Wolters Kluwer Asia Pacific - Innovation in Technology Development

Name of Organization / Company: Wolters Kluwer CCH
Category: Award for the Innovation in Technology Development > Financial Services Industries

Entry Title: How CCH iQ Client Match Became an Option for Millions More Australians

Introduction

With 175+ years of global experience, Wolters Kluwer is a leader in information, software, and services for the accounting sector. Since 2016 when Wolters Kluwer launched the market’s first predictive intelligence tool for professional accountants, CCH iQ has continued to raise the bar on innovation for business-to-business – and pave the way for accounting professionals to transition from compliance to advisory services.

In 2018 the company innovated the solution again to deliver it to accounting firms as a service – CCH iQ Client Match. CCH iQ Client Match relies on predictive intelligence technology to automatically identify which clients should be contacted about upcoming relevant tax events, and how it will impact them.

Tax events are potential changes which affect the tax landscape. Each new event has the potential to present a firm with advisory and revenue growth opportunities. Event types include case laws, legislative changes, ATO rulings and announcements and macro-economic events.

Innovating Client Advisory with Predictive Intelligence

CCH iQ Client match is based on innovative predictive intelligence technology, Wolters Kluwer’s deep industry insights and the benefits of its professional practice management software, CCH iFirm.

The industry's first predictive intelligence-powered service works by identifying a tax event. Wolters Kluwer tax experts then review the event and build out their independent analysis and commentary on the potential impacts on clients.

The CCH iQ Client Match service profiles the accounting firm’s client database held in CCH iFirm, matching clients that are impacted by the tax event. Within minutes all of the affected clients are grouped in one place - removing the need for the accountant to spend time manually aligning clients to tax events.

CCH iQ Client Match provides each accounting firm with templated client letters and practical tools, such as calculators and impact statements, to streamline an easy contact process with all affected clients and correctly apply the change to each affected client.

Linking CCH iQ Client Match for Thousands More Firms

In 2020 Wolters Kluwer Tax & Accounting launched its integration for CCH iQ Client Match with Xero tax for accountants and bookkeepers in Australia. This integration between Wolters Kluwer and Xero is aimed to deliver end-to-end workflow and practice management options. These options include a choice of products that best suit the needs of accounting firms – and those of their clients. This is why we have introduced a new level of flexibility to CCH iQ Client Match.

The tight integration with Xero Tax gives accounting firms a new range of efficiency benefits. Data is extracted from a client’s tax return in Xero Tax and matched to events in CCH iQ Client Match while the job is managed in CCH iFirm Practice Manager. Data is now entered once and synchronised between the two databases. Millions more Australian Xero subscribers can now access CCH iQ Client Match.

The integration of CCH iFirm with Xero Tax follows the initial phase of integration with the Wolters Kluwer research platform, CCH iKnow into Xero Tax. Designed to help accounting firms deliver better advice and tax solutions, the first stage of open access has proven to be successful, adding many firms to the Wolters Kluwer cloud content offering.

The integration is part of Wolters Kluwer long-term commitment to the Australian accounting sector.

Staying Across Tax Events During COVID-19

The success of CCH iQ Client Match was evident during COVID-19 as new legislation was released to support the COVID-19 economic recovery for individuals and business.

It is for this reason alone CCH iQ Client Match has benefited professional accounting firms with over 850,500 advisory opportunities, creating between $150 - $10,000 advisory fee opportunities per instance. Wolters Kluwer CCH IQ Client Match clients have reported up to a 50% - 90% boost in efficiencies when using the predictive intelligence-powered tool.

Links:

https://wolterskluwer.com.au/
https://wolterskluwer.com.au/cch-iq-client-match/
https://wolterskluwer.com.au/cch-iq-client-match/working-for-you/
https://www.accountantsdaily.com.au/sponsored-features/12895-how-to-make-the-leap-from-compliance-to-advisory-with-xero-tax-and-cch-iq
https://www.foraccountants.com.au/2019/04/13/six-steps-from-compliance-to-advisory/
https://www.xero.com/blog/2018/12/when-connecting-cch-and-xero-tax-makes-sense/
https://www.youtube.com/watch?v=Qbi7KJIQ3Hg
https://vimeo.com/478806738/58632f6d67
http://www.thedigitalpractice.com/predictive-accounting-building-value-trusted-adviser/
https://wolterskluwer.com.au/insights/how-wolters-kluwer-tax-accounting-in-asia-pacific-is-delivering-impact-beyond-covid-19/