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      Trusted clinical technology and evidence-based solutions that drive effective decision-making and outcomes across healthcare. Specialized in clinical effectiveness, learning, research and safety.

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    3. Successful accounting firms did these 4 things to be more ag...
    Four ways successful accounting firms solve common challenges.
    Tax & AccountingNovember 08, 2022

    Successful accounting firms did these 4 things to be more agile

    By: Wolters Kluwer Tax and Accounting

    In the last few years, firms have found themselves facing new challenges. To understand the impact, our most recent survey of technology and trends in the tax and accounting profession uncovered four ways the most successful accounting firms tackled these challenges. 

    Successful firms flexed with the times

    Agile firms responded to COVID-related disruptions by launching new services to build more business with their existing clients. In fact, tech-forward firms who were quick to adopt new technology saw the most success. One of the tools they found helpful was CCH Axcess™ iQ. The predictive intelligence solution helped clients understand legislative changes during busy season. But even more importantly, it provided ongoing opportunities for higher-value tax planning and consulting engagements.

    Successful firms were able to work from anywhere, at any time

    Many firms were already offering flexible working conditions before the pandemic hit. When stay-at-home orders accelerated the timeline, tech-savvy firms were ready. While working from home, file exchange technology, real-time workflow tracking, and virtual meetings allowed firms to continue business as unusual. Meanwhile, what started as a temporary workaround transformed into a long-term strategy for many firms—and their clients. Tech like CCH Axcess™ Client Collaboration helped build paperless processes for engagement letters, offered electronic document signing, and provided a secure solution for document gathering and storage

    Successful firms invested in modernizing technology

    Firms have been leveraging technology to address their most significant challenges for years. But in 2020, firms discovered that using truly integrated technology helped them do that while also increasing revenues. Some of the biggest benefits seen were in improved response time to clients. For example, firms experienced faster collections, and fewer hours spent per client—but more chargeable hours. Thanks to smooth workflows made possible with CCH Axcess™ Workstream, firms managed resources more easily and tracked deadlines virtually. Additionally, dashboards with real-time reporting improve accountability and your ability to quickly analyze and act on data.

    Successful firms built resilience

    In 2020, successful accounting firms focused efforts on building resilience. That included making sure their staff had the right tools and skills to do their jobs, balancing between compliance and consultative services, and making sure that clients felt heard and valued. It’s not surprising that technology helped with all of these by providing real-time access to data, more holistic software integration, and automation of routine tasks.

    Find out how technology can help your firm position itself for success by exploring all the solutions our CCH Axcess™ suite provides to businesses.

    Wolters Kluwer Tax and Accounting

    Wolters Kluwer Tax and Accounting is a leading provider of software solutions and expertise that helps tax, accounting and audit professionals research and navigate complex regulations, comply with legislation, manage their businesses and advise clients with speed and accuracy.

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      Singapore Airlines uses Wolters Kluwer TeamMate Analytics to audit the cost of maintaining and modernizing its fleet, ensuring consistency that meets the needs of the group.
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