New levels of end-to-end workflow are here
Accounting software has grown in relevance for many Australian professional accounting firms with 37% now using a cloud accounting or bookkeeping solution; 58% are using software to collaborate and 64% are finding that collaboration valuable (WK Landscape 2018). This shift towards intelligent cloud accounting solutions has created new opportunities for advisory services and revenue streams for many firms. The accounting software innovation trend doesn’t look to be slowing down any time soon. At least that’s our plan.
However, accounting solutions from different vendors have not been part of the end-to-end workflow promise. This has led to issues many accounting firms have grappled with over the years when selecting software solutions and apps for their practice – do you go with one vendor or try and tie your own best-of-breed experience together?
Each year the team at Wolters Kluwer heads out to the market to assess what it is our customers really want. And choice has been the resounding answer. Specifically, choice of solution in an end-to-end operating environment.
Delivering a new range of efficiency benefits
With this underlying demand, particularly in larger multi-partner firms, Wolters Kluwer has continued to extend its alliance with Xero (something we have had in place for around 10 years now) to deliver an open access to CCH solutions in Xero HQ. The Xero HQ platform was launched in Australia in late 2016 to connect best-in-class choices for the accounting and bookkeeping industry.
Our first initiative last year was to integrate CCH iKnow into Xero Tax in the Xero HQ environment. Imagine you are in Xero Tax and completing a tax return for either a business or non-business client and you have a query. Now you can subscribe to CCH iKnow and click through to the unique content and tools offering housed in the CCH iKnow research platform. This information is designed to help accountants and bookkeepers find deep industry content, provide better advice and through the embedded practical tools, resolve any tax queries – quickly and easily.
Let’s go over that again – the CCH iKnow integration with Xero Tax provides you with the content of the Australian Master Tax Guide at your fingertips courtesy of CCH iKnow – plus the in-depth editorial commentary you need when you have to be right. The tight integration of the two solutions is seamless and very efficient. It’s been a game changer for hundreds of firms now incorporating this option into their firm’s workflow.
Putting customer needs at the centre
This latest round of integration between Wolters Kluwer and Xero includes the connection of the CCH iFirm Practice Manager solution with Xero Tax. What this means for an accountant is you can now start a client’s tax return in Xero Tax and manage the actual job and all that entails in CCH iFirm Practice Manager. Real time visibility and efficiency for every job. This integration also means data is now entered once and synchronised between the two databases – meaning less room for error. There is both an efficiency and data consistency gain – and it puts our accountants and bookkeeper’s needs at the centre of the workflow concept.
The combination of workflow, document management and content offerings in the cloud is the primary driver behind the continued integration of CCH solutions and Xero offerings. It delivers more choice for practice management options for firms, creating new opportunities for efficiency and productivity.
Choice of solution is something we support – and we know you want it too. To find out more about how you can increase your efficiency and productivity to become The Intelligent Practice, register and download our free eBook today.
Steve Quan | Sales Director (Australia)
Accounting Segment, Wolters Kluwer
Latest posts by Steve Quan (see all)
- The benefits of adding Document Management in the Cloud to your Practice - October 22, 2018
- How Wolters Kluwer CCH and Xero Solutions Work Together to Make Your Firm More Efficient - September 13, 2018
- Evolution of the Intelligence Practice - July 12, 2018