Six Steps from Compliance to Advisory

We all know there has never been more information and regulatory complexity for Australian accounting firms. It’s hard to keep up with the legislative changes that impact tax and accounting for Australian individuals and businesses – let alone link those to specific clients within a reasonable timeframe.

One of the most challenging things is in an era where technology is heavily influencing business outcomes, clients are expecting to hear from their accountant more than ever before.

We know from our research over the years, accountants hold a unique position of trusted advisor with their clients. So, it makes sense to assess where you are on your technology journey in building that roadmap from compliance to advisory.

You can improve your firm’s productivity levels and client outcomes while you transform how your practice delivers the tax and accounting services that meet these evolving client demands. Heading to the cloud is one thing many firms have addressed – now it’s your turn to look at how to integrate software solutions from different vendors to give you the edge.

New approaches to integration mean you get to choose

Technology vendors are now starting to assess how to satisfy accounting firms that may want to access their smarts for one solution without being locked in to a suite. Here at Wolters Kluwer we recognise this is an important part of choice for firms. Our long standing relationship with Xero is now giving you more choice to integrate intelligent accounting solutions in with your workflow needs for a unique outcome.

According to Dillon Tsotsis, Regional Director of Tax and Accounting, “we understand a sizable portion of accounting firms are looking for choice. They want to be able to combine their selection of accounting software in the cloud to achieve a ‘best of breed’ solution tailored to their needs.  To help firms achieve their goals we have integrated Xero Tax to our renowned practice management and AI advisory solutions, CCH iFirm and CCH iQ.”

Automation and integration create new opportunities

The integration of Xero Tax and CCH iQ allows firms to make the most of the 100+ legislative changes that take place each year – automating event alerts, judicial rulings and ATO updates, communication templates and a new streamlined and highly efficient way of advising clients whilst keeping your overheads down.

Become an intelligent advisory firm – kick it off in the cloud

With changes in the recently released Federal Budget impacting Australian individuals and SMBs, starting a conversation about what those changes mean has never been easier.

“CCH iQ works due to its specially built web crawling engine- there’s nothing like it. With our long history in content and publishing we know where to look to automatically source stories that relate to tax changes. We find and match tax changes that may impact your clients, creating a shortlist which you can then quickly and easily follow up with,” said Dillon.

CCH iQ comes with a practical tool kit of letters, checklists, calculators, impact statements and more to help firms contact clients and add value by help accountants better know and engage with their clients.

How easy it is to move beyond compliance

Xero Tax users can now update their client database and synchronise this with the database in CCH iFirm, saving time and helping keep data accurate.

Then it takes six steps to build and deliver a proactive advisory offering:

  1. Subscribe to CCH iFirm based on your firm’s requirements
  2. Connect your CCH iFirm and Xero Tax accounts through CCH iFirm Integrations settings
  3. Sync your clients between CCH iFirm and Xero Tax
  4. Enable CCH iQ events through CCH iFirm Integrations settings
  5. Tax return data will be imported from Xero Tax
  6. Benefit from client matches in CCH iQ

Accounting firms can currently trial Xero Tax and CCH iQ – or register for our early access program to learn more about how Xero Tax and CCH iQ can help you keep up with the tax changes Australian individuals and businesses need to know about. Build the advisory practice your clients want and visit https://www.cchifirm.com.au/xero/  to give your practice the edge.

 

Lisa Kim  | Wolters Kluwer

Lisa Kim

Acting Head of Product at Wolters Kluwer
Lisa Kim

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