Address the Top 5 Trends in Accounting Firms with an Integrated Approach

In a recent article*, five trends were highlighted as the 2019 top trends in accounting. This blog outlines how Wolters Kluwer’s Integrated Audit Approach helps address those trends, specifically around the audit workflow.

To start, let’s list the 5 top trends in accounting that were identified.

  1. Finding and retaining talent
  2. Transforming the firm with technology
  3. Transforming the firm with pricing
  4. Moving from compliance to advisory
  5. The impact of AI, machine learning and blockchain on the profession

Next, let’s identify the solutions in Wolters Kluwer’s Integrated Audit Approach. Those include CCH:

  • Audit Accelerator
  • ProSystem fx Engagement
  • ProSystem fx Knowledge Coach
  • Accounting Research Manager
  • Axcess Financial Prep
  • TeamMate Analytics

Now, let’s dive into how these solutions help firms address and overcome those identified top trends.

Integrated Audit Approach

Interestingly, finding and retaining talent is a top trend that’s been around for many years. Since this trend appears hard to overcome, what steps can you take to combat it?  Well, one thing you should do is look at your audit workflow. Do the solutions you use provide a streamlined and integrated approach, or is your flow more antiquated? If the latter, then your firm needs to become more progressive because that is what top talent looks for.

With the Integrated Audit Approach, you move away from the old checklist mentality. Instead, your auditors literally drive the audit through a streamlined and integrated approach. That top talent you are seeking will be pleased because, for example:

  • Everyone is involved in the planning process
  • Even younger staff see the connections between assertions and risks
  • All staff ends up getting to spend time on high-value, consultative tasks

CCH ProSystem fx Knowledge Coach

Next, let’s consider how fast technology is changing, how that affects your firm’s transformation efforts, and what you can do about it.

First, it is a fact that technology these days changes rapidly. So, if you aren’t keeping up with its pace then you are already behind the eight ball regarding transforming your firm. Regardless of whether you are behind or not, a solution like Knowledge Coach will help. If you haven’t ever, or recently, investigated Knowledge Coach, consider doing so.

Put simply, Knowledge Coach is a patented, award-winning solution that acts like a GPS for auditors. Moreover, it produces higher quality, more efficient audits by guiding and coaching auditors through a unique, iterative workflow. In light of that, auditors get-back-time with every audit. They can then spend that time on value-added client work and improving the firm’s bottom line.

Truly, no other solution in the marketplace offers what Knowledge Coach does. Hence, be sure to check it out.

CCH Audit Accelerator & TeamMate Analytics

Fourth on the list of top trends is “moving from compliance to advisory”. Let’s consider this one from a data analytics perspective.

Remember, you set your firm apart from your competition when you provide your clients with advice and coaching. Tools like CCH Audit Accelerator and TeamMate Analytics enable you to identify nuggets of “insights” easier.

Specifically, they first extract client G/L data in a ready-to-use format for running tests. Then, they display the data in easy-to-absorb reports – called visualizations. Leveraged effectively, the auditor takes the uncovered insights and turns them into recommended opportunities for the client. Voila’. The auditor is no longer simply compliant. She/he is now a trusted advisor.

CCH Axcess Financial Prep

Finally, the last trend is – the impact of AI, machine learning and blockchain on the profession. Regarding machine learning, CCH Axcess Financial Prep comes to the rescue when preparing balances for business tax returns. Most firms spend an incredible amount of time manipulating data to prepare these returns. However, that pain is removed when you use CCH Axcess Financial Prep. The first of its kind, this dynamic cloud-based trial balance solution:

  • Instantly produces tax balances for preparing business tax returns
  • Intelligently groups tax codes and automatically creates tax reports
  • Adjusts balances in a multi-user, real time, environment
  • Seamlessly sends balances to CCH Axcess Tax

Conclusion

There’s an interesting quote in the original article mentioned in this blog. It says, “There’s never been a more exciting time to be in the profession. One thing is certain: there will be a lot of change over the next few years. I believe that with this change comes an opportunity for learning and transformation!”

This author agrees with every word of that quote, and you probably do too. So, if you haven’t already, take time now to start learning and transforming. Because the new opportunities you uncover can turn into revenue for your firm.

Start with something easy. For example, check out the resources from which this blog was written.

 

*The Top 5 Trends in Accounting for 2019 and Beyond, Tax Pro Center|Intuit ProConnect > Practice Management, May 15, 2019 / Patty Newcomer

AUTHOR

Wendy Cable

All stories by: Wendy Cable