Sometimes it’s hard to keep track of all the silver linings that cloud-enabled technologies have brought to the accounting profession. Cloud-based tax workflow solutions—including hybrid solutions—have changed the way modern accounting firms function. But there’s so much more they could do! A 2018 survey by Wolters Kluwer found that although 94% of firms want to use advanced technology they struggle to figure out exactly how to do that. From taking advantage of automation to artificial intelligence, these important trends in cloud computing are helping firms grow and serve clients better. What can your firm learn about harnessing the power of the cloud?
The open platform in the cloud does more than enable working remotely. It also allows data sharing across platforms. With CCH Axcess™ Client Collaboration, for example, clients submitting a return for processing can attach documents instead of answering multiple pages of questions in an organizer. Plus, they can automatically pull in documents like 1098s by connecting with their banks and financial institutions. That connectivity continues through the workflow with CCH Axcess™ Financial Prep. Financial Prep can import trial balance data from several different software sources.
Cloud-enabled data sharing makes it possible for firms to use advanced technologies, like AI and predictive intelligence, to simplify their processes. Once trial balance data is imported through CCH Axcess Financial Prep, the software uses AI to process that data. As a reviewer works in the files and makes changes, the system will learn how to categorize data. Similarly, CCH Axcess™ Document automatically assigns default metadata to documents, based on class and subclass, so that searching is simplified.
Another way that searching is simplified is in identifying clients affected by legislative tax changes. CCH Axcess™ iQ helps firms move from reactive to proactive—and even predictive—with clients. It monitors for those changes and uses predictive intelligence to automatically flag the clients who need to be notified. The software even takes it one step further by providing a letter template that can be customized and sent to clients to discuss next steps.
Head in the clouds? Learn all about how trends in cloud computing can help your firm, by downloading our ebook “Understanding the Evolution of the Cloud.”