral management software, which helps financial service providers make the most out of their back office resources and devote staff to other, more important tasks.
But there is another sector of software that can provide benefits to the financial services industry. An effective tax lot accounting software program can help keep track of all of their purchases – even if they make more than one purchase of the same security. Doing this can save people taxes by minimizing their current net worth through the deferment of the realization of capital gains.
In addition, enhanced cost basis reporting through tax lots can also help you determine which shares to sell first. By having all of your most expensive shares in one tax lot, you can realize tax savings and maximize your investments.
