Business people at a conference event
Tax & AccountingDecember 05, 2023

AI technology and BOI reporting compliance excite customers at CCH Connections User Conference

Wolters Kluwer held its 14th annual CCH Connections user conference in October, showcasing the latest AI technology, BOI software, and other trends impacting the tax and accounting industry right now. Attendees networked with peers, interacted with product and technology experts, and attended valuable and informative CPE sessions. 

AI technology in the spotlight

The AI Technology Showcase session discussed the current state of AI within the tax and accounting profession, highlighting solutions such as CCH Axcess™. Attendees of the session participated in five hands-on breakout groups, exploring the possibilities of using generative AI:

  • AI-Enabled Global Search: Allowing users to create reports, summarize research, prepare personalized client letters, all from a natural-language search bar. 
  • Firm Guidance: Leveraging AI to provide insights and recommendations for improving client relationships, staff assignments, based on your firm’s data and industry standards.
  • Client Relationship Assistance: Providing more insightful and attentive client services, while spending less time managing accounts and correspondence using the power of AI. 
  • Firm & Client Scorecards: AI-enabled dashboards that enable the “rating” affirms and clients across strategic KPIs, enabling informed decision making.
  • AI-Powered Benchmarking: Improving profitability with up-to-the-minute reporting and recommendations from your firm’s data and anonymized data from similar firms.

This unique, hands-on experience helped illustrate what AI means for tax and accounting professionals, how AI will empower firms in the future, and how firms can leverage Wolters Kluwer technologies to their fullest potential. As applications for AI grow, it will fundamentally change the ways tax and accounting professionals interact with their software solutions and with their clients. 

VIDEO: Leverage AI to Increase Firm Productivity and Achieve Client Satisfaction

Hot topic! Beneficial ownership information reporting compliance

Starting January 1, 2024, tens of millions of small business owners will have to file a new, and very personal, report as part of the federal Corporate Transparency Act (CTA) – or they risk harsh civil and criminal penalties, including hefty fines and possible time behind bars. In other words: compliance is mandatory. 

At the conference, Wolters Kluwer announced the “Early Access” version of its BOI software, CCH Axcess Beneficial Ownership, an online filing and information management solution to automate the beneficial ownership information filing process to FinCEN. The new BOI software solution guides users step-by-step through a transparent process designed to shorten into a few minutes what FinCEN estimates taking up to 3 hours of work. With CCH Axcess Beneficial Ownership software, professional accounting firms can enhance their role as trusted advisor to their clients by offering BOI compliance as part of a business advisory relationship.

In a recent webinar, Wolters Kluwer product expert Erin Leckie discussed how CPA firms can leverage their roles as “trusted advisors” to provide guidance to clients around the Corporate Transparency Act and FinCEN’s BOI reporting rule. 

On-Demand Product Webinar: Beneficial Ownership Information Reporting: What Accounting Firms Need to Know

Trends and insights from the 14th Accounting Industry Survey

Attendees of the CCH Connections User Conference received a report on the results of Wolters Kluwer's 14th Accounting Industry Survey. While firms are still navigating how to master the full power of technology to their benefit, the survey reveals that there is substantial opportunity for those who incorporate technology into their strategic goals and growth plans. The data is clear: those who embrace innovation have the potential to redefine their firms and become future-ready accountants.

The 2023 Accounting Industry Survey included quantitative interviews of 1,776 tax and accounting firms of all sizes from the United States, with 1,509 completed responses to examine how client expectations, technology, and other factors are affecting the future of accounting across core areas and how accounting firms are prepared to address these issues and more. The full results will be published later this year.

REPORT: Key Findings and Selected Industry Trends from the 14th Annual Wolters Kluwer U.S. Accounting Industry Survey

Product Marketing Manager, Tax

Aimee Hall is a product marketing manager for Wolters Kluwer Tax and Accounting US, focusing on the professional market. In this role, she is responsible for leading the marketing strategy for tax software products including CCH Axcess Tax, CCH ProSystem fx Tax and ATX Tax. She joined Wolters Kluwer in 2006 and lives in the Chicago suburbs.

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