3 trends in cloud computing that are empowering today’s tech-savvy firms

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?

Data Connections

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.

Machine Learning

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.

Predictive Intelligence

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.”

AUTHOR

Wolters Kluwer Tax and Accounting

Wolters Kluwer Tax and Accounting is a leading provider of software solutions and local expertise that helps tax, accounting, and audit professionals research and navigate complex regulations, comply with legislation, manage their businesses and advise clients with speed, accuracy and efficiency. Wolters Kluwer Tax and Accounting is part of Wolters Kluwer N.V. (AEX: WKL), a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2016 annual revenues of €4.3 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide. Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).

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