Revolutionizing the future of tax, firm management, and audit through innovation and AI integration

MINNEAPOLIS: Wolters Kluwer Tax and Accounting (TAA) announced a series of transformative enhancements to its comprehensive cloud solution, CCH Axcess™, designed to streamline workflows across return preparation, firm management, and audit. Additionally, they have expanded vendor participation in the CCH® Marketplace, further committing to open integration in support of growth.

At the core of these enhancements is firm intelligence - empowering professionals to harness the power of data, industry insights, and integrated tools to optimize potential and maximize expertise. This latest series of innovations leverages cutting-edge AI technology and is aimed at enabling professionals and businesses of all sizes to drive productivity, navigate change, and deliver superior outcomes.

CCH Axcess’ integrated platform eliminates the need for configuring multiple integration points, providing firms with full visibility into their operations. This includes access to real-time project updates, broader workflow trends, and key performance indicators, effectively enhancing the management of the entire firm.

“Wolters Kluwer is at the forefront of technological innovation in the tax and accounting industry,” said Cathy Rowe, SVP and Segment Leader, U.S. Professional Market, Wolters Kluwer TAA North America. “With our comprehensive cloud platform, firms can enhance their operations, attract talent, and deliver unparalleled value ensuring compliance and accuracy in an ever-evolving landscape.”

CCH Axcess™ Tax

The upcoming enhancements for CCH Axcess Tax focus on increasing tax professionals' productivity by streamlining workflow, expanding client data access, improving AI connectivity, and enhancing reporting accuracy. These updates should reduce task time, increase compliance with new reporting mandates, and improve consolidation features for improved electronic filing control. With the latest updates, customers will be able to benefit from:

• AI-powered research integration with CCH® AnswerConnect for instant insights.
• Advanced API capabilities for seamless data import.
• Enhanced K-1 import functionality.
• Updated 1042 electronic filing support.
• CCH Axcess™ Beneficial Ownership, a new, streamlined solution for reporting mandates.
• Improved consolidation features for better control over electronic filing.

CCH Axcess™ Firm Management

CCH Axcess Firm Management solutions have made significant strides in helping professionals manage priorities and streamline workflows. Key advancements include enhanced integrations, advanced AI capabilities, and innovative improvements across reporting, billing, data extraction, and collaboration tools. Specific enhancements include:

• AI-enabled optical character recognition (OCR) verification in CCH® ProSystem fx® Scan with AutoFlow Technology to reduce review time.
• Migration tools for CCH Axcess™ Workflow, providing new scheduling, APIs, and analytics capabilities.
• Expansion of Xpitax® outsourcing services with the introduction of new Xpitax® BOI Outsourcing Services and tax conversion services.
• Enhanced tools within CCH Axcess™ Client Collaboration, including new integrations with CCH Axcess™ Document and expanded invoicing, notes, and two-way messaging features in the Taxpayer Mobile App, delivering faster and more efficient professional operations.
• Upcoming next-generation browser-based reports manager promising streamlined processes and enhanced performance.
• Improved billing features within CCH Axcess™ Practice with project-based billing anticipated by 2025.

CCH Axcess™ Audit

CCH Axcess Audit solutions continue to harness the power of the CCH Axcess platform to deliver high-quality audits, placing a strong emphasis on auditor judgment and client comprehension. Recent advancements include:

• A modern user interface for a more intuitive experience.
• Increased automation for efficiency and reduced errors.
• Robust trial balance reports for comprehensive financial oversight.
• Highly customizable templates to fit varying auditing requirements.
• Micro-learning tutorials offering an integrated learning experience for auditors.
• Multi-user support ensuring collaborative and concurrent work.
• Automated ratio analysis to better tailor engagements to entity complexity.
• Contextual guidance to enhance the knowledge of junior staff.
• Expansion of CCH Axcess Validate to bring in bank statements for fully automated bank confirmation processes.
• Enhanced accuracy and risk reduction through the elimination of manual, time-consuming methods.

CCH Marketplace

The CCH Marketplace continues to enhance the capabilities of CCH software through strategic collaborations. New vendors including AuditMiner, Abdo Compass, Finagraph, and Ignition provide increased efficiency through native integrations and automation across tax, audit, and firm management workflows. New service providers and consultants including Protection Plus, Rightworks, Eric Does Data, and Rare Karma provide customers with robust, trusted options tailored to their professional needs. An ever-growing developer portal underscores Wolters Kluwer’s commitment to empowering firms and third-party vendors innovating with CCH Axcess APIs.

“Our mission is to empower tax and accounting professionals to maximize productivity through cutting-edge technology and innovative solutions,” said Rowe. “By enabling seamless automation and streamlining processes with tools in our clients’ workflow, we allow them to focus on what matters most to them: client success and business growth.”

About Wolters Kluwer

Wolters Kluwer (EURONEXT: WKL) is a global leader in information, software solutions and services for professionals in healthcare; tax and accounting; financial and corporate compliance; legal and regulatory; corporate performance and ESG. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with technology and services.

Wolters Kluwer reported 2023 annual revenues of €5.6 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 21,400 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.

For more information, visit www.wolterskluwer.com, follow us on LinkedIn, Facebook, YouTube and Instagram.

Fonte: Business Wire